When you’re in the market to buy a house, all potential homebuyers face the dilemma of deciding whether to build a home or buy one. That decision is harder for some than others but buying a home is one of the most major purchases you will ever make so you want to make your decision wisely.
Now, there are some people in the world that are financially worry-free and money is not an object for them but for the rest of us who have to spend our money wisely, it will be worth your time and effort to weigh out the pros and realities of building versus buying.
For example, if you build your home from the ground up, you’ll be able to have the floor plan you want with all the customizations you desire but with that, comes months and months of construction work. If you buy an existing home, you will more than likely not get all the customizations you want and will probably have to compromise on the floor plan but the move-in process is much faster… you’ll get to move in as soon as you close!
For Those in Favor of Building Your Home
Pros
The National Association of Realtors (NAR) states that on average, the time an existing home sits on the market is 30 days… that’s pretty fast, so the competition is out there. You see it on the house flipping shows all the time. Potential home buyers will be out with their realtor looking for homes and ended up not putting in an offer soon enough.
Next thing you know the family is back to square one trying to find a home that meets the majority of their needs. If you were to build your home, you wouldn’t have to worry about any of that… Pro.
Another pro with building your home is the customizations. Everything from the flooring, cabinets, sinks, layout, and built-ins is all in your hands. Not only that but when you’re building your own home, you don’t have to worry about repairs any time soon because everything will be new!
The “Realities” of Building Your Home
If you notice, the term “cons” is not used for this because “cons” has a negative connotation to it and in the world of building your dream home, there aren’t any negative connotations associated with that… only things you need to be realistic with yourself about.
For instance, when you build your home from the ground up, the reality is, you’re going to have a lot of upfronts costs… that’s just what comes with it and the more you’re prepared for that up front, it won’t come off as such a steep blow.
You’re going to need to rent trucks that can haul heavy loads, a dedicated crew that will build the home of your dreams, and you’re going to have to rent out an apartment or find somewhere to live until your house is built. That’s just the reality of it but it’s definitely something to think about.
For Those in Favor of Buying Your Home
Pros
For one, buying a home is a lot less stressful than building one… you have fewer decisions to make about the house because guess what… it’s already built! Some major pros of buying an existing house include:
- You’re able to negotiate with the seller, which can work in your favor by getting a better deal… that can, in turn, give you more bang for your buck!
- You can still customize the home with renovations as you please but at your own pace. Renovations are not an upfront cost like it would essentially be when building your home from the ground up.
- As mentioned earlier, you can move in as soon as you close!
Now, there are some homebuyers that don’t want the hassles associated with building a house but still want features and luxuries associated with building your own house, so these people will look into buying a new build home. It will be more expensive than buying an older existing home but it’s all about what the homebuyer wants.
The “Realities” of Buying an Existing Home
Well, when buying an existing home, you run the risk of the home needing major repairs that the seller isn’t willing to fix, you may need to update outdated fixtures, and you might have noisy neighbors. It’s just some of the realities that are associated with buying an existing house.
The key thing to remember here is to choose the right real estate agent. You want to work with someone who is really going to work hard to find you a home that will meet your needs as best as they can and help you make informed decisions on choosing the right home for you.