You have two options if you are looking for a home to call your own: you can either build a home from the ground-up or buy a home as-is.
Each has its own unique ups and downs, and you have to set your priorities straight in order to make the most of the situation. Here are a couple of factors to help you make the final decision:
Building: The Pros and Cons
o Match the house to your needs. This is one of the first and foremost reasons homeowners want to build their own homes. You can basically design a home to fit your wants and needs, especially if you are looking for something that most homes do not normally possess.
o Increased value of a home. A house that is freshly-built is always more valuable than one that has been standing for a few years already. You can effectively make a business out of building and selling houses, especially if you are well-acquainted with the local real estate market.
• Search for reliable construction services. Having your house built means entrusting the job to engineers and construction workers. This can be a hassle on your part, especially if you are not that familiar with the reputations of construction companies and regular construction expenses.
• Heavy expenses. Building a home from scratch is a very expensive ordeal; initially requiring a very big capital from your end. You will have to pull out a bigger mortgage than when buying a home, so you will have to be very careful in balancing your budget.
Buying: The Pros and Cons
o Fewer expenses. Older homes tend to cost less on the get-go, meaning you will need less money to actually purchase a house that has already been built for some time. This makes buying a home much more preferable option if you do not have a lot of capital at your disposal.
o Instant access. Once you buy a home, the only thing you need to worry about is moving in. Waiting for the construction teams to finish and removing the smell of fresh paint is a lot less likely when you simply move into a house that has already been built.
• Maintenance costs. Homes that have been built for quite some time have a tendency to deteriorate. This is especially true if the house has been built more than a decade ago, and hazards like chewed-up wires, rotten boards or pest infestations are expensive issues to correct.
• ‘Get-what-you-see.’ You will basically buy a home because of what it has to offer, but you won’t necessarily get what you really want or need. You will need to adjust to the house you buy, especially if money is tight and you cannot afford to make major modifications in the near future.
Keep these tips in mind, and you will be able to make the right choice between building a house from the ground up or simply buying one that has already been built!