Are you the type of person that wants everything just so in the house that you move into? Or, are you the type of person that doesn’t mind making changes over time to an older home as you make it your own? You will need to have the answer to that question before you even begin searching for the home of your dreams, and then you will still need to take into consideration the pros and cons of your decision.
Here are the pros and cons of building a house versus buying one:
Pros for Building a House
The competition for new houses is a lot less than the competition of existing homes, which means that you will not find yourself losing one home after another during your search for the perfect one.
Being able to customize everything in your new home is another plus to building a house instead of buying an existing home. You’ll find that you can customize everything from the layout, the cabinets and flooring, to even what type of knobs and pulls you put on your cabinets and drawers.
Since newly constructed homes are, well, new, you won’t need to deal with any major maintenance issues over the first few years of your homeownership. That means no leaking roofs, no non-working air conditioners on the hottest days of the year, and no faulty electrical wires.
Cons for Building a House
The biggest downfall of building a house is the time that it takes to construct it! You will need to be prepared to wait approximately seven months from the time you purchase your home until you can finally move into it. And, that is if there are no issues during the construction process!
The price of newly constructed homes is not very negotiable, which means you are not going to get an amazing deal on the home of your dreams.
Speaking of money, newly constructed homes are full of unexpected out of pocket expenses. Most list prices for newly built houses are with basic materials. If you want to upgrade anything, whether it is a new paint color, a different flooring material, or the granite countertop of your dreams, it is going to cost you a lot more than the price you were initially given.
Pros for Buying an Existing House
You will find that there are a lot fewer decisions that you will need to make when you purchase an existing home, because you will not need to pay attention to all those small details that come with the construction process.
You may find that you can purchase an existing home for thousands of dollars under list price if you can find the right sellers.
The best part about purchasing an existing home is that you can move into it right away and then work on changes as your time and budget allows.
Cons for Purchasing an Existing House
Since existing homes are older, you may find that there are numerous maintenance issues that you will need to deal with shortly after moving in. We recommend leaving room in your budget for these issues that will evidently pop up as well as a little money for the upgrades that you want to make immediately.
If you realize after moving in that you really can’t stand the floor plan of your new home, you may end up with buyer’s remorse, because that is something that you will never be able to change.
It can cost a lot more to heat and cool an existing home, so you will need to be prepared for higher energy bills.
Once you decide which type of home you prefer to buy, and you can handle the pros and cons for that purchasing scenario, you will be ready to venture out and begin your house hunting adventures.