Buying Vs Building A Home: Which One Should You Go For?
Housing is clearly one of the basic needs of human beings, but having your own place to call home goes so much further than that. It is definitely worth thinking through to determine the best way to meet this need and have the home of your dreams. This leads to the debate about buying an existing home or building a new custom home. Let’s take a closer look at the options.
In order to make this debate fair, an analysis of both options is necessary. Let’s start with buying an existing home.
Buying an Existing Home
There are two primary advantages to buying an existing home: convenience and cost. Once you are pre-approved by your lender, you can shop around, pick out a home, and make an offer.
A qualified real estate agent can streamline the process by helping you find appropriate properties, guiding you through negotiations, and assisting with the paperwork. Once your offer is accepted, you may be able to close on the deal, and then move in within a month or two, depending on the circumstances.
Even though the process involves numerous steps—such as financing, viewing homes, making offers, home inspections, and closing—the convenience of being able to move in right away is compelling enough for many people to choose an existing home over a build. Read more at Investopedia…
Apart from the cost and convenience factor, another consideration is the environment. There is an increasing awareness of the need for eco-friendly features in homes. Unless you buy a recently constructed home, you may still need to make some changes to the old features.
So, if buying a home seems less costly and convenient, you may want to reconsider your options. Is there another alternative?
Yes, building a house sounds expensive. But is it any more expensive than buying one in today’s high-priced housing market? Today, we take a look at that question. The short answer, as with most things is: It depends.
It depends on the house and your budget
Obviously, if you’re in the market for a $500,000 house, saving money isn’t your main concern. But, in today’s market, you’ll be hard pressed to find a house that needs minimum fixing for under $150,000. And that’s in an area where homes are more affordable.
However, if you do it right, you can build a home all on your own (or maybe with a little help) for under $100,000. There are just a few things you need to think about. Read more at Money Under 30…
Does that make it sound too easy? It makes even more sense if you already have your own lot. Even if you don’t have one, there are convenient ways to acquire one.
The greatest advantage of a custom-built home is the freedom it gives you to customize. You get to choose exactly how it looks and all its features.
Customization is another huge pro. You’ll get to personalize the details of your house when you’re building a house from the ground up—from the layout , cabinets and flooring to the sinks, lighting, paint colors and doorknobs! Even tract homes that are built within neighborhoods allow for some customization in color choices, flooring options and certain finishes. Limited choices reduce labor costs—and your bottom line…
Obviously, new homes are built to meet current building codes, are often more energy efficient, and can incorporate up-to-date technology. For the first few years, you’re less likely to deal with big-ticket maintenance issues like leaky roofs or failing heating and cooling systems in a newly built home. Plus, many homebuilders offer a limited warranty if something should break. Read more at Ramsey Solutions…
After reading the basic info in this blog post, you may want to take the next step and engage a new custom home builder so you can make a fully informed decision. At Oz Custom Home Builders, the best luxury custom home builder in Fort Mill, we are more than happy to answer your questions. We will explore every option available and help you choose the best one. Call us today at (803) 242-0050.