You’ve made decisions in your personal life and career; you’ve worked hard and now consider yourself established. The time has arrived where you are ready to own a home, and make that dream a reality.
But now you’re faced with the option of creating your own home from the floor up or purchasing a pre-existing home in your preferred town/city. Either buying or building a house will get you into a place to call home, but they are two very different paths with pro’s and con’s that need to be addressed. Here is a guide to weigh your options.
Buying a home can be as simple as contacting your local Realtor, going on showings, finding the right home for your life and having your offer be accepted. However, when it comes to purchasing a home there are numerous details and steps to consider during the buying process.
Building your own home gives you the flexibility to have things just the way you would like, to your own individual specifications. Building new means starting with a blank canvas, but even with the added conveniences, there are some drawbacks.
PRO’S |
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| * Convenience* Cost – Best value, usually able to negotiate better price on the home.* Appliances and fixtures are typically included, desired upgrades can be negotiated into the purchase.* If your offer is accepted, you can likely close and move into your new home in 30-45 days.
* Less stress – Much less considering during the buying process, less decisions to be made and/or negotiated. Don’t forget to consider home inspections. * Already in an established area – easier to consider the character of the home and the area it is located in. * Landscaping is usually complete and matured. |
* Tremendous sentimental value and personal pride in making it ‘your home’.* Everything is able to be customizable from the carpet in the living room to the countertops in the kitchen and everything in between; structurally and design-wise.* Everything is brand new and up-to-date.*Construction materials and building code will be up to the latest standards.
* Energy efficient – better building standards, new quality materials and efficient appliances and systems. * Deferred maintenance – you will not have to replace a leaky roof or water heater for many years. Unforeseen issues will most likely be covered by a warranty. * New communities offer incentives such as recreational facilities, community maintenance and locations close to stores. |
CON’s |
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Buying |
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| * Older floors plans do not have the same fluid traffic flow and opening feeling that most new homes possess.* You will most likely have to make compromises on your list of wants and needs.* Existing homes are often in need of some maintenance or renovations.* Less energy efficient – might need updates on wiring and other major systems depending on the age of the home. | * Usually take s 6-7 months to build, and you may even have to wait 1-2 more months depending on unforeseen issues; bad weather, builder’s schedule, material defects.* New construction typically has higher costs and most initial estimates are not accurate. A lot can change during the building process.* Might have to live with the noise and construction vehicle traffic if you are located in a new community, which could go on for months.* The personal time commitment can be draining emotionally and financially.
*Must also purchase the land for your house to be built on. |
The decision to build or buy is not an easy one and each has its own set of advantages and problems that need to be carefully weighed against one other. There is no wrong or right choice; only your personal preference. The best thing you can do is 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!
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