It’s a unique time in the real estate market, and I often receive the question as to whether a family should buy or build. While every situation is different, I think it’s a great question and one that warrants further discussion.
In the current climate, there are a few major reasons why I might recommend building versus buying:
Specific Wishlists
I often have buyers who have a specific vision or wishlist in mind. Depending on what’s on that wishlist, I sometimes suggest building to ensure they are getting exactly what they want. Building a house offers the flexibility and freedom to customize everything to your personal wants and tastes, which simply cannot be achieved (easily) when buying an existing home. The options are truly endless when building a home, which can be very attractive to certain buyers.
Bringing a specific building vision to life also eliminates the disappointment that can come when a pre-existing home just doesn’t check all of the boxes or would be too costly to renovate, eliminating the potential ROI of renovation costs. Whether it be the number of bedrooms and bathrooms, a finished basement, or an expansive outdoor space, building a home allows the owners to have exactly what they want in their home. Having this freedom, versus shifting expectations to fit into a pre-existing home, is attractive for those who have a specific vision in mind.
Location
One of the many beauties of building a home is you can purchase land in your ideal location.
Opening up your mind to the possibilities of an empty lot or “tear down” home is one of the biggest challenges that buyers face. That’s why I always recommend partnering with an experienced realtor who can help connect the dots. Oftentimes it’s possible to view a listing or lot with a general contractor, who can help the potential buyer visualize the possibilities.
It’s been my experience that clients who buy for location are more satisfied with their real estate purchase. As long as you are happy with the location and what it offers – local community, school district, etc. – everything else can happen as you design.
Customization Experts
An objection I often hear to building a home is the hassle that can come with new construction. From finding a reliable contractor to securing building permits and design expertise, it can appear to be a daunting process. My word of advice: at the very beginning of the property search, engage a real estate agent who has valuable relationships with the professionals needed for the next phase of building your dream home once that land is purchased. At the Mike McCurry Group, we’ve helped clients create their perfect home by partnering with talented and skilled local businesses who consistently prove why they are the best. In our decades of experience, we have vetted countless vendors – everyone from contractors to interior designers to painters to electricians and more – to cultivate a preferred list of partnerships to help with anything and everything needed to build your perfect home. Having this reliable resource takes a huge weight off of buyers’ shoulders, and offers excitement and reliability to the building project.
If you’re dreaming of a custom home in Clarendon Hills or Oak Brook, give us a call. We have several lots available and are ready to help you make a meaningful move.