Building vs. Restoring: Choosing the Right Path for Your Dream Home

In the light of the process of buying a house, it will be clear that home buyers often face a dilemma on whether to buy a fixer-upper or build a new one. While the former has its advantages and disadvantages, it’s more than essential to critically consider both choices before settling on one of them.

A fixer-upper provides the charm and character of historic age that many buyers desire. Such homes offer one-of-a-kind architectural characteristics not available in new construction. “Older homes tell a story. For many, that history is worth the investment,” Dov Hertz found of DH Properties in NY explains. However, the renovation process is daunting to tackle for themselves-huge blocks of time, money, and labor in order to make the property current.

Conversely, the construction of a new house leaves room for the advantage of specificity. Home buyers can then craft their room according to their needs and preference. Dov Hertz even highlights this: “A new build allows you to select materials and layouts that reflect your style without the limitations of existing structures.” It is a flexibility that makes the process interesting and fulfilling.

While the new builds are easy to plan, construction is riddled with unknown delays and expenses. According to Dov Hertz, one should “Always set a realistic timeline and budget. Construction projects can often take longer than expected.” And in order to decrease the stress that comes with managing expectations in the building process, the individual must be ready for any setbacks.

Another is long-term value. Restored homes appreciate greatly, especially in revived neighborhoods. However, newly built homes can also appreciate if efficiency standards are adopted and the place is strategic. As Dov Hertz points out, some research on market trends in the locality can help in making a sound decision about which option will bring better long-term returns: “Understanding the demand in your area will help you make a more informed decision about which option may yield better long-term returns.”

The decision between a new home or a fixer-upper depends on a person’s personal priorities, budget, and lifestyle. Both will always come with their pros and cons. Some careful consideration of advice from experts like Dov Hertz can guide the potential buyer in choosing which one of these options will be right for him.

Please also listen to this podcast: The FORT Podcast: Dov Hertz on Mastering NYC Real Estate