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To Build or Buy Your House -Pros and Cons

By: utah Burden

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To build or buy a spec house is a personal decision that depends on numerous factors such as your financial state, time, budget, criteria, intended use and family or business needs. There are lots of new spec homes that are more economical and need a lot less time devotion than a custom built home. You may want to look at spec homes in The Woodlands or surrounding areas first, unless you already possess a piece of land that you would like to develop. Let’s take a look at some pros and cons:
Custom Built Home
A custom built home means buying the land and having a engineer assemble your Texas dream home. Keep in mind that a custom build home can take something like 6 -8 months to complete. You will need to work with an engineer as well to draw up plans. It is always bright to get estimates from a couple different builders and architects. Be sure to work with a experienced real estate agent that can give you comparables to let you know about future expansion and understanding and who works with modern construction. Be alert on the upgrades and custom design. Do not over upgrade you may not be able to get your money out. Stick with neutral colors and traditional designs for resale purposes.
Pros
· Receiving precisely what you want
· Living in the location you want
· Builder warranties
Cons
· Superior costs
· Takes around 6 – 8 months to build
· Construction delays
· May be harder to sell later if you have the most high-priced home in the area.
Buying a New Spec Home
Various big builders and general contractors assemble spec homes. They build particular models that they can foresee costs on because they have repetitively built the same sort of homes. They know their profit margin. However, many Texas new home spec builders got caught with new housing inventory that they could not sell at the prices they originally wished-for because the real estate market prices declined the last two years. These builder close outs are available now to buyers looking in The Woodlands and surrounding Spring and Magnolia areas. The builders are offering all sorts of great incentives such as paying $10,000 towards buyer’s closing costs, buying down mortgage points, offering upgrades, paying taxes and homeowner dues, etc. Although the complete freedom of a custom home is not available with a spec home, the buyer can generally pick from numerous different models and some options such as lighting, cabinetry, flooring, appliances and paint.
Pros
· Costs are less
· Home is brand new
· Offer limited choices on upgrades
· Builder incentives such as paying closing costs and upgrades, taxes and HOA fees, buy down on mortgage points.
· Waiting time for home to be completed is less than custom built home
· Builder warranties

Cons
· Lose complete freedom over choice
· The builder may have already pre-selected upgrades that can or cannot be changed.

Article Source: http://depositarticles.com/

www.utahburden.com

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