The decision to buy or build your own house is the topic of discussion for almost every couple at one point or another. Whether you’re preparing to leave your two-bedroom apartment or finding a house that will fit your growing family, you want to know what’s best for your situation. There are definitely pros and cons to both buying and building that you will want to consider as you look into your specific needs and finances. This guide will help you as you figure out what is best for you.
Buy Your House
Pros
The two biggest advantages of buying a house on the market are cost and location. Buyers typically have more buying power when purchasing an existing home for a number of reasons, for instance, the seller may be on a timeline to sell and will accept a lower offer. You may also be able to move in sooner than you expected. Closing on a home after purchase takes on average 30-45 days. Also, the overall price of buying an older house will naturally be lower than building a brand new one. Your choice of location will also be much broader when buying a house. Finding that perfect neighborhood for a short commute to and from work may be more simple.
Cons
While you do save money when purchasing an existing home, you may find yourself spending it all on repairs and maintenance. You should do your best to understand the current condition of each prospective house and estimate how much you will need to spend to update it to the latest safety requirements. The cost of operating an older house is also much higher than if you were to build your own house. A combination of old appliances and poor insulation can really affect your monthly bills. Also, the floor plan of an existing home may not be exactly what you are looking for and fit your specific needs.
Build Your Own House
Pros
Imagine the feeling of driving a brand new car off the dealership lot. Now, multiply that feeling by 10 and you know how it feels to walk into your brand new home for the first time. Helping build your own house and being the first to live in it does add sentimental value and feels secure. Those are only a few of the many advantages of building your own home. Building allows you to stay up-to-date with the latest spatial, acoustics, and architectural designs while not having to worry about safety standards and building codes. Brand new appliances will operate more efficiently and help keep monthly bills low. Additionally, if any issues do come up, everything will still be under original warranty and can easily be replaced. Looking to the future, if your new home is with a homeowner’s association this will certainly help protect the resale value.
Cons
Building a new house in comparison to buying an existing one does take much longer. It can last anywhere between six months to a year to complete and you’ll want to prepare yourself for delays. Whether it is the weather or delayed inspections, building will have some bumps along the way. The cost of building is also a factor that will almost always be higher per square foot than buying a resale house. Also, the extra additions and upgrades can add up quickly. Be sure to watch your budget and don’t feel pressure to make any changes you don’t want.
Buy Or Build Overview
So, what’s the best option for you? Well, it depends. There is no right or wrong choice to buy or build. You’ll need to look at your circumstances and decide what you want and need in a future home. If you want new carpet, sparkling appliances, and a freshly paved driveway, then you’ll most likely want to build your own house. If you want to move into an established neighborhood and save money on your down payment, then you’ll find yourself buying an existing home.
If you find yourself with questions about your future home and whether you should build, contact us and we’d be happy to help. You can also browse our Pinterest boards and follow us on Facebook to find more information about building your home.
