Buying vs. Building

 

buyingvsbuildingNumerous decisions are involved in the purchase of a home.  The most important decision, which will impact the rest of the process, is whether to build your own home or buy an existing home.  Each strategy has its own advantages as well as disadvantages.  Owning a home is a great experience, but can be a stressful event; be prepared for what lies ahead of you.

Buying

vs.

Building

Pros

  • If your reasonable offer is accepted, you could live there within 30-45 days.

 

  • Tremendous sentimental value and personal pride in making it “your home”.
  • Usually not part of a Homeowner’s Association, giving you more personal freedom and more choices.

 

  • Personalize everything from the floor plan, to carpets, to fixtures, to appliances, paint colors, etc.
  • Already in an established area – It’s easier to consider the character of the home and the area it is located in.
  • Energy Efficient – Better, current building standards, better materials, and the most efficient appliances and systems; very important with the continually rising energy costs!

 

  • Better value – Usually able to negotiate a better price on the home.  Appliances and fixtures typically included, desired upgrades can be negotiated into the purchase.
  • Deferred maintenance – You know moving in that you will not need to replace the roof or any larger systems for many years.  Unforeseen issues should be covered by a warranty.

 

  • Less stress – Much less to consider during the buying process, less decisions to be made and/or negotiated.  Don’t forget to consider home inspections!
  • Many new communities offer other incentives such as recreational facilities, community maintenance, and locations closer to new stores, etc.

 

  • Usually have complete and mature landscaping. 
  • Latest technology built-in, from wiring to high speed internet, to the latest architectural trends, etc.

Buying

vs.

Building

Cons

  • Older floor plans do not have the same good traffic flow and open feeling that most new homes possess.
  • Usually takes 6-7 months to build, but you may want to count on another 1-2 months for unforeseen issues that may arise; bad weather, material defects, builder’s schedule.

 

  • Most likely will not have everything you want.  You will have to be willing to make some compromises on your list of wants/needs.
  • New construction typically has higher costs and most initial estimates are not accurate.  A lot can change during the building process.
  • Immediate maintenance or renovations may be necessary to personalize the home or even make it livable.
  • Might have to live with the noise and construction vehicle traffic if you are located in a new community; it could go on for months.
  • Less energy efficient!  Might also need updates on wiring and other major systems depending on the age of the home.

There is no wrong or right choice; only your personal preference.  The best things you can do are to plan ahead; review the pros and cons of each choice thoroughly; determine your budget and stick to it; consider job security and long-term plans for being in the area; and last, but not least, don’t forget about maintaining your own sanity!

 

Let us help you follow the path that best suits you!

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s