Buying a house is one of the most significant steps in life—and one of the biggest investments. Choosing the right home is going to change many aspects of your life, so you need to make sure you are making the best choice. With millions of options in real estate, such as buying a previously owned home or building one, you need to know the ins and outs of the industry.
Move-in ready homes and new construction homes are popular options these days, and both have advantages and disadvantages. Although there is no wrong choice, there are factors that every homebuyer should consider.
Let’s have a look at these two popular real estate options and see how they’re different.
What Is A New Construction Home?
A new construction home is a shell of a house that is only complete on the outside. On the inside, there are no electrical wires or plumbing in place. Walls have yet to be framed. While the framework of the house is set, the buyer has control of numerous layout choices, such as interior design, number of bedrooms and bathrooms, and where to place the laundry room. Buyers also get control of where non-weight-bearing walls will be constructed so that they can create open or closed floor plans.
What Is A Move-In Ready Home?
A move-in ready home is designed to simplify the buying process. Everything is already in place within the house, including the appliances, plumbing, electrical elements, flooring, and counters. Move-in ready homes cut down on the need for lengthy remodeling projects, making it easier for families to move right in and get on with their lives.
Differences Between Move-In Ready and New Construction Houses
Now, let’s go more into depth about the differences between these two types of real estate. The factors to consider when seeking out a new home, such as construction or renovation time, the cost, location, and ease of moving in, are also what divides these housing options.
Construction and Move-In Time
When it comes to building or buying a house, the most significant determinant in what you choose boils down to how much time you have. Think about the conditions of your move. Are you transferring to a new city for work or school? Do you plan on moving over the summer before the kids start in a new school? Or is your move-in schedule much more flexible?
If you need something available immediately, then move-in ready homes are typically the best choice. As the name implies, a move-in ready property does not need much work before your arrival. All you need to do is pay for the house, sign the documents, and then move your belongings. The process can take mere days.
New construction houses require much more time to prepare for habitation. Depending on what you want in a newly built home, you may wind up waiting three months for the house to be complete. If you decide to build from the ground up, that can take 4-6 months, depending on the size and complexity of the construction, materials needed, and fixtures and appliances that you have chosen.
Customization and Move-In Cost
What is your budget? It is obvious that filling a house with everything you could want and matching the vision of your dream home is going to cost a lot more than purchasing an as-is unit. When you start budgeting, you will realize that the final cost per square foot of new construction homes is higher than move-in ready houses.
Of course, this also depends on where you live and specific pricing regulations. Furthermore, if you hire an experienced contractor, you can discuss ways to lower the overall cost of customizing a newly constructed home to match the price of a move-in ready one. Just keep in mind that whenever you choose to make renovations or customize a floor plan, the costs will fluctuate, regardless of the property type.
To help with narrowing down the options, consider the amount of money you have for renovations or remodeling, as well as the time involved with customization and remodeling. Again, if you have a smaller budget and less time available, move-in ready may be the smarter choice.
Location: Lots vs. Neighborhoods
Where do you want to live? Are you looking for an environment where you can raise a family safely? Do you want less of a commute? Or are you more attracted to suburban neighborhoods farther away from metropolitan areas?
New construction communities tend to be farther away from the downtown of major cities, but they are often easier for retirees and young couples. The lots are already determined, and the landscaping is already set. All that needs to be done is finalizing the interior of the house.
Location also determines how many move-in ready homes are on the market. Depending on the population and economic situation, move-in ready houses may not be available. This is especially true for smaller communities.
In general, if you plan on moving to a city, older homes are going to be on the market and may require some fixing up. It may be better to purchase a newly constructed home in an urbanized zone since everything will be brand new and more energy-efficient.
Ease of Purchase and Moving In
Whether you build a house or purchase a move-in ready one, the process is going to be complicated. That said, you have control of just how complex that process becomes.
Raising a family, finding and going to work, running a business—all of these responsibilities can increase stress. Do you want to have to think about paint colors, floor plans, plumbing, and other elements of buying a new construction home? Or would you rather move right into a house where everything is already in place?
Purchasing a move-in ready home is undoubtedly easier and helps you stick to your budget. You may even have money left over to make some minor adjustments. Building a house opens the possibility of overshooting your allowance, especially if you are choosing top-tier appliances.
So, which property time is best for you? In the end, your personal situation is the deciding factor between buying a move-in ready house and new construction. Take a step back from the real estate options and think more about what is important to you.
If you are concerned with sticking to a budget or picking a location or staying more focused on your career and daily life, move-in ready homes are great options.
If you want to customize the interior of your home and have plenty of time and a flexible budget, new construction houses are ideal.
Knowing the differences between new construction homes and move-in ready properties should make the purchasing process more manageable, but if you still have questions or want more information, fill out the contact form! Get more info delivered right to your inbox.