The property market is ever-growing in terms of the number of residential spaces and cost alike. As a result, a handful of prospective homeowners are left wondering whether they should build or buy a home. Property conditions, property taxes, market trends, price, and location are all aspects of consideration when it comes to stepping onto the property ladder. Similarly, every buyer or builder is different, meaning that each will have their own set of specific needs. It’s clear that there are so many important choices that need to be made regarding the property market; however, the first of many is whether to buy or build a new home.
Purchasing an Existing House
The two predominant advantages to buying an existing home are the expense and the convenience. The entire process of buying a home is relatively straightforward and mainly comprises of being approved by a lender, searching for a house, selecting your home, and putting in an offer.
You can even streamline the entire experience by getting a real estate agent involved to track down properties for you, walk you through negotiations, and help you out with the paperwork. Typically speaking, upon your offer being accepted, you’ll be able to close the deal and move in within a month or two.
Although the buying process is a lengthy one, it still can’t be denied that this is much faster and more convenient than building your own home.
Expenses and Timetables
In instances where you’re home-hunting with a schedule in mind, you should always opt for a move-in-ready home. Building your own home isn’t only time-consuming, but the scheduling can be unpredictable, meaning that working to a timetable isn’t always realistic.
Similarly, in most cases, it will be cheaper to buy an existing home. When it comes to building your own home, you’ll have to pay for the likes of designers, architects, builders, and demolition, whether you’re in Surrey or California. These costs can sometimes exceed your expectations, whereas the costs of an existing home will be relatively clear.
Customization vs. Convenience
Usually, existing homes are more convenient as they’re typically situated within established neighborhoods. This will be more difficult to achieve when building your own home, as you’ll need a significant amount of land to safely build on. Similarly, the landscaping will likely be established on an existing home, meaning that you won’t have to worry about the likes of growing your own lawn.
Despite this, you may never find exactly what you want when buying an existing home and have to settle. Although you’re likely to find something that you like, you might find that you don’t love the floorplan or other aspects that aren’t easily changed.
Advantages of Building
Although you may be limited in terms of location for building, you’re obviously limited in choice when it comes to buying. On top of this, you’ll also have to concern yourself with sewage and municipal water systems, septic systems, wells, and any other environmental aspects.
As well as the degree of customization, building your home also presents an opportunity to create an energy-efficient home in terms of air filtration, insulation, cooling, ventilation, and heating. Not only is this better for the environment, but it will also reduce your monthly energy costs.
Risks of Building
The primary risks of building a home are exceeding your budget and the project not meeting its intended deadline. In order to avoid this happening, you should be in constant communication with your builder so that any changes are addressed instantly. Additionally, you should find a good contractor who will do what they can to reduce costs where possible.