Have you thought about building a new home, but you are concerned with how much it will cost? The cost of a new home that you build can be very expensive depending on what you want, where you build it, and who your builder is. There are many benefits to building a new home and many disadvantages. Here are some of the benefits and disadvantages for you to think about.
First, if you build a new home you can get whatever you want, depending on your price range. If you want an island kitchen with stainless steel sinks, then you can get it. If you want surround sound built into your living room, then it is yours. Whatever you desire that you can afford can be built for you in your new home if you build from scratch.
Second, if you build a new home you will have to wait for it to be built before you can move in. The waiting process can be very irritating because you have already picked it out, you know you are moving, but it just has not happened yet. You also have to know that if the builder says it will be done by a certain time, then you need to plan on at least 3 extra months because they are rarely on time.
Third, one of the disadvantages of building a new home is that you will not get the full value out of it that you pay into it. You may pay $200,000 to have a home built that only appraises for $150,000 once it is completed. It takes on the average 10 years for a home to appreciate to the value of what you paid for it. If you are planning on staying in that home for 10 years or more, then it might be okay, but if not it will cost you more in the long run.
Last, if you build a home you can pick where you want it, how big you want your land, and how you want it positioned on your land. This is the fun part because you get to choose whether you buy land in a development or out in the middle of nowhere. You get to choose whether you have neighbors or not, and you can add a pond, pool, or anything you would like because it is your land.
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