Should You Buy or Build Your Next Home

Should You Buy or Build Your Next Home

When you first decide that you want to buy a new home you have two options, to buy or to build.  There are advantages to both, when you build you can put in all of the customizations that you can afford.  However when you buy you can move in as soon as 30 days from now.  Both are great options and it will largely depend on your financial situation, along with the area you want to live in.

Pros and Cons of Buying

When you buy a new house the house is completely finished, everything is ready to use and you can move in as soon as the closing is done.  You don’t have to make any major decisions about flooring or selecting a new bathtub all of that is already in place.  Because you can move in as soon as you take possession of the home you are not stuck paying rent while your house is being built.

However all the things that make buying a home convenient are also drawbacks at the same time.  While it is nice that your laundry room is set up for you, what if you prefer to have it on the main floor rather than in the basement, you’re stuck with it and can easily make changes.  Minor things like wall paper of the vanity in the bathroom are easily changed but you can’t rearrange the layout of your home.

When you buy an existing home chances are the roof, furnace and hot water tank are at least a couple of years old.  At some point they will have to be repaired or replaced and that will cost you some money

Pros and Cons of Building

Building your own home is exciting, you can choose everything from the sizes of the rooms right down to the tiles in the bathroom.  You can make the space your own before you ever set foot in your home.  Everything in the home will be brand new so you can put in energy efficient appliances, windows, and heating systems.  With everything being brand new there is no wear and tear to worry about and you will have a warranty in the event that something goes wrong.

Building a new home is not all sunshine and roses, there are some pretty big drawbacks.  The first one being is that is can take up to a year for construction to be completed.  A custom built home is going to cost significantly more money than buying an existing home.  You are also limited to where you can build.  If you are more interested in city living then building will be almost impossible.  Finding a reliable builder is also not the easiest thing to find either.

Whether you buy or build will depend on your personal preferences along with your available finances.