The simple fact is that we all need a place to live, if you are currently renting, are an existing homeowner, or looking to upgrade your living situation, there’s nothing more satisfying then moving forward on the plans you have to settle into a new home with your family. The biggest question that most people will face is should you purchase an existing house or build a dream home from scratch. Well, in order to draw the line between the two, you first need to consider both approaches and what exactly they entail. Whatever you choose to go with, here are some simple pros and cons to consider for each option.
Buying a Pre-Existing Home
Purchasing a pre-existing house requires doing detailed market research that will let you make knowledgeable location and home comparisons to arrive at the ideal house for your needs. Some of these processes include placing offers, searching for homes to view, and negotiations with your lender so as to get approval for a mortgage. The negotiations and paperwork can be overwhelming. However, if you work with a qualified real estate agent, the process becomes less cumbersome. In some cases, buying an existing house will save you money in the short term as you get the chance to move in right away. The thing about buying a home is that you don’t get to decide how big the rooms are so for example, your existing beds and mattresses may not necessarily fit in some of the bedrooms. This means that you’ll have to make some compromises that may not be ideal, and you may be missing out on some features that aren’t available with the selection of homes you are looking at.
Here are some of the pros and cons of buying an existing home:
- Convenience – You get the chance to move in right away after the purchase has been made.
- Cost – It may be less expensive to buy an existing home and renovate it versus building a brand-new house in a specific location.
- Security – Most of the time, you’re likely to come across houses for sale in established safe neighborhoods.
- Fixed Choice – You don’t get to choose the number of rooms or even the size that you want.
- Fixed Location – You may come across the ideal house, but only to find it in a neighborhood that doesn’t appeal to you.
Building a New Home
When it comes to constructing your home from scratch, there’s a lot that needs to be considered before moving forward with this option. First and foremost, you need to find a location with an available lot for the construction of your new home. Sometimes the ideal location that you are looking for may not have any options for you to buy a lot and therefore you may have to look at buying a pre-existing home to knock down and rebuild which can significantly add to the cost of this option. However, it’s safe to say that this is the best option for creativity as it will allow you to decide upon the perfect number of rooms and layout for your dream home. Basically, you get to decide on the overall outlook of the house which means you’ll be getting exactly what you want.
Here is a breakdown of the pros and cons of building a new home:
- Design – The main benefit is that you get to design a home that fits your personal style and preference.
- Space – You get to choose how much space each part of your new home has so you have the flexibility to get a large living room versus a smaller kitchen.
- Efficiency – You will be able to get the latest power-efficient heating and cooling systems as well as and appliances.
- Expense – Building a new home can require a hefty budget and there could also be additional costs that come up during construction.
- Security – If you construct your house in a remote location, you may have to set-up additional security systems to keep it safe within that location.
The final decision about buying an existing house or building a brand new one will be based entirely on your personal preference and criteria. If you can find your dream home in the housing market, then you may be better off buying. On the other hand, if you’ve found that ideal location, but there’s no perfect house for you on sale there, it may be better to build. Ultimately the choice is yours to make based on your circumstance and criteria.