You’re ready to buy a new house and have been searching the internet to see what’s out there. Maybe you found a few that were close to what you wanted, but nothing really stands out. The properties you’ve seen are either too expensive, too small, or too far of a commute to work, and at this point, you’re not sure what to do. Wanting to purchase a home that you’ve always dreamed of, you begin to wonder if building your dream home would be a better option.
As the selection of properties for sale in certain areas decreases and the availability of new lots and land increases, the idea of building a house has become something that many home buyers are interested in. As purchasing a home will require a significant investment, either way, it is ideal to weigh the pros and cons of each and determine which route is best for you.
Advantages of Building a New Home
There are plenty of benefits to building your dream home from scratch. Below are just a few:
- Get What You Want – One of the first reasons home buyers opt to have their dream homes built is because they get exactly what they want. They get to look at house plans to decided on the layout, you get to choose materials, patterns, and colors for the decor, and much more. Essentially you get to bring your dream home to life with the help of home builders and other contractors.
- Energy Efficient – If you’re looking to save money on housing costs, building a new home is ideal. When working with builders to choose materials, appliances, etc., you can select sustainable materials and energy-efficient products which will save you money on utilities.
- Easier to Resell – Though the hope is that you stay in your dream home forever, if you should decide to sell a newer property is a lot more appealing to buyers than an older one.
- Warranties – Another great thing about building a new home is that all appliances and products used to build the home are under warranty for the first few years. So, should something break down, it can easily be replated without you having to spend a fortune.
Disadvantages to Building Your Own Home
- Lot of Work – building a new home is not as simple as finding a builder, choosing a floor plan, and getting started. First, there’s finding the appropriate lot for sale. Then, there’s dealing with sewage, water connections, permits, and more. It really is a lot of work.
- Take Longer – if you’re pressed for time on finding a new place, building one may not be ideal for you as the construction process can take months assuming there are no other issues that come up.
- Costs More – If you want the power to choose everything from the foundation to the roof, you’re going to pay a bit more for it.
Advantages to Buying an Existing Property
While you may find it frustrating to keep house hunting, there are some perks to purchasing an existing property.
- Established Neighborhoods – Many new construction properties are located in areas where the neighborhoods aren’t that developed. Essentially this means they may not be near the best school systems, public transportation, and even retail and entertainment may be further away. When you buy an existing property, however, you can opt to be in a neighborhood that’s most convenient for your lifestyle. So, if you’re thinking of buying a home for sale in Langley, buying an already existing property gives you the upperhand of being close to schools, business establishments, malls, and many more.
- Cheaper – Depending on where you plan on buying an existing property it can end up costing you a lot less than building your own.
- Quicker – If you’re closing on your old home and need a place to stay soon, going with an existing property is faster.
Disadvantages to Buying an Existing Property
- You Don’t REALLY Know What You’re Getting – One of the biggest disadvantages to buying an existing property is you don’t really know what you’re getting. The property could have underlying issues you aren’t aware of that could cost you just a few months or years after you’ve moved in.
- Take the Good With the Bad – When looking at homes on the market, chances are there are things about the houses you like and things you don’t. If you build your dream home, obviously, you can avoid any feature you don’t like. However, when you buy an existing one, you have to take the good with the bad and make alterations later (if you can).
As you can see, there’s a lot to think about when deciding whether you’re going to buy or build your dream home. If you’re looking for something more affordable and readily available and don’t mind the fact that there could be issues down the line or things about the property you don’t like, then stick to looking for the right existing property. If, however, you want to have a say in every element of your home, you have the time and patience to wait for the construction process to be over, and you don’t mind the fact that you have to pay a bit more, then start looking for the right lot to bring your dream to life.