If you’ve been searching for a new home this year I’m certain you’ve noticed it’s a seller’s market. Sellers are getting multiple offers and as a buyer, it can get frustrating if you’ve had offers rejected. Another common frustration that I see while touring homes with clients is the amount of work that they’d likely need to put into the property to make it better fit their style. Paint, fixtures, updated flooring… are these projects that you’d like to take on after purchasing? Perhaps you’d be better off building a brand new home? Let’s cover some of the pros and cons of buying vs building in the Breckenridge-Frisco area.
Is it cheaper to buy or build a home in the Breckenridge-Frisco area?
Given that we are still in a Seller’s Market, it can be cheaper to build a home than to purchase an existing home. But not by much. According to Bankrate.com the average savings is only around $7,000! If you’re looking only at the dollar amount this could be a determining factor in deciding whether to build or buy. You also have to take into account that recently, building materials, such as lumber and metal products, have increased in price and have been in limited supply, but that seems to be changing for the better. Building a new home is still a costly and time-consuming venture. And of course, you’re still required to find a loan, pay for permits and hire a contractor. And another thing to consider is the fact that a construction loan will often times have a higher interest rate than a conventional mortgage!
How long does it take to build a home?
There are some other important pros and cons to consider when deciding on buying vs building a home in the Breckenridge-Frisco area. Like how quickly you’d like to move into your new home! According to a 2019 U.S. Census Bureau report, it takes an average of seven months to build a house. Locally, given our seasonal weather, it can take even longer. But that timeline does not include the time that an architect would need to draw up plans. So if you’re working with an architect as well you will need to expand that timeline by up to four months. It’s important to know there could be missed deadlines, or materials being on backorder. This can all push back the timing of construction being complete. The payoff? Your custom dream home!
Buying a Home and Adding Personal Touches
If building a new home seems like a daunting task or if you need to be into your new home in three to six months it’s probably best to buy a previously built home. Don’t get too hung up on the small stuff while touring homes. If you’re not finding exactly what you’re looking for don’t forget that you can easily add personal touches with fresh paint, fixtures, and landscaping. What’s most important is finding a home in the location you prefer with the amenities close by that you want. You can make changes to the home to make it perfect for you. Did you have in mind having a fence in the backyard, or different color paint on the main floor? These small changes can create the “perfect” home for you.
How Can I Help?
A good real estate agent will be able to tell you what your best course of action is. And if you want more information on what the Breckenridge-Frisco area Real Estate Market is like right now don’t hesitate to reach out. I can provide you with a detailed market report! My goal is to provide my clients with relevant and up-to-date information that pertains to the local area and real estate topics.
Coldwell Banker Mountain Properties