Navigating NYC real estate market can be a strenuous experience. People stuck in a renter’s nightmare usually dream about purchasing or building a home in NYC. They often seem to be tired of investing a large portion of their monthly income in someone else’s property. Having carefully weighed all the numbers involved in investing in your own property, you’ve come to realize that you are now ready to take on the responsibility of building your own family nest.
As it turns out, most prospective homeowners face one common conundrum – whether to purchase or build a home. Since both options come with several valid pros and cons, no wonder so many people seem to be stuck for a while with this difficult choice.
A home is probably the largest investment that one can make in a lifetime, so it’s only normal to spend some time weighing and comparing all available options.
If you are like most people, you’ll probably have a wishlist regarding your specific needs and absolutely necessary features of the house. But, the truth is that your budget and time will mostly determine your final decision. Buying or building a home in NYC involves a lot of different stages and disciplines. The good news is that you will eventually get the keys to your dream home, one way or another. If you are unsure whether to shop for an existing house or seek some customized solutions, hopefully, the following pointers will shed some light on burning question.
House hunting process in NYC – exploring all options
Aside from considering location, budget, current market trends, taxes and fees, many prospective homeowners are faced with another difficult call – should I go for a custom-built home or purchase an already existing property?
As we all know, finding a perfect home that fits all your needs can be challenging on so many levels. So, when making the final call make sure to compare your needs and wishes against available financial resources. In the meantime, take a look at the following advantages and disadvantages you may incur along the way.
Benefits and drawbacks of buying a home in NYC
First-time homebuyers can count on convenience and cost-efficiency when purchasing their home. Transitioning from renting to owning a house is a major leap. Luckily, there are professionals who can guide you through the daunting house-hunting process. A qualified real estate agent may assist you with the paperwork and help you navigate the hectic real estate market. Here are some of the most obvious pros of purchasing your first home:
- Less stress
The process of buying a house happens to be less stressful than building one for one simple reason. You will have fewer choices and decisions to make along the way. Although there might be some pending repair works, they still require less time, energy and money than starting over and building a brand new home in NYC.
Owning a house is anything but cheap. But, with the help of an experienced real estate agent or broker, you may be able to score a really good deal.
- Less time required
After closing a property deal, you will be able to move into a new home soon. There should be no major delays, depending on the general condition of the property. But, since there will be some already existing amenities, you can just upgrade the place at your own pace and according to the time and money you have left.
On the other hand, some of the major setbacks may appear while performing home repair and maintenance tasks that may require more time and money than expected. Also, if you settle for a less convenient floor plan, make sure you are ready for different compromises and further remodeling. So, unless you find a home that has exactly what you need and also happens to be in perfect shape, you should factor in additional repair and upkeep costs.
Building a home in NYC – the advantages
Without a doubt, building a home in NYC can be advantageous for several reasons. First and foremost, according to many people, customization seems to be the most significant benefit. You’ll get to build a home you’ve always dreamed of and personalize it from the very beginning. Instead of renting storage units NYC for your items, you’ll be able to accommodate them in your own home.
As the first owner of a brand new home, you can decorate it according to your family’s needs and taste. Depending on your budget and time, you can opt for some modern interior design solutions that suit your lifestyle needs. Since newly built homes often comply with energy-efficient standards, you can pride yourself in creating a more sustainable environment for you and your family. Even if the upfront costs of building a home in NYC can be higher, the comfort and conveniences are well worth it. Also, if you decide at some point to sell it, the chances of recovering your investment are pretty high.
With fewer repair works and less maintenance needed, you could spend your valuable time and money doing something interesting and relaxing. After going through such a demanding project, you’ve deserved to reward yourself and enjoy some leisure time with your loved ones.
What about the possible downsides of building a home in NYC?
Longer time-frames and higher investments are the biggest drawbacks when going through the house-building project. Even those tiny, but meaningful upgrades may result in some additional expenses. By hiring trustworthy contractors who will stick to your agreement could minimize risks of unexpected delays and overspending. What most people don’t like about building a house is that the move-in date is usually far away. To be precise, several months up to a year away.
Whatever option suits your budget and personal requirements, one thing is for sure. With the right professionals by your side, either your building or buying experience can be (mostly) trouble-free. The same goes for your moving process. Do not underestimate the role of qualified moving companies Long Island that can make your transition a smooth one.
Make necessary arrangements in advance always paying attention to the reputation and general performance of the individuals you intend to hire.