Are you thinking of becoming a homeowner? Or are you already a homeowner looking to get a second home?
You’ve got two options: build one from scratch or buy one that’s already built. Which option should you choose?
If you’re in the buying vs building conundrum, you’re not alone. Every day, millions of people have to decide whether to buy or build a home. Yet, the answer isn’t always clear-cut for most people.
There are lots of factors to consider in order to reach a decision that’s best for your needs. In this article, we’re diving into the pros and cons of either option, so that you can be in a better position to make an informed decision.
The Pros and Cons of Buying an Existing Home
Buying an existing residential property has some unique benefits. One, you’re buying something that’s tangible. You can examine every aspect of the property and establish whether it’s well-built and whether it meets your needs and expectations.
There are literally thousands of homes of various shapes, styles, and designs on the market, so however specific your needs are, you’re almost sure to find one that ticks all your boxes.
It’s also easier to acquire mortgage financing when you’re buying an existing home. Since lenders typically need to appraise a property before making a mortgage decision, it’s much more difficult to secure a mortgage to buy land and build a home from scratch since there’s no structure to appraise.
On the downside, buying a home means you have to settle with what’s on offer. Depending on your needs and budget, it can be difficult to get the perfect home. You might need to settle for a property that’ll need renovations or remodeling after purchase.
The Pros and Cons of Building a New Home
When you choose to build a new home, you’ll get exactly what you want.
You’ll work with an architect, such as this design build company, to design the custom home of your dream. Want a home with custom structural styling? You’ll get that. Want a home that’s built with energy efficiency in mind? You’ll get it.
When you build, you’ve got greater control over the cost and budget. You’ll simply build a home that suits the money you have. For example, you can make structural adjustments here and there, such as reducing the number of bedrooms, to reduce the cost.
On the downside, building a new home isn’t as convenient as buying one. You have to find the land to build on, which might not be available in a neighborhood that you want.
Building a home takes time and often costs more than buying a similar existing home. Especially if you don’t find a competent builder, you could regret taking this path.
Buying vs Building? Make Your Choice
Buying a home is highly convenient but it’s not a good option if you want a custom home. Building a home gets you a custom residence if that’s what you want, but it can be time and cost-intensive. Use this buying vs building guide to make an informed decision.
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