Buying Land

Building and Designing

If you are planning to build a new home, you should take full advantage of the opportunity to design a custom-built home that takes into account your needs and includes all the amenities you want in your home. If you want a kitchen for the "gourmet cook" in you--you can have it! If you want the master suite at the opposite end of the house from the kids, it's no problem.

This may be the biggest project of your lifetime, so be certain to select a team of professionals to work with you. Your home team should consist of a real estate salesperson, an architect, a builder, and a lender. Your "Dream Team" will work with you to assure that all the legal requirements are met and that there are no "surprises" in your future.

Interview each member of your team and get references so that you have the best professionals for the job. You will be working closely with these professionals for over a year, so you want to be sure that your team will be able to work well together.

Buying New Or Adding On?

Homeowners should consider several questions before deciding to add on to an existing home or move up in the market to a bigger house. How much money do you have available for remodeling your current house? How much additional space do you require? Is there room to expand on the ground level or will the foundation of your present home support a second floor? What will the local zoning and building ordinances permit? How much equity do you have in the property? Are there affordable properties for sale that would satisfy your housing needs?

Consider your neighborhood--it makes more sense to add on to a smaller house than to over-improve the largest home in the area. Your decision should ultimately be based on your individual needs, the extent of the work involved and which features will add the most value. According to industry experts, buyers are always excited by state-of-the art kitchens and bathrooms.

Buying New-Buying Old

New homes typically have a higher sales price than comparable existing homes, and buyers are usually willing to spend more on a new home because of lower maintenance costs. Builders' warranties on new homes, along with a new roof, appliances, and major systems, usually make major repairs unnecessary and help to counter a slower initial rate of appreciation.

A 1991 Census Bureau Housing Survey suggests that operating costs are lowest for brand new homes, slightly higher for relatively new existing homes, but lower on average for older existing homes. Operating costs per square foot of living space, however, are consistently higher for progressively older existing homes. Utility costs represent the largest factor in operating costs. Energy consumption per square foot depends on the size of the home, the insulation and quality of the windows, air leakage and the efficiency of the furnace.

New homes require fewer expenditures for routine maintenance. The cost of maintenance first increases with age, then declines, so you will generally spend less maintaining a home built before 1960 than for a home built between 1970 and 1975.

Energy Efficiency

Home buyers in the 90's are increasingly concerned about the rising cost of energy. It is common for buyers to ask about utility costs and the energy efficiency when they are considering a home. One way to reduce energy costs is as simple as changing your light bulbs--from standard ones to compact fluorescent bulbs which are designed to fit most standard light fixtures and lamps.

The initial purchase price of compact fluorescent bulbs may seem a little steep--they average between $13 to $20 per bulb, but they last at least 10 times longer than a standard light bulb and will reduce your energy bills significantly. Manufacturers estimate that during the life of a single bulb you will reduce your electric bill by over $40. As an added bonus, the electric company will be able to reduce carbon dioxide emission by approximately half a ton per replacement bulb. Compact fluorescents don't work with dimmer switches, and if used outdoors, you should make sure that the fixture is well-ventilated and protected from rain.

New Homes

Buying a house that is under construction gives you the opportunity to customize your new home by adding "extra" features to the basic home. When deciding on special features, consider how they will affect the re-sale value of the home and whether these additions will over-improve your home.

Money spent to improve and modernize kitchens and bathrooms is almost always a good investment. Corian counter tops, side-by-side refrigerators, quality flooring and whirlpool tubs are good ideas. Hardwood floors in the living and dining rooms are a plus when selling a home. If the builder's standard flooring for the foyer is linoleum, it is definitely worth changing to wood or ceramic. And even if you don't enjoy sitting around a roaring fireplace, the next owner may want one. If you plan to finish the basement later, you may want to "rough-in" the plumbing for a bath during the original construction. You should consider your own enjoyment--and what will increase the value of your home when you sell.

When You Are Buying Property to Build

You noticed a lot for sale in a suburban area in the Overland Park area that looks like a perfect place to build your dream home. Buying undeveloped land can provide an opportunity to build a house that will meet your needs, but you will need certain information before you sign on the dotted line.

Most suburban areas have zoning regulations which govern the type of structure that can be erected, the dimensions, and even the material used on the exterior. Historic preservation groups work with builders in many areas to ensure that any new construction fits in with the existing buildings. If you want to build out of the city limits, check the availability of public utility services and the cost of bringing those services to the site. Local planning and zoning boards can provide you with information about proposed development that could change your quiet country lane into a busy street.

It is a good idea to consult an architect and zoning expert to confirm that your vision will work on the property you have selected.