Home buying comes with many decisions, starting with whether to build that dream space or purchase an existing home. Both options have advantages and disadvantages. Here are some highlights that may serve as a guide in the process.
Advantages of Existing Home
One of the biggest advantages to buying an existing home is a quick turnaround. The process is straightforward for most people: pre-qualify for a loan, start shopping around, select the home which suits needs and desires of the buyer and close on the loan. Market conditions play a factor in the process which lists ‘must haves’ some homebuyers can complete in as little as 1-2 months.
Another distinct advantage is the potential for move-in-ready property. Most existing homes need only minor repairs and remodeling before moving in. Save a few dollars by painting and completing a few things without paying expensive contractors can still add value to the property.
It is not possible to know everything about a home even after a thorough inspection. If a person views home reno shows on television, this is case-in-point. What looks good on the outside may not look good on the inside. Existing homes sometimes come with unseen and unforseeable problems which may also be expensive.
Another disadvantage to buying an existing home is compromise. The perfect house in the wrong neighborhood, great neighborhood with a long commute to work or a few missing amenities can be big disadvantages down the road. At some point it helps to select what are ‘must haves’ and decide where compromise rests to finally settle on a home.
Advantages of New Homes
The biggest advantage of building a new home is that it can be built to individual specifications and desires. The individual picks everything. A new home will include modern, up-to-date features and designs with new appliances, eco-friendly materials and comes with more energy efficiencies to save money down the road. Depending on the builder, most new homes are available for a home warranty, ultimately saving from costly repair bills.
Disadvantages of New Homes
The biggest disadvantage of building a new home is the time commitment. More often than not, building a new home takes more time than buying an existing one. Weather, inspections, changing one’s mind on details and finishes can push final closing and completion further down the road. Construction loans must be paid while the home is being built.
Another disadvantage to building a new home is acquiring the right land. Available land for interested parties is an additional expense on top of the cost of the new home. Available, affordable land that is ready to build on may be scarce or overpriced in some markets, making it harder to find the lot to build the home of one’s dreams upon.
If you’re ready to build a custom home of your dreams, call Brookstone Homes. We will work with you to ensure we find the best available property and land for your requirements while fitting out the house to meet all your outside and inside needs. Why buy an existing home when you can build the one you really want? Call us to find out more.