Buying vs. Building – Roers Real Estate

Buying a home is a big step and can be overwhelming, whether you are a first-time homeowner or have gone through the process before. Roers Real Estate is here to help you with the purchase process. There are two options when it comes to choosing your home. You can search what it currently on the market, or you can look into the option of building a home custom for you. What steps should you take when purchasing a home? Is building or buying a better option for you?

We met with our Roers Real Estate agent, Anne Kallhoff, to ask her some questions to help you.

In general, what are the benefits of buying a home?

When you buy a home, your money is going toward equity in your home. When you rent, the money you are putting toward your rent each month, isn’t money you will ever get back. When you are paying toward a mortgage, you are building equity in your home and you will usually see a return when it comes time to sell your home. When you own a house, you also have the ability to make any changes you want (paint, flooring, remodeling, etc), and you can have pets if you choose without penalty.

What is the first step a person should take when they are thinking of buying a home?

I always tell my clients to meet with a lender in person or over the phone to get an idea of how much they can afford. This will help so they aren’t looking at homes out of their budget and will ensure they don’t miss out on features they could have that are within reach with their budget.

What are the benefits of building vs buying a home?

When building, you’ll see the same benefits as purchasing a house already listed on the market. In the building process, homes can be fully customized, you can choose finishes you want throughout your entire home and find or design a layout that works well for you. If you purchase one that is already on the market there are other benefits such as being in established neighborhoods, lower specials and character homes.

As far as price, is there a difference between building and buying?

The costs with building and buying can vary. One of the biggest benefits of buying is a tax abatement provided by the local cities. Depending on the builder you work with, the lending process can be quite different.  A construction loan has to be taken out by someone when building a home. Most of the time, the builder does this and you only have to take out a standard mortgage loan, but occasionally the builder will require you to take out the construction loan. When purchasing an existing home, you typically have to take out a standard mortgage loan. The specials can tend to be higher with new construction.

What is the average time to close when buying or building?

When you buy an existing home, you can typically close within 30 days pending appraisal and inspection. With new construction, you are looking at anywhere from 90 days to a year, depending on the builder and the level of customization.

Who can new homeowners contact to go through options?

A realtor and/or lender are the best people to contact first to start the home buying process. A lender can tell you how much you are pre-approved for, and a buyer’s agent is there to assist you, the buyer, with any questions regarding finding the right fit for your next home. 

We hope this information helps! Roers, Real Estate agent Anne Kallhoff is here for you with any questions.

Happy house hunting!

Visit our real estate page here!

 

Anne Kallhoff
Roers Real Estate Services LLC
701-866-4425
akalhoff@roers.com

 

Decorating on a Budget

When living in an apartment, it can feel like you have limited options to personalize your space since you cannot make any drastic changes to the unit itself. There are many affordable ways to dress up your rental space and make it your own! Whether you are a fan of DIY projects, thrifting, or finding a great deal, read on to learn about some simple, budget-friendly decorating ideas to help infuse your own style and personality into your home.

Walls
Mirrors, wall decals and simple wall art pieces are all great options to decorate your space without the hassle of painting walls (if that is allowed at your apartment).

Mirrors are one of the easiest things you can put up in your space to change it up. Mirrors give the illusion of a larger and a brighter space.

Wall decals or removable wallpaper are great options for apartment living because they add some fun, without the potential for damaging your walls since they stick directly to the wall with no hardware required!

Canvas prints or other wall décor can easily be hung to create a statement wall. Whether you find a fun, cheap framed print, or you make some DIY wall art (Pinterest for the win), you can fill a wall easily with these items.

Windows and Lighting
Curtains are a great, inexpensive way, to dress up your space. With blinds usually being included in your unit, you can take it one step further by incorporating some curtains. Whether you use a funky pattern, or a neutral color, curtains can create a sense of warmth and add a cozy touch.

If you are looking for an opportunity to add some extra light, you can add a fun table or floor lamp anywhere in your apartment.  There is also the option of adding some accent lighting by finding some cheap, sticky LED lights on Amazon to mount under cabinets, in a bookcase, or anywhere else that could use some brightening up.

Floors and Furniture
Area rugs, runners and bathmats are all a renter’s best friend. These items protect your flooring, but they are also a great way to add some color and comfort into your space.

Buying multi use furniture is a great option to save some space, and some money. Whether it be an ottoman with storage, or a futon couch that doubles as a bed, multipurpose furniture helps to make the most out of the room you have.

Accessories

Throw pillows, blanket ladders and pottery and are all ways to accessorize your unit. Accessories can be moved from room to room and are easily changed out if you change your theme or color pallet.

Adding a houseplant is another great way to add some color and life to your apartment. Don’t have a green thumb? Luckily, there are many low maintenance houseplants out there, or you can go maintenance-free and get an artificial plant.

Where to buy furniture and décor?

There are so many options these days to take and upcycle used items, or to find new items cheap. Between Amazon, Target, thrift stores, and places like Facebook marketplace or Craigslist, you can furnish and decorate your home for less than ever before. Using a selling platform like Marketplace and Craigslist can also help you make some of your money back when you decide to redecorate.

You don’t have to spend your entire savings to make your space YOURS. These cheap tricks to dress up your space will help you go from drab to fab in no time!