With housing prices as high as they are, many people are wondering whether they should build their own home rather than buy an existing one. There are many pros and cons to building and buying houses, so it’s essential to evaluate the major factors before deciding.
Here are a few of the most important considerations to help you decide if building or buying a house would be best for you and your family.
Pros of Building A New Home
Building your own home vs. buying a house already built has a lot of pros! Here are a few of them.
⦁ It allows you to design and build it specifically for your and your family’s needs. When you buy a house that is already built, you are limited to the design, layout, and size.
⦁ Building your own home allows you to pick out all materials, from paint colours to flooring and appliances.
⦁ Another pro of building your own home is that you are not limited to homes already on the market in pre-determined locations.
⦁ The final pro of building vs. buying a house is that you have complete control over the construction process. When purchasing a preexisting home, you may face obstacles in making desired changes due to cost, time constraints, or legal restrictions.
If you need help purchasing land for your new build, don’t hesitate to get in touch!
Cons of Building A New Home
Every option comes with its own merits and demerits. Below are a few cons of building your own home.
⦁ One of the biggest cons of building your own home is that it can take a long time. The entire process, from design to construction, can take several months to a few years.
⦁ Another con of building your own home is that it can be stressful. Dealing with contractors and other workers can be challenging, and it’s not uncommon for people to experience some degree of stress during the construction of their homes.
⦁ It could be difficult to find land in the area you desire most.
⦁ A larger down payment is often needed to construct a home from scratch if you are dealing with lenders.
⦁ Building your own home today can be expensive compared to the past. According to current real estate trends, it can take $400,000 – $700,000 plus your land cost and landscaping. The cost of materials and labour can add up quickly, and if you’re not careful, you could end up spending more than you intended. Additionally, the cost of permits and other fees can also add to the final price tag.
Pros of Buying an Existing Home
Buying an existing house can be a great option for those who want a simpler home buying process. You can see the home in person and know what you’re getting before you buy. Plus, with the help of an experienced real estate team, you can find the perfect home that fits your needs and budget without the stress of building from scratch.
Here are a few pros of buying an existing house:
⦁ You know exactly what you’re getting. There are no surprises when it comes to the size, layout, and design of the house.
⦁ Existing homes are generally situated in sought-after areas with excellent schools and secure neighbourhoods, while finding available lots can be challenging in such locations.
⦁ Financing is often easier to get than financing for new construction.
When building a new home, managing multiple points of contact can be challenging. It’s no surprise that many people opt to purchase an existing home instead. Contact our trusted real estate team today to find your ideal home with ease.
Cons of Buying an Existing Home
There are pros and cons to both building and buying a house, but if you’re leaning towards purchasing an existing home, you should keep a few things in mind.
Here are four potential drawbacks:
⦁ You may not get exactly what you want. With an existing house, you’re limited to the floor plan, fixtures, and finishes already in place.
⦁ It may not be as energy efficient. Older homes, in particular, tend to be less energy efficient than newer ones. A pre-owned house may not be the best option if you’re looking for a home that will help save on your energy bills.
⦁ The location may not be ideal. With a new build, you have the opportunity to choose the perfect location for your home. With an existing house, you might have to compromise location to find the right home for you.
⦁ There could be hidden problems. When you buy an older home, there’s always the risk that there could be hidden issues that aren’t immediately apparent.
We always recommend having a thorough inspection done before you purchase a pre-owned home.
When it comes to the debate of building vs. buying a house, the answer depends on what you need, whether or not you can afford to build a house, and if you plan on staying in the house for many years. We hope this article helps you evaluate your options and make a decision that suits you!