How To Decide When To Buy Or Build A House
A home is probably the single largest investment you’ll ever make. You may end up spending lots of time and energy either searching for or designing the perfect home before signing any contracts. One of the very first decisions you’ll need to make is whether to buy or build a house. Let’s take a look at both sides.
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Buy A House
Buying a house, as compared to choosing to build a house, is primarily about convenience. Once you are pre-approved by your lender, you can shop around, pick out a home and make an offer. Once your offer is accepted, you may be able to close and move in within a month or two.
The biggest disadvantage of buying an existing home may be that you won’t get exactly what you want. Older homes, in particular, may be functionally obsolete, and no longer meet the needs of most buyers.
Build A House
Even though the upfront costs of building can be higher, it may be easier to recoup your investment. A new home will require fewer repairs and less maintenance, which can save both money and time. And you’ll have a warranty with a new home, so even if something does go wrong, you may still be covered.
The big advantage: You are much more likely to get exactly what you want. For many, this factor alone is enough to choose building over buying, but there are other advantages, too. Better efficiency is good for the environment and can save you money on your utility bills each month.
Even if you start off your home search set on finding the perfect existing property, you may end up deciding to build to get exactly what you want. Or, you may plan on building and later decide an existing home is a better fit.
In either case, working with a qualified and experienced professional – whether that’s a real estate agent or a home builder like Progressive Builders – can help ensure the process goes as smoothly as possible.