New Construction vs. Existing Construction vs. Building on Your Own Lot

The housing market is exploding, and it shows no sign of cooling down any time soon. More than ever before, buyers wading into the market should be willing to consider all of their options for a dream home.

Chatham County is in an interesting position in this regard. Long a rural area full of bedroom communities for the Triangle, its rapid growth juxtaposes new construction with older homes – and of course, plenty of land to build new ones. Which option might be best for you?

New Construction

Buying new construction comes with many advantages, but one is most obvious: it’s new! A new home is far less likely to have maintenance issues, and most come with a warranty. New construction homes also feature more up-to-date technology, are more energy efficient, and don’t have the aesthetic issues of older homes (shag carpet, anyone?)

But new construction isn’t a golden ticket. For one, there’s much less room to negotiate: the market drives the price, and there’s usually nothing that needs fixing to use as a bargaining chip. Also, your options for customization may be limited depending on the builder.

Existing Construction

Older homes, simply by virtue of their age, can have an incredible amount of character. While strange choices like extensions or wood paneling can date a home, they also make it unique. Older homes also have more room for negotiation because of those quirks, as well as any required maintenance. They’re also often a ticket into established neighborhoods.

That age is also a caveat, though: if a home hasn’t been well cared for, your new dream home can quickly become a nightmare. And while that funky basement can be charming now, it might not be for long…or it can turn into yet another project.

Building on Your Own Lot

If neither of those options suit you, you’re free to just buy your own land and build a completely custom home! Pick a lot with views, or privacy, or room to roam…the sky is the limit. Whether you want in an established neighborhood or to be all by yourself, Chatham County has plenty of land to go around.

Of course, building on your own lot can take a long time, especially if surveyors run into any obstacles like a poor foundation. You may also have to pay a lot for the privilege, especially if the lot isn’t yet hooked up to utilities.

Are you interested in moving to Chatham County, North Carolina? The area has a lot to offer, with great schools, a low cost of living, and plenty of amenities, all conveniently located near Raleigh and Durham! Lisa Skumpija and her team know the area like few others, and in a market this hot you’ll be glad to have them on your side. Check out current listings, or contact us today to get started in your search!

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