Are you looking for a new home? It’s an exciting proposition. Of course, the first decision you will need to make is whether you will build a new home or purchase an existing one. When considering build vs buy, there are advantages and disadvantages to both.
To help you make the right choice, we tell you what they are below.
Buying an existing home has two main advantages: Cost and convenience. Let’s talk about cost first.
By its very nature of being an existing, older home, it can cost less to buy one of these properties than building a new home with comparable amenities. You can also find homes that offer more for less money than it would cost you to build.
There are some factors that make an existing home more convenient than one you build, the main one being the ability to move in quickly. This is very attractive to buyers who are on a tight schedule and need to get into a home quickly.
When thinking about build vs buy, another factor that an existing home offers is the ability to move into a certain geographic location. If you want to be in a certain school district, town or neighborhood, it can be easier to buy a property than to build. On top of that, the area where you want to live might be built-out. Thus, the only way to live there would be to purchase an existing home.
Of course, the most obvious disadvantage to an existing home is that you may not get exactly what you want. That could be in the property’s features or in unexpected problems that can pop up.
In regards to features, sometimes you make compromises for cost or convenience. In terms of unexpected problems, an existing home has probably experienced years of wear and tear from people and the elements. Its systems are bound to break down at some point. While the seller must disclose any issues to you prior to the sale, sometimes things go bad after a closing that no one saw coming.
While building a new home sounds very exciting, there is actually a bit of stress tied to it. Every feature, system and detail needs to be decided upon. The land must be purchased, permits must be secured and a builder must be contracted.
This option also means you won’t be moving in anytime soon. It takes at least four months for new construction. Of course, weather and other issues can cause delays.
As you consider the build vs buy factors, remember that a new home may also cost more than a comparable, existing one. But it also delivers some definite advantages. Assuming you have the budget, you can get the home you want without making compromises.
New homes are also more energy efficient than older, existing properties. That can help you recoup your investment sooner.
Another consideration is that they could also be healthier. New construction does not include the toxic materials that older houses have. They also require less maintenance and fewer repairs because they are new. That saves you money compared to purchasing an existing home, too.
But perhaps the most meaningful reason to build is the emotional one. Knowing that you built your home the way you wanted it and that you have been its only occupants can create a powerful connection to the structure.
But despite the option you choose, the property you move into will become more than just the house where you live. It will become your home.