WILL YOU RATHER BUILD OR BUY A NEW HOME?
Often, when people think of buying a home the first thing that comes to mind is buying an already built home, afterall it is easy and convenient. Whether that is a newly built home purchased directly from the builder or a home that someone has already lived in for a while and are just ready to sell, however, it is rarely the case that people will decide to take on the challenge of building their dream home from the ground up and it is no wonder why…
Building a new home comes with many challenges and there are several factors to consider before deciding whether building a home is a better option for you than buying one. These include the pros and cons of each and if it’s really cheaper to buy land and build a house instead of buying an existing home.
Let’s explore those options together:
Pros And Cons Of Building A House
One of the biggest advantages of building a home is that you get exactly what you want as long as it fits within your price range. Since you’re building the home from scratch, you can customize the home from the layout, the flooring, picking the colors and customizing features to meet your needs.
- There’s no competition among other home buyers.
- You’re the first owner of your home and have a hand in creating it.
- Newer homes are usually built to meet current building codes, are more energy-efficient and have updated features.
- You shouldn’t have to worry about repairs and replacements anytime soon because everything is new.
- New homes won’t be made with toxic materials like asbestos or lead paint.
It can take much longer to move into the home than if you were to buy an existing home. It is expected that this process will typically take about 7 months to a year from start to finish.
However, the building process could take even longer if you come across bad weather, a natural disaster or human error. On the other hand, the average time to close on a home purchase is approximately 45 days.
Aside from having to wait longer to move into a new build, and possibly needing a place to stay during that time, there are a few other disadvantages to building a home you should consider:
- You’ll have a lot of decisions to make from plotting out the land, creating a floor plan and choosing materials, finishes and colors.
- You’ll have to create a new landscape which can be a nuisance or extra cost if you’re not a green thumb.
- While you don’t have to deal with a seller, you may not have the opportunity to negotiate a lower price.
- There may be unexpected costs and price increases if you aren’t careful.
When it comes to balancing the pros and cons of buying a home, it really comes down to whether you’re willing to compromise and whether you can afford after-purchase expenses that may pop up. With that being said, you must put all these things into consideration as well as:
- Are you saving a significant amount of money in the process? According to realtor.com not so much .. https://www.realtor.com/advice/buy/is-it-cheaper-to-buy-or-build-a-house/
- Do you have a stable job?
- Do you have a steady income?
- Do you have an emergency fund?
- Do you have a plan to stay in the home for at least 5 years?
If you have any questions or want to find out more about the pros and cons of building a new house, we can help you decide. We specialize in all types and sizes of Commercial and Residential renovation projects. Book your appointment now at: http://www.npcrenovations.com