Should I Build or Buy My Home in Asheville?


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Daniel Cropper

Whether to buy an existing home or build one from scratch is an age-old question for many people. There are advantages and disadvantages to both; however, for many people, buying land and building a new home in Western North Carolina is the more beneficial choice.

With the housing market once again heating up, it's getting harder and harder to find really great deals on existing homes. Prices in most areas have increased over the past few years, and interest rates have also climbed. With new construction homes on the other hand, including modular homes, there are still some amazing deals to be had.

How to Save on New Construction in Asheville

Since there aren't a lot of financial institutions that are currently willing to finance the purchase of vacant land you can still find deals on acreage whether inside or outside of a housing development. Many developers overbought during the housing boom. The developers who survived the crash of the housing market in 2007 are still trying to clean out their inventory. Developers who didn't survive the crash have permitted innumerable amounts of land to be sent into foreclosure, allowing consumers to pick up parcels at a fraction of retail values. Whether you buy directly from a developer or on any normal MLS listing, there is still the potential to get a deal, especially if you're able to pay cash for the land. If you can obtain vacant land without financing then you may be able to use the equity for a down payment for your construction loan to build a stick built new home or the custom modular home of your dreams.

Statistics show that vacant land purchased in short sale or foreclosure can result in a 100% increase in equity upon completion of a new home on the lot. In other words, if you're able to get a deal on an acre of land in foreclosure for $25,000 - you can use that purchase as your down payment for a new construction loan. If you spend $180,000 on the construction of your new home (modular or stick-built), the final appraisal of your completed home and land combination could be $230,000 or higher. Thus doubling your investment immediately.

Another big advantage to buying land and a new construction home in Asheville versus buying an existing home is the ability to customize. Whether you are stick building a new home from scratch or having a modular home built in a factory, you get to make decisions on a number of items. You have infinitely more control over variables such as how many bedrooms and baths you will have, the layout of rooms, what kitchen appliances you get, what kind of flooring you want and paint colors.

If you are looking to build a new home, the New Home Builders at WNC Abode can make your building experience a fast, streamlined, and affordable process that gets you exactly what you've been looking for.

Content Source: www.wncabode.com/custom-homes-in-asheville

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About the Author - Daniel Cropper


Daniel Cropper

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