A few months ago we talked about the pros and cons of buying or building your home. There are definitely advantages and disadvantages to both options. Either way, the choice that you make is going to require sacrifices. A brand new built-for-you home may have all the features that you want but may cost way more than buying something already built.
As a recap, here’s what we had to say about both options:
Right off the bat, building a new home gives you something that is move-in ready. Ideally, there should be no need for renovations, and if there are, they’ll be minimal. No need to replace windows or shingles, and by building new, you can customize your home in advance!
While many folks believe in the adage “they don’t build em like they used to”, the same isn’t said for home building. New homes have to adhere to building codes whose predecessors were less stringent, or sometimes nonexistent depending on how old the home is. Add in that new homes are more efficient than older homes, and you’re already ahead in the game.
There is something appealing about an old home with many rooms and nooks and crannies. But new homes are built with modern families in mind. Spacious entertaining areas, more storage, and smart home tech all make your new home easy to live in!
Another great advantage to building your new home is knowing the history of your builder. By speaking to previous customers of theirs, checking their Google, Facebook, Houzz, and Yelp reviews, and checking their website for testimonials you can learn about the work history of your builder.
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 upfront 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.