3 Reasons Building a New Home Might Not Be For You
With inventory being limited in Utah, buyers are tired of fighting the bidding war and many have opted to build a new home instead. Sounds like a dream right?
Yet anyone that's ever built a new home can tell you about how much work, micromanagement, decision-making, fighting, and frustration it created for them.
Here's 3 reasons building a new home might not be for you:
1. You have a tight budget: With the average cost of new construction running about $145-$165 per square foot (compared to existing at $112), building a new home will be substantially more expensive than finding an existing one. With a new home you're paying more for current costs of labor, materials, completed square footage, landscaping, sprinklers, and fencing. In addition be prepared to have the cash to pay out of pocket for some of those items as things like finishing a basement or adding a fence can't generally be financed.
2. You are a Visual Person: If you're the kind of person who needs to see and feel the finished product before making a decision, building a new home may become challenging for you. In the new construction process you will be asked to make hundreds of decisions about lighting, paint, cabinetry, layout and so much more. If you find that these decisions are hard for you to visualize an existing home might work better for you.
3. You Don't Have a Lot of Time: In the new construction process, you will be asked to attend many meetings with sales agents, designers, superintendents and other contractors involved in the home building process. If your schedule is tight or if you expect to be in your new home in 2-3 months, finding an existing home will help you get exactly that. Most new homes take anywhere from 6-10 months before they are substantially complete.
New homes are beautiful and certainly exciting and a great way to add inventory. Connect with our Real Estate Team today to better understand the home building process so we can help you set expectations from the start and help you find a Home that's the perfect fit for you, your lifestyle and family.