If you want to own a luxury home, one of the first decisions you must make is whether to purchase an existing one or to build a brand new one. Building your own has several advantages.
Lower Cost to Ownership
Even though building a luxury home comes with many expenses, building a home is often cheaper than buying an existing one. The average cost of building a new home usually comes to about $103 per square foot, while buying a home that was built before 1960 averages $148 per square foot. When multiplied by 2,000 or more square feet, that adds up to a major difference.
You'll see your expenses broken out more if you build than if you buy, for you'll have to pay for foundation work, framing, finishing work, installing major systems and landscaping separately. Even when taken all together, though, these will normally be less than what purchasing an existing home would cost on average.
Reduced Maintenance and Repair Expenses
The savings that building affords continue after you're in your new home. Whereas an already built home will come with used equipment and normal wear, one that's been recently built will have all-new appliances and no signs of wear. This means things will be less likely to break down, and you'll have fewer maintenance and repair expenses as a result.
Additionally, you might not even need to pay for a repair in the event that something does break down. When new appliances are installed, they typically come with a warranty that will cover any unexpected issues for some time.
When you have a home built to spec, you can fully customize the house to your liking. There are many building plans to choose from that feature a wide variety of styles and floor plans, and many of them can be further adapted to suit your needs. Additionally, features like the countertop material and paint color are fully within your control.
Some more particular items that homebuilders can often customize include the height of a basement, size of a master bathroom, and design of some windows. Depending on your chosen plan and area, you might be able to:
- Have a basement dug deeper so that even tall people can stand upright in it
- Take space from a closet to expand a master bathroom's size
- Add bay windows to increase the size of certain rooms
Your builder can help you sort through all of the available options and choose whichever ones you want in your luxury home.
For more information about luxury homes, contact a real estate agent.