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New Vs. Resale & To Build, Or Not To Build... Those Are The Questions

While almost everyone agrees that there is nothing like new... There is a huge difference between buying a new home that's being built, or has already been built by a builder, and Custom Building your own new home versus just buying a home that's been previously lived in! The pros and cons, and the complexities in the process are rarely known except by those who have previously built their own custom home.

While Mitch lists a bulleted outline below of everything that's part of the discussion, included in the process, and should be part of any decision... Truly the best way to start the process is with a phone call, or an in person meeting, with Mitch! And you should allow 60-90 minutes for this conversation.





NEW VS RESALE... WHAT REMAINS THE SAME

Just as if you were buying an existing home, when it comes to buying new construction, you’ll want to do your research when it comes to location. What’s considered important to keep in mind will vary with individual lifestyles, but may include:

  • School Districts

  • Commuting Times To/From Work, Friends & Family

  • Convenience To Grocery Stores, Restaurants, Home Improvement Stores, Etc,.

  • Proximity To Recreational Spaces Like Parks, Fitness Centers, Or Swimming Pools, Golf Courses Etc.,

  • Entertainment Options (Think Movie Or Live Theaters, Bowling Alleys, And Anything Else You Nay Enjoy)





BUYING A BRAND NEW SPEC PROPERTY

A "spec" place is a new-construction property built by a developer or builder without a specific buyer contracted in advance. Builders design these move-in-ready homes, based on current market trends, to sell quickly for a profit. They offer modern features but little to no customization for the buyer.



Pros

  • Typically Less Expensive Than Building Custom Or Semi-Custom

  • Potential Builder Incentives Including Better Than Market Interest Rates... Depending On The Market

  • Get A Floorplan And Finishes That Are Current, Trendy & Typically More Desirable.

  • Get Move-In Ready Condition & Reduced Maintenance & For The First Few Years

  • For Places Still Under Construction - The Ability To Time Listing Of Your Current House Based On Completion Date Of New Home

Cons

  • Higher Closing Costs… Costs Typically Paid 100%, or Shared Equally By Sellers, are Rarely Paid By Builders

  • Potentially A Protracted Timeline For Closing, and Less Predictability Over Interest Rates, For Houses That Are Not Already Complete

  • Ongoing Construction Around You.





BUILDING A CUSTOM HOUSE, OR SEMI CUSTOM HOUSE, FROM THE GROUND UP

Custom building offers complete, unrestricted personalization from scratch with an architect, while semi-custom building utilizes pre-designed, flexible floor plans from a builder's portfolio. Custom homes allow total control over Location, layout, materials, and features, typically taking 12–18+ months. Semi-custom homes offer faster construction (1-12 months) and lower costs, with limited if any modifications to structure or design.

Pros

  • Get What You Want In A New Home.

  • Get Move-In Ready Condition & Reduced Maintenance & For The First Few Years

  • The Ability To Time Listing Of Your Current House Based On Completion Date Of New Home

Cons

  • Decisions /Stress

  • Higher Home Costs… Because There Is Less Ability To Negotiate on Custom Building

  • Higher Closing Costs… Costs Typically Paid 100%, or Shared Equally By Sellers, are Rarely Paid By Builders

  • Might as wells… The Budget Busters

  • A Protracted Timeline That Results In Less Certainty on Costs

  • Double Home Payments… Interest Only options On The New "True Custom" Construction Vs Semi Custom

  • Infrastructure… Clearing Land For A True Custom House, Installing: A Driveway, Well/City Water, Septic/Sewer

  • Ongoing Construction Around You.

Designing The House

  • Size And Functional Criteria

  • Esthetics and Design

  • Style (Ranch, Two Story, Daylight Basements, Walk-Out Basement Etc.)

