Whether this is your first house or you’ve been around the block with owning a home already, getting a new house is an exciting time for anyone. You get a space that is completely yours, and you get to choose and prioritize what you need from your home so that it’s exactly the way you want it to be. This is a process that is full of decisions you will need to make, and the first major one that you’ll hit is this: should I build or buy a house? Each option has its pros and cons, and neither is the right choice for everyone, so to help you decide whether it’s better for you to build or buy your home, here are some of the major points to keep in mind.
Pro: Faster Move-In Time
When you buy an existing house, there’s much less waiting around you’ll have to do for your new place to be ready for you to move in. You’ll be able to get from one living space to the other in a better time frame, which is especially important if you don’t have an unlimited amount of time to stay in your current home, for example if an apartment lease is up.
Con: Might Not Be Move-In Ready
The downside of an existing house is that the older they get, the more work they typically need done to get them up to snuff. An existing house could have a lot of repairs that need fixing before you can feasibly live there, so even if the time frame is better compared to a new build, you might still end up waiting around to move in.
Pro: Potential Bargaining Power
Buying a house gives you a bit more ability to bargain over price, using things about the house’s condition and history to your advantage. For example, if the house has been on the market for longer than thirty days, you might be able to convince the seller to offer it at a lower price, or if other houses in the area are priced lower, you could use that for leverage as well.
Con: Settling for Not Getting What You Want
Everyone has a picture in their mind of their ultimate dream home, and while it’s certainly possible to get close, you’ll really never find an existing house that has every little detail you want in your home. One certain points you will have to settle for less than perfect, and while you can still be happy in such a home, you will have to adjust to certain things about it not being what you wanted.
Pro: Lower Upfront Cost
Although it can vary quite a lot based on your area, the kinds of houses you’re looking at, and the kinds of contractors you might work with, typically it will cost less to buy an existing home than to build a new one.
Con: More Long-Term Work
However, you might end up spending more money and more time in the long run on your existing home, particularly if it’s a little older. Older houses will need more repairs and updates as time goes on, becoming more expensive and costing you a lot of effort.
Pro: No Compromises
When you build your own house from the ground up, you get to have everything you want, how you want it, and where you want it. You never have to settle for something not being the way you like it as you would in an existing home.
Con: More Decisions
This downside goes directly with the previous upside: the decisions you have to make about your house are going to stack up very quickly, and you might end up feeling a little overwhelmed with just how many choices you have to make.
Pro: Higher Value
Because your house will be newer, with fresh construction, more high-tech appliances, and a more current style, the house will have a higher value overall than an older one. If and when you decide to sell your house, it will have a much wider market appeal.
Con: Bigger Initial Investment
Working with a contractor on a new-build house will typically be a higher up-front cost than purchasing an existing house.
Pro: Lower Cost Over Time
However, in a new-build house where you have control over more aspects of the space, you can actually end up creating a home that is far more energy-efficient than an older house, with better insulation techniques and newer appliances, that will cost less to live in and maintain over time.
Con: More Hoops to Jump Through
In terms of paperwork and processes, building a new home will always be more complicated than moving into an existing one. In some places even just buying a plot of land to build on can be a challenge, and the process of permits and loans can become a major time sink.
No matter which way you’re leaning, there are many points to consider for both building a new house and buying an existing one. However, if you want the best possible control over building a dream house that will save you money in the long run and serve you well for years to come, consider discussing a construction project with Eagle Construction and Remodeling. You can contact us here for more information!