Get matched with top storm shelter pros in Stanley, NM

It is almost always more affordable to buy an existing home than to build a new one. Building a home involves numerous costs, including labor, permits, inspections, utility hookups, and brand-new materials, finishes, and appliances. Additionally, new construction loans can have higher interest rates than traditional mortgages, and property taxes on new homes are often higher, increasing long-term costs. An exception is a DIY house build, which can be cheaper than buying an existing home if you do the labor yourself. While building is generally more expensive, a new custom home offers complete control over the layout and design. Furthermore, new construction is typically worth more than a comparable pre-owned home and may provide a better return on investment if sold quickly.

Deciding whether to buy a prebuilt fireplace kit or build one from scratch comes down to aesthetics, available space, and budget. Many homeowners like the convenience and lower cost of prebuilt options—around $1,500—versus the involved planning and construction of a larger fireplace. Another bonus: you can usually move prebuilt units. Custom projects are more common when homeowners have access to a larger budget and more area in the yard to place the fireplace.

A storm shelter's size depends on the number of people who will use it and the types of storms it provides protection from. Tornadoes typically only last a few minutes, so you don't need to spend very long in the shelter when one passes by. You'll want a tornado shelter that's big enough to provide 5 square feet of space per person.

Hurricanes usually last much longer than tornadoes, so you may find yourself in the shelter for hours, not minutes, if you’re facing one. If you're installing a hurricane shelter, you'll need at least 7 square feet per person.

Yes, you can finance new construction, though the process often requires a different type of loan than one for an existing property. There are several financing options available:

• Construction-to-Permanent Loan: This is a common option where a single loan covers the building costs and then converts into a traditional mortgage once construction is complete and you move in.

• Construction Loan (Stand-Alone): This type of loan provides funding only for the duration of the construction project. Once the house is built, you will need to pay the loan in full, typically by securing a separate, standard mortgage.

• Builder Financing: Some custom homebuilders offer their own financing options, which may only require a down payment to begin the building process.

• Bridge Loan: This can be a useful short-term loan to fund your new construction while you are in the process of selling your old home.

• Home Equity Options: If you are building a second home, you might be able to use a home equity line of credit (HELOC) or a cash-out refinance on your current property.

It's also important to be aware that some lenders may have restrictions on financing for DIY house builds, so be sure to verify that you can secure financing before starting your project.