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To Build or Buy a Home

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A house is usually the largest investment a person can make in a lifetime.

Buyers spend a great portion of their time shopping around, searching for that perfect place to call their own. But what happens when you just can’t find that perfect place?

Many buyers become builders and decide to build their dream home from the ground up. If you’re searching for your dream home or considering building one, keep these things in mind while you mull it over.

Buying an existing home

While it might not seem like it, buying an existing home is considerably more convenient than building one from the ground up.

Once a lender approves you, you can begin to look for your dream home in your dream neighborhood. After you’ve found the perfect home, you can put in an offer and begin the closing process, usually with the help of a Realtor or real estate agent.

Although the process of buying a home involves numerous steps, the idea of being able to move into your home as soon as the keys are handed over to you is compelling enough for many buyers to choose this route.

Other factors, such as relocating for work or children starting school can also compel buyers to err on the side of convenience.
On the other side of the coin, a big disadvantage is that you may not be able to find exactly what you’re looking for. It might have the basics, but perhaps not the exact details you wanted.

Older homes may have all the character you’re looking for, but that charm won’t hide structural faults for long.

Building a new home

If you’ve decided to go the route of building a new home the process is just as involved, if not more so than purchasing something older.

Not only do you have to find the land, you have to factor in time to find an architect or builder, and make multiple decisions at every step of the way.

One of your options when building a new home is to build in an already existing neighborhood or development. Usually when a buyer, or builder in this case, chooses to build in an existing neighborhood, you’re limited in choices – exterior color, style, etc. Those choices can be limited in certain developments.

However, there are perks to this method, as well. Building a new home from scratch can almost guarantee that it will be less likely to have toxic materials such as asbestos, lead paint or even mold like an older home.

Even though the upfront costs of building a new home are often higher, it will often end in a more profitable situation. There are usually more significant profits when selling a new home rather than an older home, so it’s easier to recoup your investment. Aside from recouping money, you’ll also have the home you’ve dreamt about from the beginning.

Buying a home is a major life decision, so it’s important to weigh all your options before committing to anything.

Ana M. Ferrer  Posted by Ana M. Ferrer on February 18, 2015

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