Shopping for a house can be quite an exciting journey. It’s the biggest investment most people ever make, and everyone goes in with an idea of what their “perfect house” is. Each person has their own list of needs and wants as far as features, and most buyers spend lots of time and energy searching for the right location, price, features, and so on. Before getting too deep into the search, house hunters should decide whether they want to buy an existing house or construct a new one. There are, of course, advantages and disadvantages to each. Here’s what people should keep in mind as they consider building vs buying a home.
Pros and Cons of Building a Home
According to Tiger Industrial Rentals (click here), the great advantage of building your own home, of course, is being able to incorporate many or all of the specific features the person wants in their home. Building a home gives the buyer more control and allows them to bring their vision to life. In addition, building a new home means the house will be equipped with all of the latest technology and building materials, likely making it more energy-efficient than older houses and saving the homeowner money on monthly utility bills in the future. According to Tiger Industrial Rentals (http://www.tigerindustrialrentals.com), a new house will also eliminate health risks associated with older buildings, such as asbestos, lead paint, mold, and so on.
Building a home isn’t all ups, however, and there are plenty of disadvantages to consider before breaking ground on your perfect house. Not only does building a house mean financing the construction, it also means purchasing the land the house will be built on, which could add significantly to the costs. If time is of the essence, buying an existing home is more effective, as new homes can take several months or more to complete. Furthermore, the initial estimate for building the house may rise despite promised discounts by contractors. As far as the numbers game, as of February 2015, it costs an average of $275,500 to build a new home while an existing one costs $204,200, according to the National Association of Home Builders.
Pros and Cons of Buying a Home
The advantages and disadvantages of buying a home are mostly the opposite of building one. Two of the biggest advantages are related to cost and convenience. Buying an existing home means you will be ready to move into whichever house you choose soon after you buy it, and the process can be fairly quick, especially with a professional real estate agent streamlining the search. Despite the numerous steps in the home buying process, everything from financing to inspections and closing, it is usually preferred by buyers, especially those who are on a tight schedule. Cost is also a big factor because, at the end of the day, buying a home is cheaper than building one.
Of course, buying a home means the buyer will likely have to sacrifice a number of their wants. It is possible to find a house that has everything you want, but it isn’t likely. Buyers simply need to accept the fact that there will probably be some aspect of the house that isn’t exactly what they want, whether it’s the floor plan, fewer bathrooms, or inadequate gardening space. They may also be stepping into a house that has outdated technology or limited room for expansion. If the house is going to need a lot of future work to make it satisfactory, it may be better to build a new one instead.
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