Did you know that Americans own around 80 million homes?
If you’ve been dreaming about investing in a home, then you have to figure out whether you’d like to build or buy a home. Since there are plenty of pros and cons that come with each option, it’s important to understand your unique lifestyle to make the right decision.
Do you need some help understanding if you should buy or build a house? Read this guide to unpack the benefits and drawbacks.
Your Timeline To Move Into A New Home
If you’ve been saving up for your dream home and you don’t mind waiting to move in, then building allows you to turn your vision into a reality.
Anyone who needs to buy a home to expand their family, relocate to a new job, or address any other time-sensitive issues may not be able to build. Lived-in homes are ready for you right away while the building process can often take over a year.
How Flexible You Are With Design
Designing a custom-built home is tons of fun because you can pick every feature you want. The beauty of a new construction project is that your house will be perfect when you walk through the door.
Some people enjoy buying fixer-uppers, but certain homes are more trouble than they’re worth.
Buy Vs Build Costs
One perk of buying a home is that the cost tends to be noticeably cheaper than building from scratch.
While this might turn you off, it’s important to pay close attention to inspections. You could save money on the upfront costs, but end up spending more down the road on maintenance and repairs.
Your Ideal Community
Some new homes are built in areas that aren’t developed yet. If you have kids or you like being close to attractions, then you may be unhappy taking this path.
Buying a home allows you to research the area to ensure that everything nearby is already up to your standards.
Your Tolerance For Competition
Another top reason why lots of people want to build a home is to avoid competition. Depending on how desirable a home is, there could be a dozen different buyers competing for a single property.
If you don’t want to deal with the stress and heartbreak from falling in love with a home and losing it, then building your own will eliminate any competition.
Do You Want To Buy Or Build a House?
Choosing to either buy or build a house is a big deal and the last thing you’d want to do is regret your decision. Now that you’ve read this guide that breaks down both options, you can have a better idea of which choice is best for you.
While getting a new home is always exciting, the process can be daunting. Do you want to take the stress and guesswork out of tackling the real estate market? Have a look at our other posts so you can become an expert.