When you have decided that you want a home of your own for you and your family, your next decision is whether you want new construction or buy a pre-existing home. There are big differences between the two and you need to weigh your decision carefully. Here are some of the pros and cons of new construction or buying an existing home.
The biggest difference between building and buying is going to be the price. In many cases you can get a pre-existing house cheaper than you can build. But if you are looking at moving into a new subdivision then brand new houses can cost more than similar houses just a half a block away. If you are looking to build on a lot that you own and you have connections in the construction industry or work in it yourself then building can definitely be the cheaper option.
New houses have the advantage of being ready for you to move in and you will also have a new home warranty in case there were any issues during the construction phase. You can have your choice of fixtures and fittings and you can add upgrades as you build. Whereas with a pre-existing home you may have to renovate to get exactly what you want. One of the disadvantages of new homes is the landscaping may not be finished and you can’t enjoy your yard until next summer when the lot settles and grass starts to grow in.
Where You Live
In real estate everything comes down to location and when it comes to buy or build, buying gives you far more options. Finding a vacant lot within the city limits where you can build a residential home is nearly impossible. Urban areas grow outwards from the downtown core so if you have your heart set on building then it will be far away from the city center. Bear in mind things like commuting back and forth every day and the headache of dealing with traffic.
There are advantages to building your own home, you can build it with any layout that you like and install all of the add-ons that your budget allows, there is also a wait time until your home is constructed. Buying also has its perks it can be more affordable and you have a bigger choice in location. Not to mention you can take possession of a pre-built house right away. You have to decide which of these factors are more important to you.