Buying vs. Building

Are you looking for a change in your life? Where and how you live both play a key role in your happiness. Everyone enjoys getting something new, the question is do you want “new to you” or custom built, brand new?

Building and buying a home are two completely different paths when purchasing your next- or first home. One way to go about weighing your options are to look at the advantages and facts between buying an existing home versus building a new construction home.

Advantages to buying an existing house:

  • Move-in condition: Existing homes are typically move-in ready and do not require too much thought other than painting a few walls and furniture placement, most homeowners do not need to make any major renovations when they purchase an existing home.
  • Quicker: new home construction takes time; a typical home build can take anywhere from 8-18 months depending on the complexity of the build and the schedule of the particular builder you hire. Once your offer on an existing house has been accepted, most people are able to move in between 30-60 days.
  • Less Costly: In general you’ll likely find it less expensive to buy an existing home, but of course that depends on the market at the time of purchase. If it is a seller’s market and you are competing with other buyers this might not be the case.
  • Home renovation options: You can make changes and upgrades to the home when you have the money and time available.
  • Less decision making: there are numerous decisions in building a home from the very beginning to selecting a lot and house plan all the way to window coverings and paint colors. If you have a difficult time making little decisions, purchasing an existing home might be the better option for you.
  • Landscaping: If you like mature trees and landscaping you might want to buy an existing home as it can take years for new landscaping to mature. Landscaping costs are already built into the price of an existing home cost.

Building a home also has its advantages:

  • Customization- Think of building your new home as an entirely clean slate. Building a home ensures that you will get exactly what you want out of your new home: the look, size, the number of rooms and bathrooms, it’s all up to you and it will reflect your style accordingly.
  • No Competition: Once you own the land, you wont have to compete with other buyers for your dream home.
  • Less maintenance: A new home means fewer maintenance costs. Typically your builder offers a warranty for a period of time as does most of the major home systems and appliances.
  • Energy efficiency: Newer homes are built with energy efficient materials and standards which will save you money on utilities and water usage. There are also options for reducing environmental impacts by prioritizing sustainability products in a new home.
  • Healthier home: New homes are not built with asbestos, lead based paint and can easily include radon mitigation systems, not to mention the options for adding humidity controlled thermostats, air and water purifiers throughout the house.
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Ultimately, whether to build a home or to buy a home is entirely your choice! Weighing the advantages of each helps to make the right decision for you and your family. Also, it is imperative that you do your research on your potential builder. Knowing the full estimate as well as trusting that your builder will be able to mitigate issues quickly and know how to be the most efficient in their work, while clearly communicating the status of your build with you, will do you good in the home building process.

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