When thinking about owning your own home, you may start to question if it’s better to build or to buy. Buying a home, whether it’s your first, or your fifth, is a big deal. There are a lot of ins and outs on both sides of the build or buy fence. This month, we want to talk to you about the pros and cons of buying a home that’s already built. Come back next month when we talk about the pros and cons of building a new home.
When it comes to buying a home that’s already built, there are two major advantages.
The convenience is of course the fact that the house is already there. Once the process of financing and lawyers is complete, you’ll be more or less ready to move in. Also, homes that are already built are usually less expensive, meaning that your up front cost to buy the home is less, possibly leaving you with a budget to renovate if need be. So, even though the process of getting financing, finding and speaking with lawyers, and home inspections is not easy, being able to move in right away is very appealing.
On the other side of the coin, you have the disadvantages, the major one being, you may not get exactly what you want. The floor plan may not be to your liking, or the bathrooms may seem dated, which means you’ll need to pay to have things renovated and fixed. Older homes are sometimes functionally obsolete, meaning that there may be four bedrooms, but only one bathroom, and the basement may not be finished. Take this into consideration when you’re on the market for a home.
Do you have questions about the ins and outs of buying and renovating a home? Let us know! We’d LOVE to hear from you!