While building your next home can sound appealing to some people, depending on what you need in a home – as well as how quickly you are planning to move – new construction may or may not be your very best option.
As you go through the process of determining your very best alternative, there are many points that will need to be considered, such as:
- Property features
- Repair or replacement of systems, appliances, and other items in the home
- Property taxes
- Market trends
- Condition of the property
- Homeowners association and / or other fees
That being said, there can be some key advantages to purchasing an already existing home – primarily price and convenience. For instance, building a home with the same (or very similar) features as an already existing alternative can end up to be more costly.
In addition, based on data from the National Association of Home Builders, the median price of a new home was $282,800 as versus $208,900 for existing homes, in 2014. Likewise, it is also important to consider potential financial crises in the future like the one we had back in 2008. In these situations, existing homes can often fare better than new construction.
Also, it can often take up to six months – or longer – from start to finish when you have a new home built. (This is if the contractor doesn’t run into any issues along the way). So, if you plan to move within the next few months or sooner, then going directly to an already existing property may be your best option.
Because a home is typically the biggest purchase that most people make, it is important to know what the best option will be for you. For more details on how to find the perfect home in Bakersfield and the surrounding area, Contact Us.