The Home Buyer's Korner

Information presented should be used for educational purposes only.

March 6th, 2015

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GREATER LAFAYETTE; NEARBY CITIES & PARISHES

The Home Buyer’s Korner

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Custom Built Homes

Pros Of Building A New Custom Built Home 

new homeIf you hire a reputable custom home builder, maintenance over the first dozen years or so should be minimal. One of the main reasons to buy newly built custom homes is if you simply wanted to avoid the potential of any major maintenance and avoid up-keep. 

Most custom home builders will warrant their homes for at least the first year and cover any repairs. New custom homes come with new energy efficient appliances and have manufacturer’s warranties. If your central air-conditioning or other major appliances were to fail within the first few years, the warranty would cover it, saving you major out of pocket expense. 

New custom homes come with all the basics that you’ll likely want to replace if considering an older home. Things like updated light fixtures, modern cabinetry, and new carpet are great advantages when building a new custom home. New custom homes are also built with current building codes, which means they may be greener and could save you money on your monthly utility cost. Although with a little planning even the oldest of home can become just as energy efficient and create a small footprint. 

The number one reason to build a custom home is a personal choice. You can choose your own lot and upgrades and the number one reason to build. Many home buyers simply can’t find exactly what they’re looking for in the market, so they build their dream home by employing a custom home builder. If you can’t get everything you want in an older home, build your own custom built home. 

Cons Of Building A New Custom Built Home 

Many custom home builders, in order to save money, have few floor plans to choose from and newer custom built homes just don’t have the charm that many older homes offer.

In order to build a new custom home, you have to have enough time to get it build. A new custom built home can take months and even up to a year to build, and the price per square foot is going to be a lot more than an older home. 

Most custom home builders don’t put the cost of landscaping into their initial bids. If you want your yard to have a well-established look with large trees you’ll have to most likely hire a professional landscaping contractor and you’ll pay extra for it. Most new custom home buyers build and don’t get landscaping done for years after the completion of construction. Make sure you understand the costs of landscaping early in the process.

If you’re thinking of buying a home, be sure to hire an experienced real estate agent and do your homework. Home buying should be a great experience whether you choose to build a new custom built home or buy an existing home. 

Use A Real Estate Agent When Negotiating With A Home Builder

A good real estate agent should be able to provide you with comparable sales to make sure you are not overpaying. Have your real estate agent accompany you to the design center to help them decide which options will actually add value to their home versus which ones are likely not going to pay off if you resale. They can point out possible issues with resale, of your planned home, which you might not be aware of.

A real estates agent is a professional who is on your side in the transaction. No other person represents you – not the builder or architect, or the general contractor. Real estate agents are paid out of the builder’s marketing budget, so having one involved doesn’t cost you a dime.

If you are not comfortable with pricing/negotiation, a real estate agent can assist you, in this case. Of course, some builders have a rule that the real estate agent has to be representing you from the beginning, so make sure you select one before you begin your home shopping.

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LOUISIANA HOME OWNERSHIP TOOLS

FHA 203K

Your Home Purchasing or Refinancing & Renovation Tool

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

FANNIE MAE HOMESTYLE

The Conventional Alternative to FHA 203K

Great for Real Estate Investors and Second Home Renovations

Mortgage Loan Officers, Real Estate Agents & General Contractors

are ready to assist you with your home purchase

USDA RURAL DEVELOPMENT

Up to $10K for Home Improvements, Renovations or a Simple Remodel

Mortgage Loan Officers, Real Estate Agents & General Contractors are ready to assist you

A SIMPLE HOME SHOPPING INSPECTION TOOL

Organizing your home shopping experience affords a wise decision-making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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