What are the pros and cons of buying an established luxury home vs building your own estate?

Did you get an answer to your question concerning buying a luxury home or building?

Good afternoon Marsha, Pro's for purchasing an existing luxury home - The value of the home and community are already established - Most of the appliances are included in the sale - More character and bigger lots Con's for purchasing an existing luxury home - Maintenance and repairs could be costly depending on how old the home is -Higher home owner's insurance premiums - It's been previously lived in Pro's for building your own estate - You'll have the latest amenities - You get to customize the home's features to your personal taste - No major repair issues to worry about for at least 10 years which may be covered by a warranty Con's for building your own estate - Unknown problems with land or construction could become a nightmare -The value of the home and community will take a while to become established. -New homes cost on average 20% more Hope this helps, I would love to help you and your family find a new home. Feel free to reach me at 832-298-9062 or cassandravickers1@gmail.com. Cassandra Vickers, RE/MAX Prestige

Hi Marsha, The answer to this question will really depend on the area of town you are looking and whether or not you already have a lot (cleared vs. needing to be cleared). The high cost of land +the increased cost of construction right now leaves a lot to consider when building your own home. You obviously run the risk of over building for the area and thus starting out with negative equity in the home. Some people aren't concerned about this since they plan to build their forever home and aren't considering the possibility of selling in a couple of years. Another interesting thing to consider with resale is the uniqueness of the home compared to other homes and homes that appeal to most buyers. This is something you see a lot of in Carlton Woods in The Woodlands, Bender's Landing just to name a few -- really anywhere there is an abundance of custom homes. To address the repair portion of your question I have had clients tell me of past experiences they have had with builders and the nightmare of a time (both custom home builders and semi-custom builders). This has been an issue over the last couple of years where builders have taken advantage of the need for new construction when inventory was low and they built as much as fast as they could which left room for errors. All of this being said, there are obviously advantages of building your own home - you get to design it and have it exactly how you want it! If you did want to go this route I would definitely advise you to consult with a realtor to break down the market in the neighborhood/area you would be interested in. This way you go into knowing what lots/homes are selling for all around, what the market trends look like, etc. Your realtor can also work with the builder in keeping them on track and advise on inspectors to inspect throughout the building process (ALWAYS get inspections throughout!). It wont' let me write anymore. Call/email/text - Darby Grimmett 936-827-9217 darby@darbygrimmett.com