Buying A Home vs. Building: Which Is Best For You?
Suppose you’ve already saved a 20% down payment for a property. In this case, you might be wondering if it’s best to buy an existing home or build a house to your particular preferences.
In this article, we compare buying a home and building so that you can make an informed decision.
Buying An Existing Property
The primary perk of buying an existing property is that it’s waiting for you to move right in; as soon as the property is in your name, you’re free to move into your new home and get settled.
In addition to this, it’s also often more affordable to buy an existing home, although this depends on the market. You can also invest in renovations or extend your home if the property doesn’t quite suit your needs from the get-go. You can genuinely transform any property into your dream home with the right renovation projects.
Moreover, existing homes will typically be located nearby shopping centers and other points of interest. In addition, existing homes also boast mature landscaping, which means you’ll save on getting your outdoor area in an immaculate condition if it isn’t already well-manicured.
If you decide to buy, you can browse North Carolina real estate listings to get a rough estimation of what you should budget for. There are also ways to save when purchasing a home, like browsing foreclosures and visiting property auctions.
The only relevant cons of buying an existing property are that you will have to settle for a layout and design, and you won’t easily find your dream home if your ideal property has unique specifications. You’ll also need to consider that older homes are typically less energy-efficient, and some are built with hazardous materials.
Building Your Own Home
When deciding to build your own home, the primary perk is being able to design the layout and style. With the guidance of a professional architect, you can essentially build your dream home.
In addition, you can opt for energy-efficiency power sources right from the start. Which will ensure you’ll save on consumption in the long run. And if that’s not compelling enough, you can also opt for eco-friendly building materials to reduce your home’s carbon footprint.
However, the major downfall is that you’ll have to wait quite some time before you can move in; it can take months and sometimes years to build a home. Moreover, building a home is more expensive than buying an existing home. There will also be quite a few unexpected costs along the way, and there could be time delays.
Whether you decide to build the home of your dreams or find an existing home that’s close enough to suit your expectations, it’s essential to choose the option that you can afford. With this, it’s essential to determine all the costs involved with regard to each option. Even though buying a home is substantially cheaper and more convenient, there are some hidden costs, like closing fees, property taxes, and others.