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| To Buy or Build: Consider Your Options Before you Move By Larry Koman So, you’re moving up! You’ve got that promotion, you’ve been paying on your current home for a long time and have accumulated some equity and now you’re ready for a new home. Perhaps it is time to consider something a little larger, a little nicer and in a better neighborhood. Or maybe you got that big promotion and it means transferring to a new city and you need to find a new home. The question now is do you buy an existing home or build a new one? Here are few things to consider when deciding to buy or build. 1. What kind of person are you? In order to decide to buy or build, you need to understand what kind of person you are. Are you a stay at home person that likes nothing better than working around the house or are you a go everywhere, seldom at home, no time for yard work kind of person. This will make a difference in deciding to buy or build a home. Buying an existing home typically means buying a home in an established neighborhood, with established landscaping and neighborhoods that are “broken in”. Mature landscaping requires more care; more mowing weeding, pruning. Or maybe you prefer condominiums where the landscape is included. Then you need to consider any conflicts the home owners association might be embroiled in and what restrictions they might place on you and your home. Building a home typically means new neighborhoods, contemporary homes with all the latest features and immature landscaping. 2. Buying existing homes. First there are the dream homes…you know the ones; with the big lots, large houses, and picture perfect landscaped front yards. Every town has them and everyone has at one time or another dreamed of living there. Well, be careful what you wish for. Many times, those beautiful homes come with steep price tags, and those beautifully manicured lawns take hours of maintenance every weekend or at least a very expensive gardener to maintain. Most of the homes are older; maybe they will need new windows, doors, roofs, insulation and sometimes, and they may need a lot more than that. Maybe they will need to have updated kitchens installed soon. Is that something you are really willing to take on? But what about the newer homes, you say? The ones in that nice tract with the trees and the stone fronts where all the up and coming families live; what about those? Neighborhoods that are 10 to 15 years old are usually well established. The landscaping has matured, the trees are starting to shade the house and the neighborhood looks good, and the schools are established. Things you’ll need to consider are what kind of maintenance will the home need? Will it need to have the appliances updated soon? Will there be significant remodeling needed? 3. Building a new home. Typically, you can build a new home for less per square foot than you can buy an existing home. You might be able to get a larger newer home for the same or less money than an existing home. The new home will have all the latest appliances and often you can choose the tile, the carpets, the paint and more. Sounds great doesn’t it? There are some drawbacks though that you need to consider. Many new homes never seem to be as nice as the model you looked at. That’s because in order to make the homes attractive to buyers, builders have decorated the homes to enhance the features. When your home is ready, it may seem plain and empty. You’ll need to invest in window coverings and home decorations to make your new house a home which can be expensive. Maybe your existing decorations will complement the new home or maybe not. Maybe the new house has rooms you never considered before and you’ll have nothing for them so you’ll need to buy furniture and accessories. Another consideration is that it can take time to build a new home. If you do need to move quickly this may or may not be the best option for you. So consider these guidelines when making your decision regarding your move... Build if:
Buy existing if:
The next step is to talk to a local realtor and to a local home builder. If you are relocating, talk to your relocation coordinator to get referrals to homebuilders and realtors in your new area. The key to a successful move is to research carefully all of the aspects that you need to consider, creating the life you want for you and for your family. |
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Larry Koman has been a licensed California contractor for over 20 years. He is currently the owner of Koman Homes, Inc, located in Bakersfield, California. Prior to returning to home building, Mr. Koman worked for one of the largest property and casualty insurance companies in North America. His years as a Structural Damage Appraiser and Construction Specialist make him an expert in construction and insurance issues. Larry earned the prestigious CPCU insurance designation from the American Institute for Chartered Property and Casualty Underwriters and a Certificate in General Insurance from the Insurance Institute of America. In addition, Mr. Koman holds and MBA from Cal State University and a Certificate in Construction Management from San Jose State. For more information visit www.komanhomes.com. |
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