Pros & Cons of Buying vs Building a New House

Pros & Cons of Buying vs Building a New House

The time comes when you’d begin to consider owning a new property. This could be a business space, a religious center, or a home. At this point, there are always two options: (1) to buy, or (2) to build,

In this article, you’re going to learn the pros and cons of buying vs building a new home. Let’s start with buying.

PROS OF BUYING A HOME 

  • Save time. The number one reason people opt for the option of buying instead of building a home is to save time. It takes more time to build from scratch. 
  • Neighbourhood. With Purchasing a new home, it isn’t just a home you are purchasing, you are also purchasing a neighbourhood and also likely friends your kids will play and go to school with.

CONS OF BUYING A HOME

  • Maintenance. When you buy an already-built home, you have to plan for maintenance. And sometimes it can be much more than you expect, both in the work that has to be done, and the cost of doing all the work.
  • Customization. New properties may not excite intending homeowners who like to do a lot of customizing and upgrading themselves. Those who take pleasure in fixing up a home or tailoring it to their preferences might find that purchasing a new home may not be a good fit.
  • Discomfort and inconveniences. Most of these new already existing houses are being sold just to make a profit, without taking into consideration the users’ comfort and convenience.
  • Not what you want. What is especially true with buying an existing home, is that you may not get exactly what you want. For example, the floor plan may not be to your taste, or that you may wish there was another bedroom on the main floor.
  • Cost. All those fabulous amenities in a model house can add up. Upgraded features are marked up heavily for the construction company’s benefit and can add up, costing you far more than you ever intended.
  • Architecture aesthetic. Often buying a new home would have less architectural detail and charm that a customized building would be able to accommodate.
  • It is also cheaper to buy an existing home as against building.

That’s that for buying a home, now let’s consider some pros and cons for building a home.

PROS OF BUILDING A HOME

  •  Custom-built. The number one reason people who choose to build their own homes instead of buying have is the ability to build to their taste. You can have the builder customize the home before construction is completed, so it will be built to one’s personal touch and painted in one’s colour palette which is a big plus.
  • Brand new. A big financial benefit of newly built homes is that you won’t have to do much maintenance. With brand new appliances, plumbing, heating, and the air conditioning should be repair-free for at least a few years, which is especially true if the house was built under your supervision, to your taste and preferences. 
  • Choice technology. An intending homeowner can often equip his new home with the latest available technology built right in, such as alarm systems, internet wiring, and cabling, thereby saving lots of time, money, and holes in the wall. 
  • Luxury. Building a new home to your taste and style which is complete and perfect is a true luxury. 
  • Satisfaction. Building your own home leads to a higher level of satisfaction that can not be achieved through buying an existing home, there is an emotional connection to living in a new home that you created.
  • Flexibility. Building a new home allows you to go through all the little details with your contractor and also make changes as you wish.
  • Safety. Building your own home is less likely to create health hazards from the use of toxic materials which may have been used in an already built home, especially since what most developers are after is profit.

CONS OF BUILDING A HOME

  • Proximity. Many new constructions are built far from necessary destinations like schools and your usual supermarkets and shopping centers.
  • Neighbourhood. Another reason an existing home may be a better option is if you would like to be in a particularly established neighbourhood, near work, school, family, or friends.
  • Stress and cost. Building a new home may be more expensive and stressful. Making decisions on the type of finishes to be used; tiles, roofing, etc. The biggest drawback to building your home will be higher cost and a longer time frame before you can fully occupy.
  • The convenience of being able to move in right after purchase might be the reason why most intending homeowners may opt for outright purchase as against building, this may especially be true for buyers on a tight schedule, such as relocating for a new job or whose children may be starting a new school.
  • Building a new home doesn’t offer the same convenience as buying an existing one, with building a new home, one may have to factor in the time to find an architect or builder and also time to choose every element.

So there you have it. Should you buy or build? That’s definitely up to you. If you don’t mind customizing a home exactly as you want, and if you don’t want to wait months before occupying your home, you should buy.

However, if you have time and a desire to live in a home that is just as you want it, then you should build. And if you choose to build, build with Calebella.

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