Whether you’re buying your first home or trying to find your forever home, there are a lot of questions to ask — starting with whether a new or existing home is right for you. Our Five W’s can help you determine if a new construction home will best fit your needs:
Who?
You
If you’re planning to live in your home alone, a new construction home will give you the option to customize closets, countertops, cupboards, and more to your needs and liking — depending on your budget.
At the same time, a single resident can be more flexible and creative with existing spaces and the quirks they may present — giving you more options for negotiating prices or planning for renovations on existing homes.
Two
If you’re engaged, married, or in a long-term relationship, the needs and preferences for finding a home just doubled, and your buying power may have as well. Think about what both you and your partner need and want in your home and if you’ll be relying on one or two incomes to finance it.
A new home could help ensure that you pay for your priorities and avoid the compromises of sharing an existing space. However, if you’re working with two incomes, you may be able to get more of a certain priority in an existing home — like square footage or yard space — with the extra funds.
Or More
If you have (or will have) children in the home, care for an elderly or ailing family member, or receive frequent visitors, a new home build can be an attractive option that meets the unique needs of each household member — from room location to number of levels.
But, if your budget is tight, an existing home may provide more margin for negotiating price — particularly as many sellers are compelled by a buyer’s story, need, or goals for the home.
What?
Process
If you have the time, the detailed process of custom home building can be rewarding and give you the chance to create the space that will be most meaningful to you.
You can decide how and where you want to spend your money. Whether you care about square footage or furnishings, this process gives you control and a clean slate — figuratively and literally. You get the chance to be creative while being the first to use a space, thus reducing the risk of mold, allergens, or other sanitary problems sometimes found in older homes.
If you have the time, you can also ensure energy efficiency, which may cost more up front but will save you money in the long-run.
When?
Timing
If speed is a priority in your move, a new build home will probably not suit your needs. New construction homes can take several months to a year to build, and delays can occur for a number of reasons.
If you’re in a hurry, it is likely that you don’t have the time to be responsible for all the decisions a new construction home requires — from picking a builder to creating a building plan to selecting finishes. This doesn’t include other necessary tasks like receiving quotes, scheduling building, and finalizing financing.
Where?
Location is very important for your home. You want to make sure that it is in a good place where people can easily find it and where there are lots of things to do.
Consider your lifestyle and needs and wants when it comes to the location of your new home construction. A few considerations for the location of your new home include:
- How far is the commute to work?
- What school district do I want to be in?
- How far is the nearest grocery store and other retail stores?
- Am I comfortable in this neighborhood?
- Is this a developing area?
- What recreational activities are nearby?
- Am I happy with the location of my lot?
Why?
After thinking through so many options, ideas, and details, circling back to why you’re moving will help you keep your main priority clearly in front of you. Buying a new home is an investment of resources and time, but it is also an investment in your future.
It’s important to see whether an existing home or a new construction home is going to give you the best foundation on which to build your future. And, that’s why buying the right home is so meaningful.
Consider these questions:
- Are you moving because you need more space or less?
- How quickly do you need to be in your new home?
- How much time do you want to devote to a home search?
- Do you have a firm budget or flex?
- Does the process of building or buying a new home fit better with your current lifestyle?
- Are you moving to be closer to family, friends, school, or work?
- Are you moving because of an impending life change, like having a baby or retirement, and how flexible is this timeline?
- Do you need quiet space to work?
- Are you hoping to get some more entertainment?
- Do you have pets who need more space to play?
- Do you have health concerns that require one-level living?
Pursuing your “why” will help you find the best place for you as you navigate timeline and finances.
How?
Brass Tacks
Money is a sensitive topic, but at the end of the day, it’s perhaps the most important topic when thinking about home building or buying. Know what you can pay, what you want to pay, and how willing you are to adjust your budget — whether you’re building or bidding. If you have a limited budget or timeline, pursuing an existing home is more likely to meet these needs.
However, buying a new construction home doesn’t necessarily mean spending more money, but it does mean spending more time. And, the more time you have to explore your options and understand the process, the better the deal you are likely to find.
Our Help
Reinbrecht Homes provides information on home financing options and the various types of loans that could be available to you. Reinbrecht is also willing to work with you to build your dream home affordably with free construction loans, and many expenses are included in the purchase of a Reinbrecht home — most notably the land that is included when you buy a new construction home in one of our communities.
When you build with Reinbrecht, costs like land, architectural plans, down payments, and interest payments are considered and included in the pricing. Reinbrecht works hard to make a tough topic like financing easier to navigate and manage and knows that the rest of your life doesn’t stop just because you are building a home, and you will continue to have expenses.
Part of Reinbrecht’s process is to help you think through what you need in a new construction home as well as what you need in your life while the home is being built. Reinbrecht Homes aims to make your new home construction process accessible and affordable by addressing realistic concerns and questions upfront.
Happily Ever After
When you build with Reinbrecht, you build with family. Whether you are single and just starting out, need a home for a growing family, or are retired and downsizing, the Reinbrecht family is here to walk through life’s important transitions with you.
You’ve asked yourself a lot of questions today, and if the answer to these is that a new construction home is going to be the best for your money, time, and lifestyle, we’re excited to join you on the journey. We promise transparency, accountability, and positivity in helping you build a new home and life. Take the first step by downloading our home purchasing guide or contacting us today!
