One of the most important tasks that anyone can face is to find the perfect home and then getting the money together to purchase it.
It is about more than just having shelter and a place to sleep: your home eventually becomes part of you and your family. This is the place where you come to unwind and spend quality time with family and friends.
Finding the right solution is important and there are a few questions that you will have to answer: one of them being whether you should be buying or building your new home?
While there are advantages and disadvantages to buying or building, it is important that you look at it from both perspectives in order to make an informed decision:
Is Buying The Better Option To Find Your Perfect Home?
Let’s kick off with the buying option which seems to be the safer choice for many home buyers.
There are two main benefits when it comes to buying a house rather than building and that is convenience and cost:
(1) As soon as you are approved by the intuition that is going to be lending you the money for a home, you can immediately start shopping around, pick the home that tickles your fancy and put in an offer.
A qualified real estate agent will assist you in preparing the necessary documentation and will guide you through the process. Once that is sorted out, you may move into your new home within a month or two.
The convenience of moving in right away is extremely appealing!
(2) Financially, it is a sound investment. Even if housing market crashes, you can still buy a decent house at a lower price. Plus, buyers also have the freedom to choose a neighborhood of their choice as well as the proximity of it in relation to schools, malls and other amenities.
However, the disadvantage of buying a home is that you might not get exactly what you are looking for. You might not like the bath, the main bedroom might be too small, and you might struggle finding an affordable home with a big yard. You might have to consider making (major) changes or building onto the home, which can cost you more than you bargained for.
Is Building The Better Option To Find Your Perfect Home?
The second option of building a house is something many homeowners are afraid of:
(1) It involves a lot more work and research.
(2) You will not have the convenience of finding a home and can’t move in immediately and you won’t always find a vacant piece of land in the neighborhood of your choice.
(3) Then you still have to find trustworthy builders that will build the house of your dreams for you!
One of the major positive things about building a house from scratch is that you will get exactly what you want. You are in charge of creating your own style, size of the rooms and extras that you want added onto it!
Experts note that a new home is more efficient especially when it comes to things like ventilation, insulation and air filtration. Besides the financial upside of cost saving, this is better for the environment in the long run as well.
This leads to another advantage: a new home might literally be better for you. A new home is less likely to have toxins, asbestos, lead paint and mold inside that can lead to serious health concerns.
And, you will also have a higher resale on a new home than an older home!
Closing thoughts
Deciding whether to be buying or building can be tricky, but it remains an investment that you need to see through for the next handful of years.
Each choice has its own advantages and disadvantages, and the one that you pick will be entirely up to you – AFTER you have done extensive research, that is!
What has your experience been when picking between buying or building your new home? Was there anything in particular that made it easier for you to decide? Please share it with us in the comments below!
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