Building vs. Buying a Home
Moving on to your next home is a big step in your life, and it comes with an endless amount of decisions. One of the biggest questions people face is whether to buy an existing home or build a new one. Are you having trouble deciding? Here’s a list of the pros and cons with each option to help you decide.
THE PROS OF BUILDING A HOME
Fewer repairs: When you build a new home, everything is just that – new. So the odds of you needing to make any repairs within the first few years are slim to none.
Better tech: From security measures, to electric gadgets, your new home could be a smart home in no time! These technologies aren’t as easy to install in older homes.
Design control: It’s not always easy to find exactly what you want in an existing house. If you choose to build, you’ll have full say over the design of your home. Say hello to that magazine-worthy kitchen!
THE CONS OF BUILDING A HOME
Time: It can take more than 6 months to build a new home. So if you’re in a hurry to move, building may not be the best option.
Cost: Building a house from the ground up comes with a hefty price tag, and can often be more costly upfront than buying an existing home.
Location limitations: Do you have a specific neighborhood in mind for your next move? If so, building might not be for you. To build a house, you need a plot of land, and you may not be able to find one in your preferred living area.
THE PROS OF BUYING A HOME
Cost: Though designing your own home may be great, making upgrades on an existing home over time can help cut down on up-front costs.
Time: In most cases, the buyer can move in immediately after closing. There is no wait time or temporary housing to worry about, which is perfect for movers on a deadline.
Location opportunities: With existing homes, you have the opportunity to choose virtually any neighborhood or area. This is especially nice if you have a specific location in mind!
THE CONS OF BUYING A HOME
Unexpected Costs: With older homes, the odds of you having to make repairs are higher than with a new home. You never fully know until you’ve lived in a house for a bit what repairs are essential to the health of the home, so it’s hard to budget for these fixes.
Un-customized layout: Designing your own home gives you a lot of freedom when it comes to layout and floor plan. When you buy, you’re really limited in changing the basic flow of the home.
Remodeling/Upgrade costs: You might have to invest some time and money to bring the home up to current decorating standards by removing wallpaper, changing paint colors or updating flooring. Which could be great for those DIY masters out there, but maybe not for others.
These pros and cons are a great guide when you’re first thinking about whether to buy or build, but ultimately the decision is yours. What works better with your timeline? Your lifestyle? Your budget?
No matter what you decide, we’ll be by your side every step of the way. Your American Family agent can help you find just the right coverage to protect your new home.
Related Topics: At Home