If you decide to go with a new rather than existing home, you will have to decide between
custom-built or buying a production model. There are advantages and disadvantages to
both, but they share one thing in common: they are new. Gloriously, brand-spanking new.
When it comes to first cars, most of us squealed off the curb waving goodbye to Rob from Craigslist hoping that he wasn’t crossing his fingers behind his back. New homes don’t cause you to worry about what’s under the hood as much, plus you have the freedom to choose the model that best suits you or your family.
housecar
There are, however, still a number of decisions to be made when buying a new home (which can be stressful). That’s why we’ve built this guide to help you navigate the sometimes treacherous terrain of choosing your new home.
Your choice of new home ‘rides’.
choose your adventure
Production homes: The family nip-around
These homes are probably the most common new home construction on the market today. They often come in the form of condos or townhouses and are sometimes built in a cluster in a newly-developed community, often with parks, schools, and even shopping centres included. Although these extras and communal spaces don’t come free, and you may need to pay association fees to your community for upkeep, it does mean that you and your family
have access to green spaces without needing to own alllll the land ($$$)
The attraction of a production home is its start-to-finish process – you buy your land and house together and, while you can customize your home finishes and influence decisions on flooring, lighting, cabinetry and appliance selection, you are not responsible for the actual building of the home (sweet). And because builders hire contractors for bulk projects, they get great deals on your behalf, bringing down the cost of building considerably. You also get a warranty on the craftsmanship of your home, plus many of the finishes and appliances.
If you feel the need for speed, production homes are also usually built much faster than custom homes. The downside is that your lot size is smaller and you may be limited on exterior options in terms of paint colour and aesthetics. What’s more, there’s the risk you’ll be living with building noise while the project is completed.
all gas no breaks
Custom homes: the gas-guzzler.
This is a great option if you have your eye on a piece of land that you love and are keen to design an original home that is perfect for you and your family. And you have lots of cash.
A custom-built home is not part of a larger master-planned community like a production home. Some builders may have lots that they are selling to build on but, generally, you will need to buy the land and find the builder, managing the process yourself.
And this process ain’t cheap. Custom-built homes can be very expensive. You have none of the community incentives or builder/contractor bulk discounts to take advantage of that you do with a production home. You will also find it hard to put an exact price on a custom build, as unanticipated problems are likely to arise during the building process (aka more time and
more money).
Semi-custom homes: The family sedan somewhere in between.
A semi-custom home build is a mix of the above two models. Here, the floor plan is decided on by the builder, or the build has already started, but you have some control over the interior and exterior finishes. But it is a very small menu.
You find these new home opportunities when a builder starts a project and the sale falls.
Where the rubber hits the road.
Flicking through the gallery photos of a master-planned community or dreaming up your perfect home on Pinterest can be a wonderful way to spend an evening. The same way flicking through Road & Track as a teen fueled your automobile dreams.
REW.money
