There is a very serious conversation happening in Florida with all the New Construction homes being sold out. Once of the main questions we are seeing in Melbourne, Florida, is, Should I buy a newly built home listed for sale on the market, or build my new home?
This question has advantages and, some preferential, disadvantages. We will list out some factors we see with this market in hopes to help you understand why it may or may not be advantageous buying a new home listed vs building your new home.
Buying a House in Florida
Advantages of Buying a Home
If you’re looking to move into a newly built home, completely finished and ready for occupancy, buying an existing home listed on the market is your best choice. One of our new home agents can walk you through the home, weigh out the details and you’ll know exactly what you are buying. This option can allow for price negotiation, depending on the seller’s situation and market conditions. With the leveling of the market, sellers are more flexible with negotiating offers. Inventory is also showing us that homes are available a few days longer on the market. Financing an existing new home purchase is typically straightforward and takes only a single-close mortgage loan. Overall, purchasing a new home listed for sale in Florida is a straightforward and quick process. For your curious minds, we have created a list of available new construction homes for sale right now. Click the link and browse new homes, then contact one of our agents to get more info or to see any new home listed in person.
Disadvantages of Buying a Home
Unfortunately, the new home of your dreams, with everything you want, isn’t always up for sale. In fact, you may find yourself compromising and settling for less, that you lose your enthusiasm for the move. Doing updates and renovations is always an option in some cases when buying an existing new home, but we know renovations can be very expensive, so don’t forget to factor that into your purchase price if you decide on a home that needs work. If you don’t have to move towns, renovating your current home may be a better option than buying.
Building A House in Florida
Advantages of Building a House
For most new home builders, there is a highly significant joy to designing and building the home of their dreams. Every detail that goes into the build can be decided by you. Floorplans, landscapes, paint colors, fixtures, and cabinets are exactly the way you planned the day you move in. Since the home is new many of the mechanical parts of your home (roof, HVAC system, appliances) will stay under warranty for years, cutting down maintenance costs.
Newer home construction in Melbourne, FL are built with energy-efficient materials that save you money from the very start and long down the road.
Disadvantages of Building a House
Building a new home is not for everyone and is guaranteed to bring high levels of stress at different points of the build! All the decision making can be very exhausting depending on your personality type. If you’re considering building a home in Melbourne Florida, there are some factors to take into account:
Land Availability – Just like finding the perfect home to buy, you’ll want to find a piece of land that meets your desires regarding size, location, and cost. There are also new community projects where many new homes are in developments and have general plan, while you pick all the finishes.
Time to Completion – Building a home from scratch takes a lot of time and coordination. According to the U.S. Census Bureau, the average completion time is seven months, but we know this can extend in double digit months. Bad weather and unforeseen supply and labor issues can cause significant delays.
Paying for Two Homes – While under construction, you will need to maintain another residence to live. This adds to the overall expenses upfront associated with building a new home. When your new home is complete, timing the sale of your existing home can be tricky. This is where we come i8n to help time this transaction perfectly for you.
As always, Please contact us directly to inquire more about New Home Construction in Melbourne, FL or any Brevard County community. We are here to help!