To buy or to build, that is the question. Lake Homes Realty’s CEO, Glenn Phillips, offers 5 factors to consider before deciding which path to take.
- What is your goal?: Take the time to access what you want from your lake home before making your next move. Buying and building both come with their own set of limitations, so it’s important to determine which route will lead you to your end goal.
- Timeframe: After pinpointing what you want, ask yourself how long you’d be willing to wait for it. Are you comfortable with the estimated timeframe?
- Inventory of Homes: The number of homes for sale, that meet your requirement, may be lacking. This can play a big part in your timeline, and therefore, your final decision.
- Lot Availability: Before you can even consider building your home, there has to be a lot available. Research what’s available in your preferred area before abandoning the idea of buying.
- Builder’s Schedules: There are a plethora of factors that can alter the availability of builders. The supply shortage due to the effects of the pandemic and the war in Europe will play a major role.
When you enter the lake real estate market, the big question is whether you should build or buy. The only way to make the best decision for you is to solidify what you want in your home in advance!