Building vs purchasing is a major quandary in the new home market. The freedom to make decisions about the details of your home and watch it take shape holds certain appeal. But there's also something to be claimed for the safety of comparison shopping, walking thru a place and "kicking the tires" before you sign on the dotted line.
When it comes to buying a new home versus building a new home, is one option really better than the other? Not always. It all boils down to preference. Only you can pick which option will work better for you. To help choose whether you need to build or buy your new home, use this convenient guide outlining the pros and cons of both decisions.
Building a new home
When you build a new home, you can work with a builder to form a custom home that's all the features you need. Depending on your position, you can customise every part of your brand new place down to a T or you can select from a range of already-existing floor plans and features. The home building process can take as little as a few months or many as 1 or 2 years.
Home building pros:
- Control: Building a home lets you have command over all of the features and options that may affect you on a regular basis.
- Knowledge: As you monitor the construction process, you'll learn handy things about home construction and gain a feeling of possession that may only come from watching your home take shape step-by-step.
- Expert advice: You'll have the expertise of the builder, contractors, and a designer to lead you. Have reassurance realizing that the pros are pondering code, authorizes, and energy efficiency -- not you.
- The ecologically friendly edge: You have the option of using environmentally sound materials and energy-saving features which will both make your conscience feel good and keep more cash in your wallet over the years.
Home building cons:
Cost overruns: You might have to pay extra for sudden costs. Unexpected costs can occur in any home construction project.
Time: Waiting for construction to close can be disheartening, not to mention that having to come up with alternate living arrangements while you wait can be costly.
Stress: Every time a call needs to be made or a difficulty pops up, you may hear about it. Coping with those concerns on a daily basis across the home building process can take a heavy toll unless you've got a positive mental perspective.
Buying a new home
Buying a new home involves scouring real estate lists with an agent to get a home that suits your wishes. The process can take a few days or 1 or 2 months, dependent on how fast you need to move.
Home purchasing pros:
- Shopping around: You get to be a critical buyer, comparing different features till you find exactly the right combination at the right cost.
- Bargaining: You can drive a hard bargain and get the very best deal possible , realizing that, in a tough market, there are more options waiting for you right up the road.
- Taking your time: When purchasing a new home, you get to work at your own speed. You can take it slow house hunting. And when it comes to moving in, you work with the vendor to select a date that is shortly or a few months away.
Home purchasing cons:
- Concessions: When purchasing a home, may have to make concessions with reference to features you need. You may not find the "perfect" house since you didn't design it yourself. And you may need to spend making updates or repairs.
- Stress: Finding and making an offer on a new home can be a strain, especially if you're in a seller's market. You may need to act fast or make an offer that is more than the listing price if you get stuck in a bidding war.
In the final analysis, purchasing a new home and building a new home both involve some headaches. But if you have completed your researches and planned thoroughly, the result is certain to be rewarding irrespective of which option you choose.
When it comes to buying a new home versus building a new home, is one option really better than the other? Not always. It all boils down to preference. Only you can pick which option will work better for you. To help choose whether you need to build or buy your new home, use this convenient guide outlining the pros and cons of both decisions.
Building a new home
When you build a new home, you can work with a builder to form a custom home that's all the features you need. Depending on your position, you can customise every part of your brand new place down to a T or you can select from a range of already-existing floor plans and features. The home building process can take as little as a few months or many as 1 or 2 years.
Home building pros:
- Control: Building a home lets you have command over all of the features and options that may affect you on a regular basis.
- Knowledge: As you monitor the construction process, you'll learn handy things about home construction and gain a feeling of possession that may only come from watching your home take shape step-by-step.
- Expert advice: You'll have the expertise of the builder, contractors, and a designer to lead you. Have reassurance realizing that the pros are pondering code, authorizes, and energy efficiency -- not you.
- The ecologically friendly edge: You have the option of using environmentally sound materials and energy-saving features which will both make your conscience feel good and keep more cash in your wallet over the years.
Home building cons:
Cost overruns: You might have to pay extra for sudden costs. Unexpected costs can occur in any home construction project.
Time: Waiting for construction to close can be disheartening, not to mention that having to come up with alternate living arrangements while you wait can be costly.
Stress: Every time a call needs to be made or a difficulty pops up, you may hear about it. Coping with those concerns on a daily basis across the home building process can take a heavy toll unless you've got a positive mental perspective.
Buying a new home
Buying a new home involves scouring real estate lists with an agent to get a home that suits your wishes. The process can take a few days or 1 or 2 months, dependent on how fast you need to move.
Home purchasing pros:
- Shopping around: You get to be a critical buyer, comparing different features till you find exactly the right combination at the right cost.
- Bargaining: You can drive a hard bargain and get the very best deal possible , realizing that, in a tough market, there are more options waiting for you right up the road.
- Taking your time: When purchasing a new home, you get to work at your own speed. You can take it slow house hunting. And when it comes to moving in, you work with the vendor to select a date that is shortly or a few months away.
Home purchasing cons:
- Concessions: When purchasing a home, may have to make concessions with reference to features you need. You may not find the "perfect" house since you didn't design it yourself. And you may need to spend making updates or repairs.
- Stress: Finding and making an offer on a new home can be a strain, especially if you're in a seller's market. You may need to act fast or make an offer that is more than the listing price if you get stuck in a bidding war.
In the final analysis, purchasing a new home and building a new home both involve some headaches. But if you have completed your researches and planned thoroughly, the result is certain to be rewarding irrespective of which option you choose.
About the Author:
Jackie Boylan is a La Quinta Real Estate expert who also understand how to help people get a home in PGA West.
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