Finding a home that has everything you need and want can be a challenge, especially if you have a predetermined budget, location, and wish list in mind. After an exhaustive search, you may decide to build your dream house so you can fill it with all the features and conveniences you desire.
Whether to buy or build a home is a big decision, and you’ll need to weigh the pros and cons to decide which option is right for you. Here are a few factors to consider.
1. Consider Your Lifestyle
Understanding your lifestyle needs will make deciding whether to build or buy easier. You must consider not only your current needs but your future needs as well. It’s common for people to forget future needs when building, which can lead to mistakes and inconveniences later.
If you purchase an existing home, you may need to give up certain things on your wishlist. It might be possible to renovate later to adapt the home to your needs, but you must decide how willing you are and how flexible your budget is to make the changes you need.
2. What is the State of Your Finances?
Your budget plays a big role in whether you’re able to buy or build a home. Building a home is expensive, often more so than buying an existing home. You may want to talk to a builder first as they might have relationships with lenders who can get you the financing you need to build.
Whichever option you go with, you should always get pre-approval for a loan before beginning the search for your new home.
3. Choose the Right Builder
Finding someone who understands what you want and has the skills to deliver it may take some time. As you search for the right company, you’ll likely find that home builders are a dime a dozen. This can be intimidating, but if you do your research beforehand, you’ll be better positioned to avoid making a poor choice.
Look for a builder with a good reputation for timeliness, quality, and customer service. Make sure they are on the same page as you and don’t forget to check references. Reviews from past clients and photos of past projects can put your mind at ease and let you know you’ve made a good choice.
4. Location, Location, Location
Whether you buy or build, location will matter. Every community has specific building codes and regulations. While this may seem like a complexity you’d rather not deal with, keep in mind that these building rules are your trade-off for not having to deal with the competition involved in purchasing an existing home.
If you’re buying an existing home, there may be other buyers you’ll have to compete with to win the bid. This is especially an issue if you’re looking to buy in an up-and-coming area with lots of attractive amenities nearby.
5. Upkeep on New and Old Homes
Finally, you’ll need to decide how much money and energy you’re willing to put into maintaining your new home. Newly constructed homes require less maintenance, and their major systems often come with warranties. When you buy an existing home, however, you never know what you’ll need to repair or upgrade next. There could be hidden issues that don’t reveal themselves until after you’ve settled in.
Whether to build or buy a home ultimately depends on your needs and budget, but also, the factors listed above. Be sure to consider everything carefully before making this big decision.
