Build New or Buy Turn Key?

To build or not to build and buy turn key. That seems to be the question these days. Second home buyers looking for that deal in today’s environment are increasingly inquiring about land to design and build their dream vacation home.

Although the idea seems romantic, you may want to think about the costs involved…not just the financial cost but the stress that may accompany new construction. Take into consideration the following when it comes to new construction:

1. Once you identify a lot of land ask your realtor about setbacks, basically how close to the boundary are you allowed to build and….. facilities…this being electricity, potable water supply and title v capability.
   
2. Hire an attorney who is versed in new construction. They will guide you through homeowners association covenants, growth management by-laws and other issues that will arise.
   
3. Hire a good architect to design the house. Make sure they can work well with town officials for your application with the planning and zoning boards and building department.
   
4. Plan on spending an estimated $200 to $250 per square foot on construction depending on your finishes. This may even be higher in certain areas. Count on delays.
   
5. And finally, it may be more challenging to acquire financing for the purchase of land.