When you finally decide to settle down and own a home, you may be torn between choosing to buy or to build. The end result is essentially the same, as you’ll eventually have a house to call your own. Even so, each option has different factors to consider.
At first glance, buying a home may seem as simple as contacting the right estate agent to help you find the right property, in the right location, and at the most reasonable price. However, there are a lot of other factors that should guide your decision that might be considered advantages or drawbacks.
The Pros of Cons of Buying
Buying a home is a convenient choice. The process of viewing different homes, deciding on the best financing option, making offers, and being able to move into the property right away is one of the major reasons why a lot of people decide to buy instead of build a home from scratch. This is especially advantageous for those who need to move in within a limited period of time. Of course it’s more convenient for someone on a tight schedule to buy a home, as it’s possible to close a deal and start living in your new home in less that 2 months from the time of purchase. You will also likely be able to get a property in an already established neighbourhood, and an existing home will probably have a mature and well-groomed outdoor area – which could save you bundles of time and money.
The bottom line is that you won’t have to start from scratch, so buying may be a financially smart choice as it’s thought to be a less expensive choice than building.
On the flip side, buying can restrict your choices, since you may not get exactly what you want. And depending on the age of an existing home, it may not be equipped with modern amenities and might be less energy efficient. In some cases you’d have to consider doing major renovations or remodelling work.
The Pros and Cons of Building
Although building a new home is not the more convenient option (you have to find a land, the right architect, etc), you are most likely going to get a house that meets your exact specifications. This includes everything from the sizes and shapes of rooms, backyard amenities, and modern energy efficient design.
“With a new home, you can expect to have a high level of energy efficiency which saves you money in the long run’’ says Zbranek & Holt Custom Homes. Indeed, you can be sure that fittings, electrical appliances, and plumbing fixtures are up to standard. This also contributes to the value of your home, making it more appealing if there comes a time to resell.
On the flip side, the project may take longer than anticipated. Personal time and commitment involved can become overwhelming. But the drawback of a longer time frame can be limited if you work with a reputable builder and ensure that you have a contract that includes a construction time duration. In addition, you should work closely with your contractor to ensure that you’re making the most cost-effective choices on all aspects of your new home. So if you have a bigger budget and no time constraints, building a home might be the better option.
Making Your Decision
Whether you decide to buy or build, you need to weigh both the pros and cons before you choose. It’s also important to consider these against the backdrop of your financial situation and long-term plans.