Building vs Buying a Home: Which is Better?
Homebuyers today are faced with a lot of questions. Beyond deciding their budget and needs, they also need to make a decision between buying an existing home or building one on their own. There’s a lot of competition in the home buying market today. In-demand homes fly off the market quickly in as little as 30 days, and that can be a stressful situation for homebuyers new to this process.
So which is better? As you can expect, the answer isn’t black and white. There are pros and cons for each option. While building your own home means you’ll have full control over the details, you won’t have the benefit of being able to purchase a home that’s turn-key ready. Which is the best option for you? Let’s dive deeper to find out.
Building a Home
Building your dream home helps you make sure that you can check all your must-haves off your list and helps to guarantee that it will suit your unique needs. You have full customization over the build since you’re creating it from the ground-up. As the first-ever owner of the home, you also won’t have to worry about unexpected maintenance costs or outdated features.
While many prospective homeowners worry about how long it takes to build a home from scratch, innovative companies like Home Design Perth utilize the latest technology to build homes in as little as 15 weeks. This can help keep the time spent between homes down and make it a much more attractive option.
Building a home does come with the extra costs of construction. You’ll also have less freedom to negotiate or keep costs low, but you can always opt for less expensive materials and appliances where available. Because the home is brand new, you can make the most of the latest technology and energy-saving techniques which could translate into long-term savings.
Once again, you’ll need to create a budget that accounts for unexpected expenses. Things like calculating the base price, closing costs, and any upgrades will all play into the total price. A real estate agent can help with this process, though it’s not 100% necessary.
Buying a Home
Buying an existing home is obviously less work, but that doesn’t mean it’s a natural choice. While you won’t have to decide on a home design, purchasing land, and all the small details, you’ll have to navigate a competitive housing market. There’s also a higher risk that things will go wrong within the home or that you’ll need to make expensive repairs or renovations.
When you buy a home, you’ll need to compromise on a lot of things. Your dream house might come with a pool or extra space for a home office. These things might not be available in your area on your current budget, or those types of homes might be in high demand.
If you decide to buy a home, you’ll also likely need to hire a real estate agent. This is something you can bypass when building your own home, but not when trying to find the best deal on the market. The right real estate agent can help you make the most of your budget in your area.
While buying a home means less time waiting to move in, it also comes with the drawback of not being able to customize your own property. Older homes also have additional costs to consider, so the savings might not equate to much at the end of the day. However, you still have more freedom to negotiate a price.
Which is Right For You
Now that we’ve looked into the case for both building and buying a home, it’s up to you to decide what’s right for your needs. Every real estate market is different. Some areas have different deals and lures that might sway you towards one decision or the other..
Talking with a real estate agent can help you assess your budget and how far it can go in your current housing market. Beyond that, it’ll come down to your needs. Are you set on your dream home, or are you willing to be a little flexible to move into a new home faster? At the end of the day, you’ll need to think how this home will play into your future plans.