Should You Build or Buy An Existing Home in Knoxville?
Can’t decide whether to buy an existing home in Knoxville or build a new one? Buying existing or building a new home, you want something that highlights the features you want in a home, but at the same time, don’t want to break the bank. Building a new home can give you just what you want in most cases. Buying an existing home is, most of the time, a compromise.
If you’re torn between buying an existing home or building a new home, here are five things you should know that could help your decision making process.
5 Things You Need To Know When Planning To Build or Buying an Existing Home
1. Cost
Buying an existing home in Knoxville saves you time and money in the long run. The upfront costs tend to be lower because the alterations you’ll need to make it yours will hopefully cost less than building new. Additionally, home loans are less risky than land loans because they require a smaller down payment and have lower interest rates.
Additionally, existing homes, generally, already have landscaping installed. Some newly built homes may have a front yard but no backyard. Building a home will require potentially $125,000 in additional costs just for landscaping. That’s an investment you’ll never recoup in the medium term.
2. Convenience
Once you’re pre-approved by your lender, you can start shopping for a home and make an offer on one that suits your needs. A professional real estate agent can help you along the way, guiding you through negotiations and paperwork. If your offer is accepted, you may be able to close in45 days or less. Building a new home could take 6 months to a year or more and cost thousands more.
3. Schedule
If you’re on a tight schedule and need a new home, then buying one that is already move-in ready may be the best option. If you’re moving for work or your children will be starting at a new school soon, getting in and established into your routine will make your life less chaotic.
Once you’re moved and established, it’s a lot easier to build a home when you’ve got a home to live in.
4. Variety of Options
If you are looking for a property with easy access to amenities, schools, and work, buying a home in an established neighborhood is the way to go. You can find one with the perfect floor plan if you know where to look.
Existing homes in Knoxville also have character that new home built communities don’t generally have. Existing Knoxville neighborhoods tend to be less “cookie cutter” homes as they are more mature and upgraded to suit the owner.
5. Customization
In the existing home, you will likely have mature landscaping, which means you won’t have to spend time on landscaping projects. While there are many perks to buying an existing home in Knoxville, one downside is that you may want to make changes to suit your tastes. That said, you’d have to do that with a new build as well.
In an existing home, these modifications will cost you less.
You may have to make some compromises with an existing home in Knoxville. You might want a larger kitchen, a bedroom on the first floor or a 3rd car garage. You may have more latitude with design in a newly built home and most certainly in a custom built home. On this front, your budget will do the talking!
The process of building a home can be frustrating and takes up considerable time and energy, which many people just can’t commit to.
Buying an existing home, on the other hand, may be the easier most cost effective option. The price is all inclusive with no infrastructure to be added beyond what you’d like to do to make it yours.
In either case, working with an experienced and qualified professional in Knoxville can ensure your homeownership journey runs smoothly. Rick and Kati are the go to agents in the Knoxville area and can help you find just what you’re looking for. If we can help you, please click here for our contact page. We’ll get back to you personally and quickly.
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