Building New Versus Buying Existing

Building New Versus Buying Existing

There comes a time in life when something more permanent is desired. While raising a family in an apartment is perfectly okay, it still doesn’t measure up to the experience of raising children in your own custom dream home. So, for quite some time, partners will go through some serious deliberations to try and find something that works for them.

Here is a question that a potential homeowner will have to grapple with at some point in their lives. It is equally tempting to go either way, however, there are advantages and disadvantages to going either way. However, the ultimate decision lies with you, the potential homeowner.

Here are reasons for both.

 

Building New

Unless you have no sense of taste and personal design preferences, getting the opportunity to design your own home is something every homeowner would love to do. And that’s exactly what building a home offers to a homeowner. You get the opportunity to include all the design cues you like, and all the materials you’d wish to have.

A new home also means you have less maintenance costs. Technology changes or improves every year. This means that as you’re currently building your home, you have access to the latest technology. This applies in areas such as heating and electricity production, where newer heating systems consume less energy, and technologies such as Tesla’s Solar Tiles mean you rely less on the national grid. The net result is a reduction in your monthly costs.

Also, as the components of the house are new, this means before wear and tear get to them, you will have enjoyed several years of stress-free living, without having to worry about maintenance schedules of the various components.

 

Buying Existing

While building a house may seem like the logical thing to do to achieve the nirvana in terms of home design, the hustle to get what you want sometimes just isn’t worth it. Apart from having to wait for a minimum of seven months before you get to enjoy the home you want, the costs associated with building a home can be outrageous in certain cases.

Buying an existing home means you don’t have to worry about handling various charts to make out decisions, or picking out fittings, countertops, finishing and furnishings. You also don’t have to worry about ballooning costs and by how much will it blow your budget.

This also means you have room to negotiate on the price of a home. Unlike building a house where costs are mostly fixed, you can get to bargain the price of the home you’re looking to buy. This gives you the opportunity to make significant savings, and possibly even maintain costs under your planned budget.

Also, buying a home is several times less stressful than having to build one. The only paper you will have to chase is the contract that you sign with your realtor. From there, they can handle much of the transaction, all you have to do is sign the deal and move in.  You don’t have to run around looking for various permits to get work done.