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To Build or To Buy...

A home is typically one of the biggest investments you’ll ever make. As most people consider this large purchase, the same question always seems to come to mind: Do we build, or do we buy? There really is no wrong answer, but it’s important buyers understand some of the pros and cons of each before deciding which path is the right one for them.
The greatest advantages to buying an existing home are convenience and cost. With an existing home, you can find something move-in ready in a relatively short period of time. Of course, you will have the process of viewing homes and trying to find one that includes enough of the items on your wish list, but a realtor can help you streamline this process to make it much more convenient for you. Additionally, on average, you’ll end up paying less for a home that’s already constructed.

The biggest disadvantage to buying an existing home, however, is that you may not be able to get exactly what you are looking for. You may not love the floor plan, or you might find the perfect floor plan in a home that hasn’t been updated in 20+ years. Because these homes weren’t built specifically with you in mind, you may find yourself having to spend additional money on remodeling or repairs.

Building a new home doesn’t have the same convenience factor that buying an existing home does. Custom home building is a process, and you’ll spend time finding the right piece of land and working with an architect to find the perfect layout for the home. The next step will be meeting with custom home builders to find the right builder to build the home you’ve put so much of your own time and thoughts into. The beautiful thing about building your custom home is that you have input in the entire process. You are much more likely to get exactly what you want when you build.
Another big advantage to building over buying is that your home will be built to the latest energy codes which can make it more efficient than an existing home. You can also add energy star appliances and green appliances and fixtures to make your home more efficient, as well as add in home automation and prepare for future technological upgrades that older homes may not be equipped for.

It is important to note that the ability to completely customize your home does come with a cost. You may need to prepare to pay more for a custom home than for an existing home. However, you’re less likely to have to deal with big maintenance issues, like heating and cooling system repairs or roof repairs, for the first few years in a custom home versus the possibility of an existing home needing these issues addressed sooner.

Every buyer is different, and you are the only one who can decide which is best for you. The easiest way to start is by prioritizing the things you want and categorizing what you can concede and what you just can’t live without. This is a great first step in answering the question: Do I build, or do I buy?