Buyers /On October 29, 2012

Perhaps You Should Consider Building a New Home?

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Have you been looking for a while and you can’t find exactly what you’re looking for? Perhaps you should consider building a new home. Or, purchasing that “less than perfect” property, and remodeling it to better than new.

With the downturn in the economy over the past 5 years, many local builders have pursued building a new home other careers and/or shifted their focus to remodeling. Couple that with a glut of resale inventory, and many buyers don’t even think about the option of building any more.

There are lots of advantages to building new a new homes. Most importantly, you get your home the way YOU want it – your style, your colors, your options. The latest and greatest in energy efficient systems can save you lots of money in the long run. And, with the market for lots and land especially soft right now, there are some amazing deals to be had for the bargain hunters. Scoop up a great deal on a spot lot, and hire a builder to design and build your dream home, AND finance it all with historically low interest rates!

Another option is to select a ‘less than perfect’ home that has what we call good bones. A great view, perhaps, and a solid structure. Perhaps it’s badly outdated, or has some functional obsolescence that would take some walls moved or rooms enlarged to cure. Those symptoms can often mean a below market price tag, and a buyer with some vision can transform a challenged listing into a dream home for far less than they would pay to buy it that way in the first place.

FHA offers a great financing option for those types of projects – it’s called a 203k loan, and you can use it to finance property improvements right into your mortgage loan.

Interested in pursuing building a new home, finding a bargain lot, or buying a fixer-upper and remodeling? Email us at concierge@lizmoore.com, and we can hook you up with an agent who specializes in making those dreams come true.

Lynnette Tully

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Liz Moore & Associates is a boutique real estate agency renowned for having the region's top agents, with extensive market knowledge and local expertise that is only achieved through relentless training coupled with Liz's extremely high standards for professionalism. When you're buying or selling a home, experience matters.