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New Home Buying Options

Buying a new home is an exciting experience. Whether it’s your first one, or you’ve been through process many times…it always an exciting process: deciding where you will live, how much money you can spend and of course what type or style of house.

The choices can really be overwhelming, so a good place to start is by narrow things down as much as possible. When people say they are buying a new home that can mean different things to different people. New can simply mean different, so moving to a home that you buy that has previously been lived in is a “new home” to many people. However, for others, new home means a home that no one else has lived in before.

In the U.S. there is a huge network of real estate agents who can help you get the process started. And of course these brokers specialize in the many different types and form of real estate that is available from residential, to commercial to investment properties. Whether you are looking for a new home in the U.S. or new homes for sale in the United Kingdom you’ll easily find brokers and real estate agencies and other companies in the field that can assist you.

One of the most challenging – and most rewarding tasks - is to build a new home. Even with new construction, there are a couple of ways to go about this. You can work with one of the big builders (tract builders) who provide a turn key operation for you to select a lot, select a home style, and then allows you to do some modest amount of customization to meet your needs.

A second way to build your own home is for you to develop a house plan that is customized to your needs and then to hire a builder to build it for you. This type of custom home building means that you build exactly what you want from the ground up. Your are not locked into one of 4 or 5 different home styles to choose from dictated by the builder in the tract home example above.

The builder that you choose acts as a general contractor. What this means is that although he may do some of the building or construction himself, he will also hire many out side subcontractors, people such as plumbers, electricians, framers, etc. to do the work for him, on your behalf.

The last type of new home construction is when you act as your own builder or GC. Yes, this is done in the U.S., and it can yield significant cost savings over either of the above discussed options. It does require significant involvement on part, a good knowledge of the process, and of course the willingness of a financial institution to loan you the money – when they know YOU will be the GC – and this last point may be the most difficult to overcome. Prior to the real estate collapse in 2008 there were a number of lenders who did make these kinds of loans. Today, they are much harder to find.

Whatever way you decide to go about the process of buying or building a new home, we recommend that you check with some of the consumer advocacy groups to find out what is going on in the industry. Once such group we find to be most value is Home Owners Against Deficit Dwellings (HADD) which can be found at http://www.hadd.com/.

 

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