13 Mar Home Building vs. Home Buying: Which is Right for You?
Choosing between building a home or buying a home isn’t easy. It’s an age-old debate and in the battle of Home Building vs. Home Buying, there may not be a clear winner for everybody. Let’s take a look at some of the pros and cons of each to help you make your decision.
Home Building Pros
One of the first pros you will find with building a new home is the ability to have a new home. It’s like buying a new car compared to buying a used car; the new smell makes it worth it, sort of. Some of the other pros of building a new home include:
- Don’t have to compete with other buyers
- You start with warranties
- Modern features and finishes
- Ability to customize the home to fit you
- Best energy-efficient technology and materials will be used
- No renovations necessary
- No surprise repair bills after closing
There are many good reasons to build a home, but that doesn’t make it right for everybody.
Home Building Cons
Before you deciding building is right for you, consider these home building cons:
- You’ll have to wait for it to be built and you cannot move in quickly
- You won’t be able to negotiate the price much
- Upgrades can be rather expensive
- You’ll need to pay for landscaping, blinds and other post-move expenses
- You may be living in a construction zone for a while
- Usually costs more compared to buying an existing home
While the cons can make it a bit stressful to build, it’s still an option. Before you make up your mind, consider the pros and cons of buying an existing home.
Home Buying Pros
One of the biggest pros to buying an existing home is the ability to enjoy an existing neighborhood. An established neighborhood means amenities, neighbors and no construction traffic or noise near your home. Some of the other pros of buying an existing home include:
There are several benefits to buying an existing home, but these homes do come with plenty of cons, too.
- Less stressful than building
- Ability to negotiate the price
- Move in much sooner
- Mature landscaping in front of the home and in the neighborhood
- Less expensive, typically
Home Buying Cons
Maybe the biggest con of buying an existing home compare to building is the lack of customization. You won’t get to choose anything as the home is already built. If you want to change it, you’ll have to pay to renovate. Other cons include:
- Possible ongoing HOA fees
- Possible maintenance issues and surprise expenses
- Higher energy costs with an older home
- May end up in a bidding war
This isn’t a decision that will be the same for everybody. Some will prefer the ability to customize and won’t mind waiting longer since building a custom home usually takes about seven months. However, others will prefer to move in as soon as possible and won’t mind shopping the existing home inventory. The decision is up to you and hopefully, these pros and cons will help. Contact Redzone Realty Group today to discuss your options with a professional agent!