If you are wanting to move, one of the biggest considerations that can be made is whether you should build a new home or buy an existing home. Both building and buying have their pros and cons. Luckily, in this article we will be asking the age old question: to build or to buy? Continue reading and make the decision for yourself as to what makes best sense for your situation.
Build A New Home
Building a home is an alluring choice for when you want to move. You get to make many of the decisions of how you would like the house to look and flow, but there are cons such as the price.
Pros Of Building A New Home
There are many pros to building a house. One reason to build a new house is that it is brand new, meaning that you will not be needing to constantly repair things in the house. This also means that once the house is built, it will be move-in ready, so you do not have to worry about renovations. Another benefit is that you are often able to make customizations to the home and be involved in the building process meaning you can change things as it is built (within reason).
Your house will also likely be more efficient and have better technology than it would otherwise. It also is likely that utilities will cost less. Lastly, if you decide to sell your home in the future, it is almost certain that you will be able to recoup what you invested. You will most likely make money on the property because the market only continues to grow and your house is going to be the newest on the block for a while.
Cons Of Building A New Home
The biggest cons of building a new house are cost related. One thing to keep in mind is that although it is expensive to build a home, it can sometimes be worth it in the long run. That being said, on average, it is much more expensive to build a home than it is to buy a previously owned home.
Another con is that there are often unexpected costs that arise when building a new house that you may not have thought about beforehand. Lastly, building a new home takes time. On average, a pre-designed house takes about 6 months to complete and a custom home could take upwards of 12 months to complete. So if you are needing to move quickly, building a new home may not be for you.
Buy An Existing Home
Pre-existing homes are typically less costly than new homes, but can also have many problems that you may not want to deal with.
Pros Of Buying A Pre-existing Home
A pro of buying a home is that it is typically cheaper from the get-go than building a home. You will also be able to move in much sooner. Pre-existing homes also often have a certain charm because they have been lived in before and were built with practices that may not exist anymore. Because most cities are built up, buying a home also means that you will most likely be in a more ideal location for your work and children’s school. Lastly, you will have many options when it comes to buying a home, so you can shop around.
Cons Of Buying a Pre-existing Home
The cons having to do with buying a home are mostly related to the age of the home. Depending on how old the home is, you could be dealing with maintenance and repairs regularly. Pipes, furnaces, electrical systems and other fixtures will have to be replaced at some point as well. Also, if you buy a home you are going to likely want to change some things in the house including painting and replacing carpet, which can be costly and time consuming. Lastly, buying a home means that you will have to compete with other buyers in order to get the home you want.
Will You Build A New Home Or Buy An Existing Home?
At this point, you will have seen the pros and cons of both building a house and buying a house. Take some time to consider your options and make a decision that is best for you. If you have more questions regarding whether to build a new home or buy an existing home, we are at your service here at Besst Realty. If you decide that you are interested in buying a home or wanting to sell your current home, we have got you covered. Contact us at Besst Realty today for more information.