Home & Family
Buy or Build? Which is Right for You
How to decide whether buying or building your home is right for you.
Two main options arise whenever they think about the home acquisition: whether I should buy or build. Each of these options avails its advantages and disadvantages that should be thoroughly weighed before making your decision. In the following sections, you will find an analysis of the choice you will make, coupled with its merits, demerits, and factors to consider when buying or building a home.
Buying An Existing Home
The decision to buy an existing home is ideal for homebuyers who want to move in very fast. For example, a newly wedded couple may take this decision. Buying a house is also very economical, given the fact that they are many house dealers offering apartments at low prices. For example, NC home builders will construct modern homes at very affordable prices.
If you are among the impatient people, can you also buy an existing house rather than wait for days or even months before you move into a newly constructed building? However, this is not mean that an existing house is perfect. Once you have entered into an existing house, be ready to incur repair and maintenance costs.
Usually, before deciding to acquire a home, you must have a budget of how much you want to spend. Your budget can thus be used to resolve this dilemma, whereby you can either buy or build depending on the size of your pocket.
Building a house is very costly as it involves hiring employees and acquiring the necessary construction materials in large quantities. It is costly in terms of time since building a house may take an average of six months. Thus, if your money is only enough to buy an existing house, that would be the best decision.
It’s among the determinants that can be used when you do not know whether to buy or build. Let’s say you have always wanted to stay in rural areas with less noise and environmental pollution. You will find out that most rural areas do not have many homes for sale. Thus, you will be left with the choice of building your own home.
However, if you are planning to stay in the urban areas, you may buy an existing house since there are many house sellers. You should remember that your house’s proximity to hospitals, schools, and roads will determine the land rates and how much your house dealer will ask for.
You can also use your timeframe to decide on whether to buy or build. You will have to consider your reasons for acquiring a home. If your reasons are very pressing and urgent, you may consider buying an existing home. However, if your reasons for acquiring a home are not urgent, you can consider building your own house.
This is also one of the determinants of whether to buy or build. Let’s say you are among those people that already have a clear mental picture of what their future home should resemble. In such a case buying an existing house is not an option.
It is almost impossible to buy a house that has similar specifications to the ones in your mind. As such, you can rule out buying an existing house and simply acquire a piece of land to begin building. By building your own house, you have the opportunity to customize it to meet your needs and specifications. Building your house thus allows you to acquire the type of house that you desire. You will also find detailed information on home preferences here.
Building A home
Deciding to build a house offers the luxury of getting the house that you have always wanted. It also gives you the freedom of choosing where you want to locate your home, who will build your home and how your home will be built.
You will also be able to easily monitor and control the constructors to ensure that they build your house with the right construction materials. Moreover, unlike existing homes, building a new home ensures that you have built a modern house with trending features. However, building a home is associated with various limitations such as high labor costs, high land rates, and costly construction materials.
Whether to buy or build should not lie on flipping a coin; rather, with the information disclosed, you can easily decide whether to buy an existing home or build one. However, the path you will take will have its own merits and demerits, especially in terms of costs and time consumption.