The Monarch Group Real Estate Blog

The Monarch Group Real Estate Blog

Should I Buy or Build?

If you’ve been contemplating recently whether or not you should build your next home or buy an existing one, you’re not alone. We are currently working with numerous buyers’ who are in the process of building their dream home and we’ve had to help them make the same decision. For most of them it was not an easy one!

According to Joe Pusateri, author of Building your Dream Home, here are some key questions to ask yourself before deciding you want to build a home:

  1. Do you have a hard time making decisions?

  2. Do I have a hard time sticking with the decisions I’ve made?

  3. Am I a perfectionist?

  4. Is my schedule already jam-packed that I don’t have time for everything I enjoy?

  5. Does uncertainty and lack of control add unwanted stress to my life?

  6. Am I disappointed easily?

  7. Do I handle conflict by looking for the win/win outcome?

  8. Am I realistic enough to realize that things aren’t always perfect?

  9. Do I have some available time for the next year?

  10. Is our family life stable enough to handle the additional activity?

Pusateri says that if you answered "no" to the first six question and "yes" to the last four, you are ready to build! Of course, there are no right or wrong answers when asking yourself these questions.  Just make sure you’re as honest in your answer as possible, and realize this is used only to help you make the best decision possible at this point in your life.

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10 Things to Take the Stress out of Buying a Home

1. Find a real estate professional that relates to you. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the agent you choose is both skillful and the right match for your personality.

 

2. The “right” time to buy is now, IF you’ve found the “right” home. Don’t try and second-guess the current interest rates (why would you at these rates) or the housing market by waiting. Changes don’t usually occur overnight, or fast enough to make a notable difference in price. Plus, if it’s a truly good home it won’t be on the market long!

 

3. Be careful asking for too many opinions.  Just like any other buyer, you want reassurance on such a big decision. However, too many ideas from too many people will make your decision harder to make.

 

4. No house is completely perfect- know that going in. When buying a home it’s important to “choose your battles.” Decide what is most important to you let go of the minor issues.

 

5.  Don’t over negotiate on terms. It’s always our goal to get you the best deal possible on your home, but trying to “win” be getting an extra low price or too many provisional terms could end up costing you the home of your dreams.

 

6.  Make sure to check around the home. Don’t focus only on the home your buying and it’s features like room size, updates, and garage. Make sure you take into consideration things like noise level, commute, future plans for you and the area.

 

7. Get preapproved for a mortgage FIRST. Don’t make the mistake of falling in love with a home, or looking at countless homes you can’t end up affording. Talk to a lender before you start...