  • How Long To Work Through The Iterations Of A Design/Plan

  • Fees To Design The Property

  • While The Point of Custom Building Is To Get What You Want, Resale Considerations Must Still Be Part Of Any Design

Finding The Land

  • Covenants, Conditions, and Restrictions (CCRs)

    • Restrictions On The Size of Above Ground, First Floor &/or Total Square Feet

    • Timelines To Start and Complete Building Within

    • Design Approvals By HOA/Developers

  • The Suitability Of The Land/Lot Including Any Prior Use Issues

  • Are There Restricted Builders That Can ONLY Build The Property

    • Ensures Comparable Home Quality & Price Points

    • Reduces Competition In Pricing Which Means More Expensive To Build

    • Provides A Revenue Stream For The Builder And Could Delay Completion Of Neighborhood

The Entire Timeline

  • Designing The Property... 1-3 Months

  • Finding The Right Land... Months Or Potentially Years For A True Custom Or Semi Custom Built On Your Lot

  • Building The House... 8 - 13 Months (Gaining HOA ARC Approval, Obtaining City Permits & Building The House)



Your Greater Indianapolis Area Buying Resources

If you're considering Buying or Building a Greater Indianapolis Area House, Townhouse or Condominium, then it's time to contact Mitch Rolsky. Understanding if your buy or builkd new construction vs a resale is just the beginning of the expert advice and knowledge we can use to help you successfully find and buy your next home or investment property.
Contact Mitch Today And Work With Mitch As Your Buyer's Agent!

Ask Mitch About The Value Of A Properties In An Area You Are Considering!

If you're like most home buyers, you want to pay the least amount of money for a property. And, what a property is worth in terms of Market Value, and what it's worth to you as the buyer, could be two very different amounts!

While only the Buyer can decide what it's worth to them, real estate professionals doing an Appraisal or a Market Analysis are sharing their personal opinions on the Market Value at that point in time.  Real estate Market Values though are not like a ten-dollar bill that is worth $10 regardless of if it’s crisp and brand new, or if it’s twenty years old, dirty and torn. Neither the condition of the bill in your hand as the buyer, the condition of other ten-dollar bills, nor the location of where you are holding that ten-dollar bill will change its value! If  the Market Value of real estate was also this precise and exact, just like the value of a ten-dollar bill, then there would frankly be no need for real estate agents!

Accurately evaluating the value of a house, townhouse, or condominium is a complex calculation that leverages years of experience and expertise like Mitch has, as one of the Top REALTOR's in the Greater Indy area! So let's start at the very beginning - with the RIGHT price! And the best way to find the RIGHT price is to ask Mitch.



1/3 Is About The Property Itself: The Location, Condition, Updates, Bed & Bath Count, Size, Age & All Features
1/3 Is About Similar Places For Sale A Buyer Could Also Buy, At The Same Time, In The Same & Similar Areas
1/3 Is About What Similar Properties, In The Same Or Similar Areas, Have Sold for In The Last 6-12 Months

Learn About 4 Common Ways To Determine The Value Of A Property - The Most Accurate (4 stars) To Least Accurate (1 star)



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About Mitch

Mitch leverages his local expertise, combined with his meaningful business and life experiences, and decades of professional leadership and growth in the construction and technology industries to contribute to his success as one of Greater Indy's Top REALTORs.

Mitch is committed to helping change the lives of his clients as they start their next chapter, by making it easier, more enjoyable and more profitable for his clients that design, build, buy, and sell their home, condo, townhouse or investment property!

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Real Clients, Real Results, Real Reviews...

I always felt relaxed and like his only client...

Purchasing Indy real estate virtually from California during covid, was not within my comfort zone. I needed an agent to patiently show me things as though I was there myself, speak with blunt honesty and find balance between my "desire" list and a stable long term investment.

Mitch doesn't miss a beat! He is highly intelligent, engaged with his clients - stellar communicator with a wealth of wisdom not only through the home buying process, but in life. I always felt relaxed and like his only client, yet knew he was doing much hard work in the background.

I've heard in life that "your realtor is your best friend!" Best friends work for your best interest; he was always right there and always told it like it was....so appreciated!!! He exceeded all expectations and hope to work together again in the future!

KRISTINA & ROBERT O

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