If you're considering a move, the decision between building your own home or buying an existing one can be challenging. Let's delve into the advantages and disadvantages of each option to guide you in making the right choice.
Building your own home
THE PROS
Customized
You get exactly what you want, where you want it. Your dream home, perfectly designed to fit your plot of land with the rooms, features, and dimensions you want.
Don't waste money
If you buy an existing home, you may end up paying for features you don’t like and will end up spending more to change. Only pay for what you want by choosing all your ideal features from the get go.
More environmentally friendly
New builds tend to be more energy efficient due to the use of constantly developing technology. Building also gives you the option to make your home as environmentally friendly as possible with renewable energy sources and sustainable materials.
Complete
As your home will be newly built with the features you picked, it’s unlikely that anything will need replacing, updating, or fixing in the near future.
Cheaper
Building your own home can often be less expensive than buying a house and needing to pay to complete renovations to make it your dream home. This is especially the case during the current low market inventory.
THE CONS
More responsibility
With all the choices you have when building your own home, you have more responsibility to make the right decisions and sign off on different design aspects.
Limited locations
To build your own home, you need land. But land is often difficult to find in urban areas. However, if you head slightly further out of the crowded urban areas, you’re likely to find a stunning spot for your new home.
Slower process
The process of planning and building a house can take anywhere from a few months to a few years. You also need to allow time for setbacks due to the weather and any issues with builders, subcontractors, or the supply chain. But once it’s complete, it’s worth the wait.
Buying an existing house
THE PROS
Convenience
With less decisions to make and less work to be done, all you have to do is sign the contract and move right in.
Quicker
An existing home can be move-in ready (depending on any renovations you plan to complete). This means the process of buying and moving in could take as little as a couple of months.
THE CONS
Need to compromise
Since you didn't design the home from scratch, you may need to make compromises on your dream layout or size of property.
Upgrade costs
Although an existing home is often slightly cheaper to buy initially, any additional renovations and upgrades can ultimately make the process more expensive than building a home from scratch.
Less energy efficient
Existing homes are often fitted with older and less energy efficient amenities and materials which may need replacing, or be costly to maintain.
WHICH IS RIGHT FOR YOU?
If you desire full customization of a home and the ability to select your ideal piece of land, opting to build from the ground up could be the ideal path for you! Contact me to learn more about building versus buying.
