Calculating Your True Home Buying Budget

Category: Finance, Real Estate.

Many buyers assume that the term" high- quality custom home" is synonymous with" expensive home" . Today s Florida home buyer has more choices than ever when it comes to building a new home, and the customized luxury of a brand- new home is often much more affordable that commonly thought.

In many cases, that just isn t true. Be in the right place at the right time. From April through August, home sales are hot and buyers are paying premium prices for homes. Sales of Florida real estate are at their highest levels during the summer months. That s why if you are looking for a great deal on a brand- new custom home, you should purchase that home during the winter months when sales volume drops off dramatically. If at all possible, do your home shopping during this time. Florida real estate sales reach their lowest levels during the months of November through March.

The reason for this is that when sales volume is low, builders are often willing to reduce the sale price of their homes, or offer added features and upgrades at no additional charge. Searching for the best deal on your new Florida home. And remember, the more luxury upgrades your new home has, the higher its re- sale value will be in the years to come. When it comes to purchasing a new home, be it a brand- new home or an existing home, it truly does pay to shop around. When you decide where in Florida you would like to live, visit the neighborhoods in that area and find the area that best suits your needs. This is especially true when it comes to finding the right home, the right home builder, and a great Florida home that you can afford. Take a look at how many homes are on the market, and look for builder s billboards and new developments.

During your builder visit, be sure to ask about the quality of materials they use, and whether they build their homes above hurricane code. When you find a builder who has a project in your desired area, visit that builder s sales office. Ask for references, no matter how, and remember inexpensive they are, you don t want to purchase your new home from a tract home builder. Calculating your true home buying budget. Don t settle for a cheaply built home when a bit of extra legwork can yield a luxurious, high- quality home that will suit your budget. Did you know that purchasing a high- quality custom home can actually save you money? And it s also true that the great deal you think you are getting on an existing home in a buyer s market may not be such a great deal after all.

It s true. Why is that? But this is a figure that really must be considered, especially when a home buyer is purchasing a Florida home that is more than twenty years- old. Because so many home buyers don t add repair and remodeling costs to the price of their new home. Homes of this age and older often have repair costs that are not easily seen or predicted, even during a professional home inspection. Plus, older homes are often smaller as far as actual square footage. Of course, the older a home is the more potential problems it may have, but even homes built twenty years ago are at risk for wood rot and termite infestation.

Rooms are smaller, closet space is limited, and kitchen and bathroom remodeling is a common need. A higher return on your investment. There are many more potentially expensive problems that come with an older home, but even the few things mentioned above can cost the home buyer thousands of dollars. A high- quality custom home does not carry with it the risk of unexpected repair costs. Some high quality home builders today are building homes that will withstand at least a Category 4 hurricane. Everything is brand- new, and likely under warranty. The additional safety features on these homes provide you with a peace of mind that is invaluable, and they can also save you money on homeowner s insurance premiums.

Florida home buyers of today place a high value on modern, high- quality construction, upgraded kitchens and bathrooms, spacious floor plans, and airy. When it comes time to sell your home, a high- quality custom home will have a higher re- sale value and will offer you a greater return on your investment. Because of this, your high- quality custom home will usually sell more quickly, and at a higher price than an older existing home.