New homeowners often struggle with whether they should buy their home or build it from scratch. People have different views on this matter. Some will encourage you to buy, while others will tell you that building is better. Here’s a breakdown of both options to help you decide.
The Advantages of Building a New Home
Helps you save money
Real estate investors build and sell houses at a high price because they want to make a profit. They want to recover the construction and land purchase costs so they can use the earnings for other investments. When you build from scratch, however, you have an opportunity to save money. The cost of the lot, labor, and building materials will be less than the market price.
Build what you want
In your head, you probably have a pretty specific idea of what your dream house should look like. The biggest advantage of building from scratch is customization. You can tell the architect and designer how you want the layout to look. If you want three bathrooms, you easily include them in the design. House plans provide you enough creativity to ensure satisfaction with the result because you were directly involved in the building process.
Build an energy-efficient home
Building authorities update regulations to meet current needs and demands. There have been calls by nonprofit organizations and governments to promote green energy and protect the environment. When building a new home, you’ll have to abide by these laws and regulations. As a result, your new home will probably be more energy-efficient than in old houses.
The Drawbacks of Building from Scratch
Takes more time
Your building project is going to take time to complete. The contractor will need to follow a plan and project schedule, and some building materials could also take time to be procured. You’ll also have to find a temporary place to live as construction continues.
Lack of amenities
If an area is in high demand, the land prices will be very high. As a result, you may choose to build on the outskirts of the city where land prices are more affordable. Building in a new area can be costly in the long run. The lack of social amenities and neighbors means you’ll have to invest more in security.
When you’re done building the home, the spending doesn’t stop. You may want to hire landscaping professionals to upgrade the backyard or purchase new furnishings to go inside your new home.
The Advantages of Buying an Existing Home
The main advantage of purchasing an existing house is that you don’t have to wait to move in. As soon as you close the deal, you can move into your “new” home. Since the house will have had a previous occupant, it will be a complete house that doesn’t require you to add anything else.
Existing homes come in different interior styles and sizes, so you’ll have a lot of options to choose from. For example, if you want a house with a large porch and eyebrow windows, select a Victorian-style home. Or you might want something more symmetrical and elegant, so the Georgian-style may fit you best. Existing homes have a rich history and a cozy feel.
Most existing homes are in established neighborhoods. When you buy that house, you’re joining a new community. You’ll have both neighbors and social amenities nearby.
The Disadvantages of Buying a House on the Market
When you choose to purchase an existing house, you’ll have to buy that house as it is. You can’t customize the house to your taste before you move in.
High maintenance costs
Sometimes, sellers will give you a discount on a house without telling you everything. Three months after moving in, the roof starts to leak, the water disappears for weeks and your switches have stopped working. Be wary of good discounts, as you’ll probably end up spending more in the long run.
Expensive to live in
Old houses can be energy-consuming. For example, the old windows lose a lot of heat, making the house feel chilly all the time. This will lead to high electrical bills as you crank the heater up.
Buying and building both have advantages and disadvantages. In the end, the decision comes down to your personal preferences and desires for your new house.