SHOULD I BUILD A NEW HOME OR BUY AN EXISITING HOME

So, it’s time to move. Maybe you’ve gotten that dream job and know you’re settling down into a new area or maybe, you’ve got a little one on the way and know you need a home with an extra bedroom. It might just be you’ve had it with the winters up north or maybe you’re ready to give your dog that backyard you’ve been promising. Whether some, none, or all of these apply to you, one of the first questions you should ask yourself is how am I going to meet my new housing goal?

The two main options for buying a home are purchasing an existing property or deciding to build a brand new one. Both have their advantages and could be the solution you’re looking for depending on your home owning aspirations.

Buying an Existing Property – The Good

What’s not to love about finding what you like, knowing the price and getting it when you want it?  That’s exactly what buying an existing home is like.  Just like HGTV, you go look at a certain amount of homes and neighborhoods and the one that makes you feel all warm and fuzzy inside when you step through the threshold is the one you make an offer on.  The best part about an existing home?  It’s available, normally, within less than a month of you looking at it.  Depending on financing, you can get in that home in just a few days if you really want to.

An existing home is easy, you don’t need to make hard choices. You walk in, you see what you like, and you go with it. How much is it going to cost? Look at the listed price and that’s normally the highest amount you’ll have to pay, and you might even get it for less! Also, it’s got curb appeal and a lived-in feel that no newly built house can replicate.

Buying an Existing Property – The Ugly

By settling on the fact that you’re going to buy an existing home, you’re limiting yourself to a finite amount of opportunities that may or may not fit what your needs are and satisfy all the things you’re looking for in a new home.  An existing home can become a nightmare with maintenance and capital expenditures needed to keep it livable, and worst of all, who knows what some other contractor did to it without pulling a permit?  

An existing home is also subject to the market. If you happen to move somewhere that’s a sellers’ market, you may be spending big on a premium just to move to that area. What if there are other buyers who offer more at the same time, and we just when you had your heart set on that new place. Also, consider that buying an existing home doesn’t come with efficient appliances, isn’t customized to you or have a warranty.

Building a New Home – The Good 

Putting in the time, effort and expense into building a new home can be an immensely rewarding experience and result in a finished product that is a testament to that effort. New construction allows you to pour yourself into the project and customize your home around the life you want. Instead of relying on some developer from the past to have thought through everything that you might need in your home, take the design into your own hands and engineer an environment where you and your family will be happy and comfortable.

Building a new home can truly let you build your dreams. If you like a big back porch, it’s there.  If you’d like to have views of the sunset from your master bedroom, you can make it happen. Need an office, gym, or kid’s room?  Don’t settle for taking over spare bedrooms, design these parts of your home in a way that you can see yourself using and enjoying for years to come.

Building a New Home – The Ugly 

With new construction you should be ready to wait several months while you are anxiously awaiting your dream project. Furthermore, complications can become insurmountable if you’ve hired a builder who isn’t professional and experienced. With a poor builder, get ready to pay more than anticipated and have substandard communication from the outfit who’s in control of your small fortune. Also, a poor builder may not even be able to make your plans come to life the way you envisioned. If you get a bad builder, it can be hard to tell how well your home is built and what trials and tribulations you may have to endure. 

Building a new home can also bog you down in the many decisions that need to be made.  Everything from brick color to room dimensions to the brand of appliances. You’ll wish you had taken that over-priced cookie cutter with the raccoon infestation because you wouldn’t be up all night thinking about how to make your house perfect while at the same time fighting a budget and realizing just how bad your spouse’s taste actually is. 

Building a new home can be a nightmare, if you’re not ready for it.

Wrapping Up 

Both options presented have their respective ups and downs. Finding the right home that already exists in the market can be possible for you. Building a home customized around you is also possible. Just takes a good amount of research to find the right house or a reputable builder who can make your dream house come to life.