You decided, and you’re ready for a change. You’re ready to move into a place to call home, but you’re having trouble deciding to build a home or buy a home. Which should you do?
In a seller’s market, it’s reasonable to anticipate healthy competition for an existing home. But if time is on your side, it could be more reasonable to consider building.
There are advantages and disadvantages to buying an existing home. Some of the disadvantages include the time you’ll spend looking. Searching for the right home can take months. Then, once you’ve found the right one, you are likely to have some competition, which could engage in a bidding war.
Other disadvantages to buying an existing home include the likelihood of maintenance issues including costly repairs and upgrades. Even more, it’s likely you’ll have to make some compromises to the floor plan.
On the other hand, there are advantages to buying an existing home. For one, building will take time, whereas you can move into an existing home quickly. And while you can make upgrades to an existing home, structurally, there may be limitations. By building, you have more freedom to create your vision.
Whether to buy or build your next home is not a decision to take lightly. With many factors to consider and decisions to be made, we have listed some reasons why you may consider building your next home.
If you have a particular vision for your home, building will give you the greatest control over the design and layout. Building also allows for plenty of customizations, and while that adds to the number of decisions you’ll have to make, it enables you to act creatively.
Perhaps the most heartbreaking part of the home-buying process is competing offers. Should you opt to build instead of buying, you won’t have to deal with any competition for your dream home.
For many home buyers, upgrades and renovations can be viewed as moments of opportunity. Because oftentimes the cost of buying is less than the cost of building, many home buyers budget renovations into their plans.
But, a disadvantage is that existing homes are more likely to have older appliances and outdated plumbing and electrical, which can mean unplanned maintenance. New custom-built homes, on the other hand, can anticipate fewer maintenance costs.
Bottom Line: Should You Build A Home Or Buy?
Your decision to build or buy a home is tricky and should not be based on one source of information. Each option has its own advantages and disadvantages. Identifying which option makes the most sense for you and your family really comes down to your unique situation.
You may realize that building a home is the only way to realize your dreams for a truly customizable floor plan and modern features.
Building a home, however, does require time and work — and if that’s not in line with your situation, you may find it easier to compromise on some of your wants and buy an existing home instead. Buying a home is usually less time-consuming and less stressful.
The decision is up to you!
Building New? We Can Help!
Congratulations on making the decision to build a new home! Now what's next?
Part of the fun in building a new home is the planning and decision- making that goes into creating your dream home! But building a home also brings a lot unknowns and questions you probably haven’t thought about. The good news is we can help! Paul Gray Homes will walk with you through every step of the process to make the home building experience as effortless and enjoyable as possible.
Have questions about building a new home? Contact Paul Gray Homes at 316-978-9047!