Pros and Cons of Building a New House vs. Buying and Remodeling an Existing Home

All those new homes look so pristine waiting for people like you to move their stuff into them; however, there is something to be said about taking an older home and remodeling it into the house of your dreams!  Today we are going to discuss the pros and cons of both options, so you can finally make the decision that you have been trying to make for quite some time now. 

Pros of Buying an Existing Home

This is usually the least stressful option, because you do not need to do anything more when purchasing this home.  There is no land to buy, no home design to choose from, and no materials to pick out in the very beginning. 

The other pros include being able to move in right after the closing, being able to negotiate the best deal using your real estate agent and making upgrades as you have the money and time to do them.  This will obviously give you more time to make crucial decisions about materials and what renovations you want to do. 

Pros of Building a House

There is not as much competition when it comes to purchasing a home that you will be building, because you won’t have twenty other people vying for that same home.  You also get to customize the house that you are building down to the very last detail, including the layout. 

New homes like these are more energy efficient, meet the current building codes, and have the latest in technology.  There will be less to pay for during the first few years, because nothing should break down or need replacing. 

Cons of Buying an Existing Home

There can be numerous maintenance issues when you purchase an older home, because most materials and features are that much older.  If you do not love the floor plan of the home, then you may end up with buyer’s remorse, especially if you find that there is nothing you can do about it. 

The energy costs of an older home are always higher, and it could cost you a bundle to fix that and lower your energy bills.  You will need to live with the way the house looks for a while too, unless you have extra money set aside to do all the repairs and renovations that you want to. 

Cons of Building a House

When you decide to build a house, you better be prepared to spend at least seven months waiting for the house to be constructed.  That is the average time for construction, although in reality, it could take even longer for your home. 

There is hardly any wiggle room when it comes to the price when building a home, so you will need to pay the asking price almost all the time.  Of course, that price is destined to go up when you begin to decide what extra features and materials you want inside.  There are also out of pocket expenses that always seem to pop up with new builds. 

Now that you know the pros and cons of each type of home, you should be able to make the decision that will work best for you and your family. 

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