Buying A Home vs. Building A Home
Deciding to move is a big step that can lead to many choices. The abundance of choices that you become faced with when moving can range from big to small, but each is important in achieving your dream home. A major decision to make once you’ve decided you want to move is whether you’d like to buy a home or build a home. Both of these options have both pros and cons associated with them, so it is important you weigh all of the elements before making a choice!
Buying A Home
Buying a home is more of the traditional option, as it can be a quicker and easier. If you go this route, you’ll find yourself viewing an abundance of homes throughout your desired locations. When viewing homes it is important to assess every aspect of the home, to look for damage and to see what you may or may not like about the home. After doing so, you can assess how much money you may need to put into the home before it becomes your perfect dream home. It is also important that you have a building inspector check the home before you settle on it, to see if there are any major areas you may need the seller to fix. These can create for any additional costs, so it is important to be wary of the inspector’s report.
Once you find a home that you love, and the logistics are settled with the inspector’s findings, you can make an offer on the home. How much you offer can be based on the seller’s asking price and your assessment of how much work needs to be done in the home. If the home is completely move-in ready and renovated, chances are the sellers will stick to their asking price, as they know it can be achieved. However, if the home needs to be renovated once you move in, it is more likely that a seller would accept a lower offer to sell the house quicker. This process can be slowed down if there are other parties interested in the home. It can create for a bit of a competitive time for the bidders and the sellers. If the seller approves your offer you will have to coordinate the logistics of the closing costs and paperwork, and then you’ll be on your way to moving into your new home!
A benefit associated with buying a home is that it can be done in a timely manner, much quicker than building a home. However, if your home needs fixing up, you can still be faced with a wait to move in. Buying a home also ensures an upfront cost. You are able to determine exactly how much you’re purchasing the home for, and then can anticipate for an additional improvement costs that need to be made. The convenience of buying a home, ensures that you know exactly how the home will look before buying it. Some cons associated with buying a home is the lack of personal touch it will have. When you buy a home, you are buying someone else’s construction, which although not a bad thing, might not be your exact taste in design. Buying a home can also create for difficulty as the process working with the seller may be tedious and take a while for them to settle.
Building A Home
Building a home can be a large task to take on, and a less traditional route. When you build a home, you first need to find the perfect location with land for sale. Once you are approved of your offer on the land, you’ll need to find a building company that can create your dream home. After you and the builder have developed the plans for your new home, the building process can begin.
Some pros associated with building your own home is that you are able to design, from scratch your perfect home. You are the one selecting every element that is put into the home from the roofing to the flooring, to the cabinetry, the home is composed of completely of your own flair. The home is completely constructed based on your wants and needs! Since the home will be built new, you can ensure that it is built efficiently with a new HVAC system and energy-saving options. It can also be a healthier alternative, as you can be sure that the new construction is completely free of any toxic materials, an old home may have, such as asbestos. The home will also generally have a higher resale value as it is newer and more recently updated than an older home you may buy. A huge con that goes along with building your own home is time and money. It is very difficult to set a specific budget and timeline for building your own home, as there can be many scenarios of the home’s construction taking longer and costing more than originally anticipated. In many cases, those who build their own home end up spending more money than if they have bought an originally built home, so this is something to consider if money is a strict factor in your decision.
Overall, buying and building a home are both great options, but they are very different. It is important to know what you should anticipate with either route, but it is also important to note that through either buying or building, you can still have your dream home. At the end of the day, the decision you make needs to be one that is best for you and your family, and once you make that choice, you’ll be able to start the journey of finding the perfect dream home for you!