Debora Sisson English 1301.016 Professor Dishner October 7, 2009 Homeownership: Buying or Building?
When my husband and I relocated from Dallas, Texas, to Bonham, Texas, in
2003, we were faced with deciding what type living arrangements would be best for us. Having already determined that renting was not compatible with our long-term financial goals, we concluded that homeownership was our best option. The decision then became whether to build a new home or to buy a preexisting one; we had to consider location, design, cost, and time frame. After consulting with several real estate agents, we soon discovered the most desirable location on which to build a new home in Fannin County was waterfront property on Lake Bonham, the only market in the Bonham area with consistent sales. We were also advised to be diligent in looking for available lots on the lake, as they were usually sold within days of being put on the market. Fortunately, within a few weeks, we were able to locate and purchase a lot on the most desired area of the lake.
One of our concerns, during the time we were purchasing the property, was the
deed restrictions. Deed restrictions are clauses in a deed dictating the future uses of the property. Deed restrictions can impose a variety of limitations and conditions and are designed to protect property values. In our case, the deed restrictions required a home to be a minimum of 1200 square feet. As we planned to build a larger house than the minimum requirements, we considered that having smaller homes in the
Sisson 2 neighborhood would ultimately decrease the value of our home, as there were several undeveloped lots on the same street. Another requirement of the deed restrictions was the materials that could be used for building. They allowed for the exterior of homes to be clad in vinyl siding, and again, as we were planning to build a brick home, further increased our concerns of maintaining property value. There were also ten acres of...