Should You Sell Your Home And Build A New One
One big question that many homeowners grapple with is when, how, and why to move on from their existing property. There are a lot of great reasons to move, but there are also an equally large number of poorly constructed arguments for selling a home and moving into a new space or even building a home from the ground up.
It can be hard to decide if a move is the right option for you and your family, considering the wide-ranging factors that go into the decision. As well, there are significant potential benefits and risks associated with this change of scenery that have to be weighed against one another.
Ocean Home Magazine notes that building a new home (rather than buying an existing property) can benefit the local economy, provide a tangible sense of accomplishment, and perhaps most importantly, can provide a better value for your money than a traditional home purchase. Depending on a few key factors, making the decision to sell your home and begin constructing a totally customized property that perfectly suits your long-term goals and needs can be a simple and highly beneficial option.
Building gives you a completely personalized home that can support generational roots
Personalization is one of the most important components of a home builder's decision to use this option rather than combing through the market for an existing structure that provides similar amenities and layout features. The footprint of a home is an essential consideration when it comes to designing or moving into a property that suits your family's requirements and the activities and hobbies that will be supported by that space over the coming years.
Reinbrecht Homes also reports that custom-built properties can easily take advantage of energy-efficient modernizations that can be cost-prohibitive for those seeking standard renovations on their existing home or a newly purchased property. Reducing costs for heating, electricity, and more to the bare minimum can pay dividends for many years to come while creating an even more enjoyable interior space for you and your loved ones.
By far though, the most valuable feature that comes along with a newly built home is personalization. Not only can a family develop a property layout that serves their existing needs, but planning for the future can create a home that allows for generational roots in a community where you and your family have become entwined. This family home can be passed down through the generations and enjoyed for a very long time by many different family members.
Your current home may be overvalued in the marketplace
Selling a home at peak market price is a goal for many homeowners looking to make a change. What's often forgotten about in this equation, though, is the weight of a future purchase. Those moving from one home to another will need to buy another property in coordination with their efforts to sell their current home. In an overextended marketplace, you'll make more on the sale, but a new purchase will cost more as well.
Selling when market conditions are good and materials and labor costs are low or average can give you the best bang for your buck when it comes to both ends of this real estate decision. Low building costs give you great value when designing and constructing your dream home, while a sale during a hot market locks in phenomenal value on your existing real estate commodity. Zillow notes that spring is often thought of as an advantageous time for sellers, but each market and every year will vary based on incalculable and specific factors.
Timing the market to take advantage of both of these elements can make for an easy decision regarding your move. In addition to a perfectly tailored home, you can expand buying power immensely with intelligent planning.