Is it better for you to build or buy a home? Let’s look at the pros and cons of each of these options to help you decide how you want to own a home.
Being a homeowner is definitely a milestone you should celebrate. It’s one of the biggest investments you’ll ever make in your life. And that’s why it’s also important to consider how you want to go about it.
Before anything else, you should ask yourself whether you want to build or buy a home. Both of these options have their own pros and cons. One option will always work better than the other, but the winning choice differs for every person.
Here are some things to consider when deciding whether you’d rather go with building or buying your new home.
Header image source: Unsplash
Ah, the greatest edge that one option has over the other—convenience vs. customization.
Buying a home gives you the benefit of convenience. When you choose to buy a pre existing home, you’ll get to move in within a month or two. As long as everything is in check—your down payment, mortgage approval, closing costs—the process should be quick and easy.
When building a home, the process takes a lot longer. Besides looking for land to build your house on, you also have to account for how long it takes to build a house. The process could take anywhere from 7 months to a year, depending on the circumstances.
But another convenient thing in buying a home is that you won’t have to stress over making all the decisions about how your home should be. You can just look for one that fits your needs and preferences, place an offer on it, and close the deal. Easy peasy.
When building a home, you have to call all the shots. It could get quite overwhelming, especially for first-time homeowners. But then again, you get to call all the shots! That means you have all the freedom to customize your home design as you wish.
You can make sure that the paint color and the arrangement of rooms in your home are to your liking. You can even choose to add energy-efficient appliances that help reduce your utility bills. Or maybe you can request the builders to add a secret room in your home where you can retreat after a long day.
The point is that in building a home, you can make sure that it will be perfect for you. It’s unique. And it has all the features you’ll ever need. You’re the boss.
But these aren’t the only things you should look into. Here are some other factors to consider when deciding whether to build or buy a new home.
Building a home requires you to pay more money upfront, but that could also save you a lot of time and money on repairs in the future.
Buying a home usually costs less. But you could also be spending a lot of money on minor repairs and renovations just to get your home to meet current standards.
Decide how long you can wait to move into your new home. If you need to move in soon, go with buying a house. But if you have some time to spare and you don’t mind staying at a hotel or rental property while your home is being built, then go with building a house. Waiting does have its rewards, after all.
Do you want everything to be brand new? Or do you not mind living in a home that has already had one or two previous owners?
Building a home means you won’t have to worry about repairs for the first few years because everything is brand new and up to code. You’ll also be the first owner and user of your new home. And that could give you a different kind of satisfaction.
Buying a home means that you should be prepared to take care of minor repairs or fixes that the previous owner DIY-ed. You have to be okay with the fact that you’re not the first one to step foot inside the home and that it most likely already has some signs of use.
Image source: Pexels
So, building a home vs. buying a home—which is better? That depends on you. At the end of the day, only you know which one is more worth it.
Again, here are the things to consider when deciding whether to build or buy a home:
- Convenience vs. customization
- Overall costs
- Waiting time
- Home condition
Regardless of your choice, it’s important to find the right realtor to help you. Go with someone who specializes in residential properties and who knows the local housing market well. They’ll be the ones to give you the best advice on matters you need help with. And they’ll make everything much easier for you.