Deciding whether to buy or build your home is a huge decision that requires far too much financial responsibility to make the wrong choice. Living in a home designed specifically for you can feel like a fairytale. However, anything custom made tends to be pricier, and tends to take longer. Which route is best for you? Here are some important factors to consider to help you make this decision:
Pros to Buying:
According to Realtor.com, building a new home will set you back an average of $289,415. That’s $66,415 more than the cost of an existing home. However, if you build a home, you may get more for your money, especially if you are very particular about architecture and design.
Although buying a home is a long process, building a home takes a lot longer. Once you’ve completed viewing homes, making offers, securing financing, home inspections and then finally closing, being able to move right in is definitely worth it to a lot of house hunters. Convenience is especially important to anyone on a tight schedule. For someone whose children will be starting at a new school, or someone who is relocating for a new job this may be the only option.
Pros to Building:
If you build your home from the ground up, you don’t have to settle. A lot of buyers find themselves loving a home but thinking ‘I wish this wall wasn’t here’, or, ‘I hope this carpet comes back into style’. If you build you can get exactly what you want. When you buy an existing home, you can still “customize” it with decor. Nonetheless, when you build, you can choose specific things to suit your tastes and lifestyle, such as: cabinets, flooring, sinks, lighting, wall colors, doorknobs, and the overall layout!
New homes are up-to-date with state-of-the-art technology. They also comply with all current building codes. Because of this – homebuilders typically won’t have to worry about heavy repairs. Plus, new homes usually have lower energy costs since the latest systems are the most energy efficient!
Older homes may have asbestos, mold, lead paint, etc. You don’t have to worry about these unhealthy problems in a new build as you can build with specific materials that will make it better for the environment.
Note: The market is tight, and building may be the way to go if you aren’t finding a resale home. If you do build, you should always have a broker. The builder sales rep is looking out for the builder– you need a broker looking out for you!
Overall, there are advantages and disadvantages to both buying and building. You just need to figure out which one is a better fit for you and your lifestyle!
Looking to buy or sell a home? Having a seasoned realtor on your side to help you through all the steps of any real estate transaction is priceless. Did you know that when you build a new home, there is no out of pocket expenses for you to have a realtor help you through the paperwork, design center, inspections, walk-throughs and closing? Here at TJC Real Estate and Management Services, we are here to offer you what will best suit your needs such as investor ROI discussions, CMAs for your current home and thorough advice for first-time home buyers. To learn more, contact TJC Real Estate and Management Services today!