Unfinished Homes A Great Way to Buy a Home
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Unfinished Homes: A Smart Way to Buy
Summary:
Are you considering purchasing a new home? Discover how buying an unfinished home can be a cost-effective option.Key Points:
- Benefits of Buying Unfinished Homes- How to Save Money on Your New Home
- Considerations and Tips
The Appeal of Unfinished Homes
Purchasing an unfinished home offers a unique opportunity to save money and customize your living space over time. By opting for an unfinished property, you can significantly reduce your initial costs and keep your monthly mortgage payments lower. This approach often allows you to invest in a larger foundation, transforming a starter home into a desirable custom residence in the future.
Understanding Unfinished Homes
Typically, an unfinished starter home?"such as a Colonial or Cape style?"means the upstairs is incomplete. The extent of the unfinished work varies based on your willingness to contribute labor. Some homes may only have a framed wall for roof support, while others include rough framing, electrical, and plumbing. On average, choosing not to finish the upstairs can save you 15%-20% off the overall cost, reducing a $200,000 home to around $160,000-$170,000.
Areas for Additional Savings
If the homes you're considering come with attached garages or family rooms, skipping these features could further save you $25-30K each. Similarly, opting out of a fireplace can save several thousand dollars. Discuss these possibilities with your builder, though they may not agree to all changes.
Banking and Livability Requirements
Banks require that unfinished homes meet specific standards to be considered livable and safe investments. Therefore, your downstairs may need a bedroom with a door and closet, potentially altering your future plans for dining or living rooms. Additionally, basic flooring, trim, and landscaping might be necessary to satisfy the bank’s conditions.
Embracing the Opportunity
Buying an unfinished home allows you to enter the housing market affordably, offering the flexibility to expand your home as your family's needs and finances grow. Engage with your builder about unfinished options to unlock potential savings.
For more tips on new home construction, consider the New Home Construction Bid Sheet from HomeAdditionPlus.com, which guides homeowners on collaborating effectively with contractors to ensure their dream home comes to life as envisioned.
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