Finding a place to call home can be difficult, especially if you’re on the fence about buying or building a house. Building a house in a seller’s market is more reasonable than fighting into an existing home. Below are the pros and cons of buying a house or building a house to determine which is better.
BUYING A HOUSE
There are advantages and disadvantages when it comes to purchasing an existing house. Depending on the market conditions, buying a lot and customizing your home could be a better option. Personal preference also plays a significant aspect when deciding; below are the pros and cons of purchasing an existing house.
- Move-in ready: Construction projects can require some time, and if you are on the market with a short time frame to move, purchasing an existing home might be the better option.
- Home renovation: Though renovations are costly and would take an extended amount of time, they are an option for you.
- Close to Urban areas: If you live in a bigger city, usually there are no central lots. However, if you live in a smaller city or town with easy access to amenities, there would be no difference in accessibility when buying a lot or house.
- Mature Landscaping: Existing homes usually have mature landscaping. If you like more giant shade trees, buying a home may be your option.
- The stress of buying a home: looking for your future home can be time-consuming and stressful. In a market of sellers, it can be challenging to compete with other home buyers. Sellers can ask for a lot more money, and the homes go quickly. You could face high prices, bidding wars, and multiple rejected offers for a home you aren’t entirely in love with.
- Compromise on style and preference: Finding a home that fits your style and taste can be difficult with various options. Your home is an investment and a huge purchase; you want to be completely smitten with every aspect. If you are going to spend the money, it may be better to spend it on a lot where you can customize the design to your preference.
- Maintenance Problems: You may run into maintenance issues when purchasing a home. Older appliances, plumbing, and electric issues could all be included in the purchase price. If you build a home, you have peace of mind knowing that everything is new and updated.
- Less energy efficient: The home’s mechanical systems, heating, air conditioning, electricity, etc., can lead to higher energy costs. Most older homes are less energy efficient, and you will lose more money in bills. You will not be able to get the same efficiency as building a new, sustainable home.
- Hazardous materials: There may be health hazards in purchased homes that the previous owners were unaware of. It is essential to consider this when buying a house.
BUILDING A HOUSE
Building a home also has advantages and disadvantages; however, the pros outweigh the cons. Here are the facts to make the best decision for yourself.
- Customization: You can customize your new home down to the roots. Picking out a floor plan that works for your family and designing the interior will give you the house of your dreams. This cannot be achieved when buying. Taking control of the process and personalizing your home is among the many benefits of building a house.
- Less competition: When buying a home, you’re constantly in bidding wars and negotiating for a home that you might not even really love. The building gives you a piece of mind knowing that your offers aren’t getting rejected.
- Less maintenance: Newer homes have very few issues. Buying a house can come with many problems that are costly to fix. Building a home gives you relief, knowing that everything is reliable and new. There will be no need to replace the roof in a year or redo the plumbing; everything is already in excellent condition.
- Healthier House: With a new home, you won’t have to worry about mold or lead paint. Since you built it yourself, it is brand new and won’t experience any issues for many years to come.
- Energy efficiency: Newer homes are always built with energy efficiency in mind. This can lower your long-term costs rather than buying a house that raises your monthly bills. You can select which heating, air conditioning, and other mechanics will lower your bills and give your home a reliable energy source.
- Unexpected Delays and Costs: Before building your dream home, you will receive an estimate of the costs. It is not unusual for unforeseen expenses to appear during the project. There may also be delays with supplies and problems due to labor shortages.
- It takes more time and can be stressful: Building a home is much longer than purchasing, but the reward is worth it. The build may also come with more stress throughout the time frame.
- More Effort: When building a home, you must work with various people and make countless decisions.
Moving forward, buying a home and building a home both come with pros and cons. It depends on your unique situation and how much time you have. Building a home takes away many risks and allows you to personalize the house the way you want. Buying a home takes less time and is the faster process but not the most rewarding. Tassie Creek is a lot of development minutes outside of Vernon. Instead of buying a home, build your dream house; visit our website to learn more.