Build or Buy a Home? A Few Things to Think About
One consistent glimmer of good news for the Dallas housing market can be found in new home construction. The Dallas-Ft. Worth area is still an enormously attractive place to build, compared to other regions of the country, and the numbers show it. According to the Dallas Morning News , new home starts are up more than 50 percent in 2010.
So let’s take a look at just a few of the myriad reasons for building a house or purchasing a home pre-owned:
- New homes are modern and customizable.
Want a hot tub in your kitchen? How about a waterslide shooting out of your kid’s second-story room? Perhaps an entire room built like a McDonald’s ball pit for your toddler? If you’re building your own home, you’re far more likely to be able to do whatever you’d like with it (ok fine—at least whatever’s architecturally possible that you’re willing to pay for). It’s also easier in new homes to install all the most modern equipment and appliances at once, and you’re much less likely to have to do something drastic like replace a roof five years after you’ve moved in.
- New homes spark community.
In new, master-planned developments, a large influx of families can create a unique environment to foster a robust sense of community. Everyone is new to the block. Everyone is excited to be a part of something fresh. There are fewer established cliques, and less of a sense of exclusivity against newcomers. The opportunity to create life-long friendships and memories is ripe.
- There’s simply nothing like a new home.
There’s just nothing like moving into a new home, especially one that you built and helped design. There’s just something about being the first to cook a pie in that new kitchen, or seeing your kid take the first bellyflop into your pool. The wide-spread opportunity to build your own home is a uniquely American experience, and there’s a reason why people are willing to fight long commutes into town each day for the chance to come home every night to a castle that is uniquely their own.
- Better locations.
The cheapest way to build is way out on a city’s fringes. Land is cheaper, and a continual stream of new developments make for abundant opportunities to build. For many people not wanting to bother with urban traffic and problems at all, this is fine—even welcome. But if you’re going to want to cut down on commute times, live close to work and nightlife downtown, or live in a well-known, established community, building in a more central location is going to cost you a pretty penny, and many neighborhoods don’t allow new home starts at all.
- Better reputations.
Established, historic neighborhoods come with less unknown risk—both culturally and financially. There’s less risk of community-gone-wrong in pre-existing neighborhoods, and you’ll know more concretely if homes in the area usually gain value. And important factors like schools and healthcare options are also easier to evaluate beforehand in a place that’s been around for decades.
- Better deals, steals, and market impact.
There’s simply a glut of unsold homes on the market right now, and many homeowners have been slashing asking prices or seen their homes sold in foreclosure auctions. Furthermore, buying from a family who’s struggling to sell their house could be considered a service to the community (yes, builders have been hit hard by the recession as well and also need the help). Do what’s best for you and your family, of course, but the wider communal implications of buying vs. building are something to think about as well.
Contact one of our Texas real estate experts for more information.