Have you outgrown your current home? Maybe you prefer another style of home. Perhaps there is a neighborhood you have had your eye on. Or, maybe your kids have moved out and you would like to downsize. Whatever the reasons for considering moving, one of the questions could be is it better to build or buy?
Building a new home is a significant undertaking. It’s not a small thing to design and create the house of your dreams! Perhaps you can find what you’re looking for in a home that already exists. On the other hand, if you have specific ideas you’d like to see come to life, your only option might be building. To help you work through the process of deciding, here are some questions we ask clients to determine if building is the right choice for them.
- Do you prefer the kinds of homes that are common in New England? In this area, you are likely to find a number of cape or colonial homes. These houses can possess a lot of charm, but if the layout doesn’t work for your family’s needs, you might consider designing your own home. Traditional homes tend to have a predictable layout. If you are comfortable with that, you might be happier moving into an existing home versus building.
- Is there a neighborhood you would like to live in, but a shortage of homes? Oftentimes, popular neighborhoods can be hard to get into because they might not have many homes for sale – or perhaps the homes that are for sale aren’t what you are looking for. In this case, maybe you could find a lot to build on, or a “tear-down”. If there is a neighborhood you would love to live in, but a lack of homes that meet your needs, get creative and think about if building your own home could work in that particular neighborhood. Similarly, if you have a particular geographic location in mind, consider whether you can even obtain a lot to build on. If there are no lots available, is there a home that sits on a desirable lot that you might be able to tear down? Do the economics of doing so make sense?
- Do you have the time and desire to devote to building? Creating a beautiful home is a labor of love. There is a serious time investment in the process. Many people enjoy the decision-making that goes into the process – but if you are strapped for time, it is likely to become stressful. Do you have an interest in choosing finishes, reviewing designs, meeting with your architect? If the answer is no, you are probably not a good candidate for building a custom home.
- Will your budget allow for building a home? The costs of building a new custom home can vary widely depending on many factors including the size and area you want to build on as well as the details you want to include in your new home. Weigh your budget to consider if a new custom home is the way to go or whether it makes more sense to improve an existing home (such as remodeling, or adding square footage).
For many people, building is a great choice that provides their forever home. After 30 years in this business, though – we know it’s not for everyone! If you need help deciding which option might be for you, we are happy to sit down and discuss. We want you to love the home you’re in, whether it’s brand new or centuries old! Contact us here!