Thursday, May 31, 2012

New Homes are not a Commodity!

New Home builders are as varied as the homes they build.  Builders target certain markets and build homes that suit them best.  There are starter, move up, empty nester, vacation and retirement homes just to name a few.  Along with the design for these markets, there are varied levels of quality or the “fit and finish” that gives the home its price point and style.
While all home builders promote that they build a “quality” home, everything is relative.  It is really no different than any product you buy: there is generally a “good”, “better” and “best” scenario in the market to consider based on your budget and priorities.
The amount of your investment needs to be considered first and foremost.  We should ask ourselves “how much can I really afford over the long term that will provide us with a comfortable home and adequately meet our other financial priorities (monthly utilities, retirement savings, college savings, vacation allowance, and health care)?”
Many who are just starting out and buying their first home need to consider how much space they can buy in an area with a good school system.  Empty nesters might not care so much about the local school system as being close to work, shopping and activities/entertainment.  Those retiring with a limited budget will want to buy a modest but comfortable home and keep monthly costs well under control.  Those wanting to move up will look for prime locations and some added luxuries.  It is a matter of personal choice, budget and priorities.
The quality of materials is also an important consideration and will escalate with the good, better best price points.  A more modestly priced home will have fewer options which allow the builders to better maintain their costs.  Higher priced homes can have infinite options available as these buyers expect the best and don’t mind paying for the upgrades provided that they offer good value.
You can buy a well-constructed home at any price point with the right builder.  At the less pricy level you will just be getting simpler cabinets, laminated versus granite counters and carpet rather than real hardwood flooring as examples.  There are many levels as you move on up the ladder.
When looking for a new home it is a good idea to understand the type of home that you are buying and how the builder is constructing it to specifically meet your needs. These steps will assure a good fit and not only allow you to be proud of your home, but enjoy its comfort for years to come.
Kris Jensen III
Get in on the Good Life!®

1 comment:

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