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Buy, Build, or Renovate? A Guide to Finding the Right Home for You

03/20/25

Explore Your Best Homeownership Options Based on Your Budget and Lifestyle

Explore Your Best Homeownership Options Based on Your Budget and Lifestyle

 

Planning to Buy a Home in 2025? You’re Not Alone

 

Homeownership remains a top goal for many Americans, but 2025 presents new challenges for buyers and sellers alike. A recent survey commissioned by NerdWallet and conducted online by The Harris Poll in late 2024, found that 35% of nonhomeowners say the high cost of living is their biggest barrier to buying a home. Inflation, rising expenses, and high mortgage rates continue to impact affordability, making it harder for buyers to enter the market.

 

Source: www.nerdwallet.com | infogram.com

 

Current homeowners also face hurdles. Many who secured historically low mortgage rates in past years hesitate to move, with 62% of homeowners reporting something is preventing them from buying their next home. The biggest obstacles? High mortgage rates (23%) and increased living costs (22%).

With these financial pressures limiting both buyers and sellers, inventory remains tight. In 2024, just over 4 million existing homes were sold—the lowest number since 1995. With high demand and fewer available properties, buyers must consider all paths to homeownership:

  • Buying a move-in-ready home
  • Building a new home
  • Investing in a fixer-upper

Here’s what you need to know about each option to make the best choice for your budget and lifestyle.

 

Buying a Move-In-Ready Home

 

 

Pros

  • Move-in ready with little to no renovation required
  • More financing options available with traditional home loans
  • Faster, more straightforward buying process

 

Cons

  • High demand can lead to bidding wars and rising prices
  • Limited inventory may reduce options in your preferred location

 

Pro Tip: Be prepared to act fast. Get pre-approved for a mortgage and work with an experienced real estate agent who understands local market trends. If homes are selling above the listing price, consider looking at properties slightly below your budget to leave room for negotiation.


 

Building a New Home

 

Pros

  • Customization options for layout, design, and finishes
  • Energy-efficient materials and modern designs
  • Potential builder incentives (e.g., rate buydowns, upgrades)

 

Cons

  • Longer wait times due to construction delays and supply chain issues
  • Higher upfront costs, especially for custom builds
  • Limited location options in new developments

 

Pro Tip: If you’re financing a new construction, explore loan options early. Some builds require a construction loan with different terms than a traditional mortgage. Compare the builder’s financing with other lenders to secure the best deal.


 

Renovating a Fixer-Upper

 

Pros

  • More affordable entry into competitive neighborhoods
  • Opportunity to customize the home to your style
  • Potential for increased home value through renovations

 

Cons

  • Renovation costs and timelines can be unpredictable
  • Some homes may require extensive (and expensive) repairs
  • Living through construction can be inconvenient

 

Pro Tip: Before purchasing, work with a contractor or inspector to get a realistic estimate of renovation costs. Consider a renovation loan, which allows you to finance both the purchase and remodeling costs.


 

Which Homeownership Option Is Best for You?

Each path to homeownership comes with unique benefits and challenges:

  • Want a hassle-free move? A turnkey home is your best bet.
  • Craving customization? Building from scratch may be worth it.
  • Willing to take on a project? A fixer-upper could be a great investment.

Let’s connect to discuss your options and find the best home solution for you.

 

Contact Nadine today to start your home search with expert guidance.

 

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