Is It Better To Build Or Buy Real Estate In Los Angeles?
Three Key Questions You Need To Answer Before You Make A Move
So you’re ready to secure yourself some new digs here in the City of Angels but you’re not quite sure whether you want to build a home from scratch or get your hands on something pre-existing.
They both have their perks for sure.
They both have their fair share of drawbacks too.
Ultimately, this is going to come down to what your priorities are for this next stage in your life.
Here are three key questions you should ask yourself to figure out if you would be happier to build or buy real estate in L.A.
How Long Will You Need The Place?
If this is going to be your forever home, you would be wise to seriously consider building something from scratch. You want to reduce the number of times that you will have to make major repairs to things like your roof, HVAC, and septic/sewer. Purchasing a brand new home will give you the peace of mind that you will have at least a decade or two before you will have to worry about anything like that.
If you’re going into this home purchase with the intention to sell it within the next decade, you would be wise to focus more on your potential return on investment. Since this isn’t the place where you plan to grow old with and watch the kids grow, you need to go into this transaction with less emotion and more willingness to compromise on items that will help you secure a better deal.
Are You Type-A?
Would you consider yourself a perfectionist?
Are you the type of person that knows exactly what they want, how they want it, and when they want it?
Building your own home is probably going to be your best bet!
Having standards is nothing to be ashamed of; its something we celebrate here at NextHome!
However, in our experience, we’ve found that buyers with a wish list a mile long that aren’t thrilled with compromise, are better off building something to their exact tastes than trying to find something that already has it all. Odds are it doesn’t exist in the location and price point that you want.
How Soon Do You Need To Move?
In a rush to get into your next home here in Los Angeles?
You’re probably going to need to purchase a pre-existing home. If you can afford to pay cash, that will expedite the process even further! In fact, you may be able to move in within a couple weeks of submitting your offer and having it accepted.
If you’re dying to buy new construction, you’re not out of luck entirely. Many new construction communities maintain a small inventory of freshly built homes for you to get your hands on. It may not be as customized as you would like but it will still be brand new and you can always customize it later.