To buy or to build? It’s a question that faces many who enter the housing market. Whether you’re a first-time homebuyer or you’re looking for something that better fits your family’s needs, it’s a question that you’ll likely have to consider.
5 Advantages to Building a Home
- When you build a home, you have input on the design and can ensure the final construction includes all the features you want and need.
- Up-to-code. Newer homes are built to meet all current building codes, and you have the ability to ensure that your home includes energy-efficient features that will save you money in the long term.
- No competition. Currently, demand for existing homes is higher than the number of homes available for purchase.
- No need for immediate repairs or renovations. Your new home will most likely come with a warranty, which should cover any repairs that do come up during the first year.
- Potential for higher return on investment. Typically, there is higher demand for newer homes, so if the time comes when you need to sell, the value of your home may be higher.
5 Advantages to Buying an Existing Home
- Lower cost. According to HomeAdvisor, the national average cost of building a home is just under $293,000, while the cost of buying a house is over $225,000, according to zillow.com.
- Takes less time. Buying and closing on an existing home can take far less time and you’re able to move in as soon as you’ve closed on the house.
- When buying an existing home, you don’t have to consider every detail, including the design of the home, and all of the fixtures and trims you want included.
- More room for negotiation. A real estate agent can help negotiate the price of an existing home so you get the best deal possible. There is less room for negotiation when dealing with contractors.
- Can make upgrades over time. While an existing home may not have every feature you want, you can take time to make upgrades as they become necessary and as you are able to save for them.