Build vs. Buy: What Real Estate Option is Right for You?
By Space Coast Daily // November 22, 2018
For most people, their home is the single, largest investment they will ever make. As a result, most people spend quite a bit of time either looking for or designing their idea of the “perfect home,” before signing anything.
There are many factors that go into this decision, including the condition of the property, any homeowner’s association fees, property taxes, market trends, price and location. Additionally, buyers usually have a wish list that includes their specific wants and needs for the house.
While the process of buying a home involves several choices, one of the first decisions is if you want to purchase an existing home or build one from the ground up. Each of these options has both pros and cons – take a look at both sides, here.
Purchasing an Existing Home
There are two main advantages offered when you purchase an existing home – cost and convenience. After you have been pre-approved by a mortgage lender, you can begin to shop for the home you want, choose one and make an offer.
A real estate agent can help to streamline this entire process by helping you find the properties that best suit your needs and guide you through the negotiations while helping out with all the necessary paperwork. After your offer is accepted, you can usually close and move into your new home in a few months.
While the process involves a number of steps, the convenience of being able to move in immediately is enough to make some people choose this option.
It’s also important to note that it’s usually more affordable to choose an existing home over having one built. The main drawback of choosing a pre-built home is that you don’t get to have your special touch put on the home – there are typically no customization options – after all, you are buying a prebuilt home.
Building a Home
On the flip side of the coin, you can choose to have a home built. The biggest advantage of this option is that you get the home you want. You can customize every single detail of the home being constructed.
Unfortunately, there are a few more steps that you have to go through to build a new home; however, most people who go this route agree that the ability to customize your home to your specifications is well worth the additional steps.
In addition to finding the land where you will build, you may have to have it surveyed, from a company such as SurveyPlus if you aren’t buying the entire parcel. You have to find a contractor, designer for the home, and choose all the materials. This is where you can really customize the home that is being constructed.
Yes, building a home takes more time and usually more money than buying an existing home. However, you get say-so in what you want and what you don’t want. If you are searching for an option that ensures you get the home you want, then building is going to be your best bet.
Build or Buy: What’s Right for You?
This is a personal decision and one you will have to decide for yourself. The fact is, there are pros and cons to both options. Being informed and understanding what each option has to offer is one of the best ways to ensure you choose the option that best suits your life, wants and needs.
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