Boise Idaho Real Estate: Build or Buy in Boise, ID
Fun Facts about Real Estate In Boise, ID
Boise Metro had a net in-migration of over 15,718 in 2013. That is new people who now reside between Boise and Nampa areas. 9.29% increase from 2012
Average Home Values in 2013 were up $31,821 from 2012
7,957 home sold through MLS in 2013, One in Five were new homes
Average new home was $60k more than used home.
2013 New Home Trivia:
One new home sold for over $1Million. What community was it in?
What community sold the most new homes?
What was highest price per square foot for a new home?
View New Home Sales Report
Boise Real Estate Costs
Median Price (2013): Existing Homes: $183,000 New Construction: $264,688
Average Price (2013): Existing Homes: $221,288 New Construction: $280,869
Average # of Days On Market (2013): Existing Homes: 51 New Construction: 53
General Things to Consider When Deciding to Build or Buy
Top Points of Consideration
Pro: The extra $$ upfront in a new home usually = less ongoing $$ to make updates.
Con: Building a new home can cost more per square foot than buying used.
Pro: Older homes usually cost less than buying new.
Con: Older homes usually cost less than buying new.
Pro: When building a new home you get to make decisions regarding timeframe.
Con: Building can be put on hold due to weather and other unexpected delays.
Pro: When buying an older home, you can make an offer and usually know if you got it within a week.
Con: Sometimes you have to overturn a lot of stones to find a diamond.
Pro: New homes require less repair & maintenance due to the stricter codes builders adhere to nowadays.
Con: All houses do it. Yours will soon settle, and cause cracks.
Pro: Most older homes have been built to last and can withstand the test of time.
Con: Older homes can need constant repairs and may require many updates to add modern conveniences.
Pro: When building a new home, you can often select the neighborhood you want to live in.
Con:Building a hem requires land which is usually further out from city center, making a further commute into town.
Pro: Older homes are in established neighborhoods which are usually closer to city center.
Con:Sometimes older neighborhoods can be rundown & may have an undesirable mix of neighbors.
Pro: Most new homes are becoming greener; making heating, ac ad electricity costs lower.
Con: The initial setup to make your house green can cost a pretty penny.
Pro: Many older homes were made to use as much natural lighting as possible which cuts down costs.
Con: Older homes loose heat easier, often through things like cracks and outdated windows.
Pro: Indoor space is more likely to come standard in newer homes than older ones.
Con: The cost per square foot can be high and sometimes the extra space is wasted.
Pro: The living space of older homes typically costs less per square foot than in a newly built home.
Con: On average, older homes have smaller square foot of indoor space.
Pro: Newly build homes typically have smaller yards making landscaping and maintenance easier.
Con: New homes often donâ€™t have established grass or landscaping making extra work initially for the homebuyer.
Pro: Older existing homes usually have bigger lots of land, so you have a bigger yard to enjoy.
Con: Larger lots require more work to landscape and maintain. Older homes are less likely to have a garage or shed than newer homes.
Pro: New homes have the modern conveniences and open layout plan most people want now.
Con: Many newly build homes have very similar â€œcookie cutterâ€? designs.
Pro: Older homes are known to have more character and charm.
Con:Con: A lot of older homes were built more closed off and separated.
Pro: New homes usually have improved safety features on all aspects of home.
Con: New homes usually have improved safety features on all aspects of home.
Pro: Sellers are often required to make safety updates at their expense before final sale.
Con: Older homes will build under less rigorous safety standards.