Should You Build or Buy A House?

HomeHome BuyingShould You Build or Buy A House?

House Hunting can be exciting, daunting, and an adventure all at once. As you begin your journey, one important thing to settle on right away is whether you want to custom-build a brand-new home or select from existing housing stock. Here’s a list of factors for each option that can help you make your decision:

 

Building a House

 

The Pros:

The obvious benefit of building a home is being able to create your dream home from the ground up. You’re able to build your perfect floor plan and create the exact design you have been envisioning.

 

The Cons:

Building will exercise your patience. Right when you get excited about moving in, you realize you haven’t even broken ground 🙂 Building is a lengthy process. You’ll also have to navigate many factors such as permits, building plans, and construction.

 

Buying a Pre-existing Home

 

The Pros:

If you’re looking to find your next home sooner rather than later, choosing a preexisting house is much more convenient. After you find your dream home, the average contract to close timeline is usually between 30 to 45 days. Recent data also suggests that buying an existing home is cheaper in most cases.

 

The Cons:

Of course, you won’t be able to pick exact features if you’re looking through existing housing. You’ll have to sacrifice that extra closet space or that perfect layout. Older homes are also more likely to require repairs.

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