Custom home fireplace

New Home or Old?

We wrote recently about the number of new homes and developments cropping up around Central Virginia. We explored the dynamics behind that, and the demographics around why people are buying or selling.

Housing inventory continues to be a roller coaster, and new offerings seem to be scooped up quickly. The National Association of Realtors recently shared statistics showing homes last just over a month between listing and contract. Most of the nation also saw a drop in sales, with much of that attributed to the lack of inventory.

One spot that’s been relatively immune to this inventory problem is in newly constructed homes. That’s where we come in.

Building a custom home has many benefits. Chief among them is the use of newer technology. When you buy an older home, you inherit that home’s deficiencies. You now own an aging heat pump, leaky ductwork, and older plumbing. In a new home, you can design a more energy efficient system for heating and cooling, with the latest climate control systems to manage their use. Your bath fixtures and appliances were likely designed with energy efficiency and smart water usage in mind.

And don’t get us started on the marvels of modern windows…

You also have the benefit of assured equity. One pain point for owners of existing homes is their tax value. Sure, prices have risen, and those prices are driving up appraisal numbers, but they fluctuate. They can be impacted by new zoning regulations that allow business and industrial uses in formerly family home areas. The value of a neighbor’s home can impact prices across the development. When you build new, you eliminate many of these factors. You know the value of the home on move-in day, and that value will likely only go up.

Buying new also gives you a budget flexibility you may not have if you buy an existing home. When you buy an older home, the price is the price. You’re going to have to budget for upgrades, renovations, decorating choices, and more. When you design a custom home, your choices on the front end determine the budget, and you can adjust as you finalize the plan, allowing you to build a home you can afford.

We’re biased, we know, because we love building dream homes for our clients. But to a large extent, we work with them to examine their lifestyles, future plans, and more, and help them build solutions. If you’re in the market for a new home, building custom may be that solution.