Build Your Own Equity

Giving some consideration to building vs. buying your next home? Here are some tips to make sure your investment grows:

  • There is a difference between custom builders & large builders such as Lennar, Pulte, Capstone, etc. Do your research first. Visit model homes. Talk to custom builders. They will be more expensive but you will have control over all the decisions vs choosing a “package.”
  • If you are going custom, wooded lots are usually more desirable although more challenging for the builder.
  • Choose a walkout lot if you can. A walkout will add more value and will make the lower level more usable.
  • Spend most of your finishing money on your kitchens and baths.
  • Do your homework on countertops before choosing. Some are forgiving of things like wine and coffee spills that don’t get caught. Many are not. Be realistic about the level of care required.
  • Stay away from fads which can date a home.
  • Choose easy-care flooring. The choices now are a bit staggering. If you are choosing ceramic tile, consider adding heated floors early in the planning process.  
  • Save money in some areas by going with the most expensive pad under a medium-grade carpet. It will feel plusher.
  • Choose good-quality materials throughout. It may be harder to justify the expense on the front end, but it will be worth it for upkeep and long term equity. 
  • Most buyers of new construction expect to live in their homes for years. Sometimes life happens in-between… If you keep things as neutral as possible, resale should be possible as long as prices keep climbing like they have in the last 5 years. (Buyers of new construction used to be told it could take 5-7 years for appreciation to catch up with pricing.)

You can pay a Realtor to represent your interests as a buyer/builder too. We  can give advice about best practices, share stories (good and bad), tell you which choices will add to long-term value and which might just pay for themselves, etc. Need some advice? Reach out!