Pros and Cons of Building versus Buying a New Home
Are you looking to make the move to a new home? If so, you have a good deal of decisions awaiting your attention. However, the first and possibly most important choice you will have to make is whether to buy an existing house or build your home from scratch. While both options will eventually get you into a house, the paths to get there and the end result can vary greatly. As you are sifting through your options, consider this as a guide to help you make the best decision for your unique needs.
Buying a Home
If you decide to buy your new home there are many things you will need to consider before purchasing a previously owned home. There are several advantages to buying an existing home but there are also a few drawbacks.
- Purchasing a home for sale can be more convenient than building a new house. If your offer on a home is accepted, then you can usually move and live in your new home within 30-45 days from the time of purchase.
- These homes are usually in established neighborhoods with mature landscaping.
- The cost will also likely be open to negotiation and appliances and fixtures are usually included in the overall price.
- Older buildings can also provide you with a home that was built with superior materials and craftsmanship than some of the newer housing options.
- The most common disadvantage to buying an existing home is that it is probably not going to be designed exactly as you would like it to be.
- This type of home may also require some maintenance or renovations to meet your standards and sometimes just to make them livable.
- Because these homes tend to be older they are often equipped with out-of-date amenities and different wiring requirements. This can cause them to be less energy efficient, which translates to higher utility costs.
Building a Home
When you are making the choice between building and buying your new home make sure to consider the specifications you want for your home. If you have very specific needs it may be simpler to have a purely custom home that is designed with your preferred house plans and built to meet them. However, there are also some drawbacks involved as well. Look over the following points to support your decision-making process:
- When you build a home you can have everything exactly as you like from the tile in the bathroom to the windows in the attic. Both the structure and the design of your home will be completely under your control.
- Every part of your home will be brand-new and up-to-date when you move into it. This means that you won't have to worry about the energy efficiency or safety standards of your home.
- Developing neighborhoods often feature recreational facilities as well as newer schools and shopping centers.
- There can also be additional tax and financial benefits when you build a new home in place of buying an existing one.
- New homes are often farther away from the city center so there is the potential for a longer commute.
- New subdivisions are prone to a cookie-cutter appearance.
- Houses in developing neighborhoods tend to be built very close to one another, which can infringe on your privacy.
- The landscaping can take years to fully mature.
The decision to buy or build is not a simple one and tends to be influenced by personal preferences and needs. Each type of home has its own set of benefits and disadvantages, which need to be carefully evaluated before proceeding with one or the other. When you are working toward a decision, consider factors such as your finances, the location of your job, your long-term plans and what you feel you will be able to handle during the process. Becoming a homeowner can be a wonderful experience, but it is also a major life event that can take a toll on you and your family. If you are well-prepared and informed it should ease the path ahead of you as you begin your exciting journey.