If you’re in the market for a new home, you can choose to either buy a pre-existing home or have one built from scratch. Each choice has its own benefits and disadvantages. But when you’re making what is going to be the largest financial decision of your life, you want to make the right choice for your needs and expectations.
Buying vs. Building a House: The Pros and Cons of Each Option
In this guide, you’ll learn the pros and cons of buying vs. building a house, so you can hopefully have a better idea of which will be right for you before you make your final decision.
Why You Should Buy a Home
Why would someone want to buy an existing home over building a new one? For starters, buying a home is just an easier and less stressful process than building. When you’re building a new house, your expenses vary from purchasing land, picking out flooring, fixtures, cabinets, countertops, interior trim, exterior trim, and more. You have an endless number of decisions to make, and each one affects your construction budget.
On the other hand, when you buy an existing home, the price is the price and that’s all you need to worry about. Even better, your agent can negotiate to get you the best deal possible. Other reasons why you might want to buy instead of build include:
- You can move in right after closing
- You can upgrade the home at your own pace and budget
- You may be able to get expensive amenities for less, like a built-in swimming pool or premium fixtures
- You will inherit a property with mature landscaping
Of course, there are always risks when you buy something that is used. With a transaction as large as a home, the risks are likewise large. Some of the cons of buying an existing home can include:
- You could inherit costly maintenance problems
- The home may need costly renovations
- The home may not be energy efficient, which can result in higher utility bills
- You may have to pay ongoing HOA fees
- You may not get everything you want in a home
Why You Should Build a Home
When you build your own home from the ground up, you enjoy being in complete control of your home’s design. You pick the land you want to live on, the home’s floorplan, and all the interior and exterior features and amenities. Further, you don’t have to worry about market competition, which can be significant and stressful. Also making a case for building are the following facts:
- You are the home’s first and only owner
- Everything in the home has a warranty
- No major repairs or renovations will likely be needed
- Your home will be built using the most energy efficient materials and appliances
- Your home will be built to modern codes
Just like buying, there are also cons when it comes to building a new home. These can include:
- You may have to wait to move in
- The more you add to your home, the higher the price will be
- There’s no room for negotiation
- Additional expenses will accrue for things like landscaping
- You may have to deal with ongoing construction and traffic if you’re buying in a new development
Thompson Creek Can Help Make Your Home Beautiful
If you’re buying an existing home that needs some renovations and you’re looking for custom windows, doors, siding, or gutters, Thompson Creek can help. We specialize in designing, building, and installing custom architectural elements for homes of all styles and sizes. To learn more about what we have to offer, contact Thompson Creek and get a free estimate for your project today.