One of the major options many homebuyers face is whether to buy a preexisting home or build.
Being a designer/builder for many years and now a real estate agent, I have a clear understanding on how to advise clients when there is a buy vs. build decision to consider. -Wendy Martin
When you’re in the market to buy a home, it’s safe to assume you’re seeking a home that is available in a desired location, is in line with your required functionality and layout, has the right look, and of course, is within the right price point. Usually there is some compromising to be made along the way as you find out more about the options available to you.
Whether you initially considered building or it’s suggested to you by your agent during the process of searching and showing, having knowledge about local build options will prove to be of great value, even if it’s just for additional market perspective.
Here are some important things to consider when learning about build options in NWA:
CHOOSE AN AGENT WHO IS FAMILIAR WITH NEW CONSTRUCTION HOMES & BUILDERS
When interviewing agents, choose one that is familiar with local builders/developers in your area – an agent who knows the types of homes each builder specializes in, where they build and their reputation. Your agent should also be knowledgeable about the process and be able to help you consider the differences between a custom home build versus a semi-custom.
KNOW WHAT QUESTIONS TO ASK
Since building a home is a different process than buying, you’ll want to ask the right questions. Some important questions to ask include:
UNDERSTAND THE THREE MAIN VARIABLES OF A BUILDING PROJECT
There are three main variables to consider when evaluating what to prioritize in a building project:
It is important to take time to process these factors and determine your priorities so you can make clear decisions moving forward. Once you’ve determined the order in which these three variables are of importance then focus on the first two knowing that the builder will help determine the third variable.
KNOW THE PROCESS (OR HEALTHY PROGRESS FLOW) OF THE PROJECT
Plan. This first phase of the project includes the interview, discussion and discovery. It’s where you can put a name with the face, find out how the builder can serve you and discuss the project concept (lot, land, general scope of work, ideas and feasibility, general pricing, timing, contracts, clarify services.) You will also make the decision whether to engage design services or to provide your own plans or architect.
Design. An alliance between the architect, interior design consultant, and builder allows you to “seamlessly” create your project based on your ideas, expectations, scope of work, craftsmanship, and cost. In hindsight, this is where many projects start off on the wrong foot- they don’t involve the above three key players to accomplish synergy and economies.
Involving the builder during the design phase improves overall project communications & product/application/design ideas and solutions, clarifies expectations, allows you to make educated decisions based on cost/benefit analysis (saving you thousands of dollars) and have fun knowing you have a very competent consultant team.
Some of the meetings you can expect at this stage include:
Build. The construction phase of the project will take you through the following steps:
Hopefully this information is helpful in the event you just can’t find the perfect preexisting home. Please remember, the Martin Building Group is available to help answer any of your build option questions and welcomes a project partnership with your real estate agent.
WENDY MARTIN is a part of the Martin Building Group and a Realtor with Collier & Associates in Fayetterville AR. She was raised in sunny Newport Beach in Southern CA, and moved to Rogers, AR in 1990, receiving a Masters in Counseling from the University of AR. She and her husband have been married for 26 years, have 4 children (Mason (22), McKane (21), Mo (19), Maiya (16)) and started Martin Building Group in 1995. They are currently introducing a Coastal Traditional architectural design to Northwest Arkansas in honor of the heritage of where they grew up.