When you’re deciding between building a house vs buying, consider the pros and cons of each option here! Make the most of your life and your living space!
Are you looking to move into a new home? Congratulations! You probably have tons of questions, especially if this is your first house.
One of the biggest questions on your mind might be if it’s better to build or buy your house. Both offer some serious benefits and drawbacks.
So, how will you know which avenue is right for you? After all, a house is a huge commitment.
Keep reading to discover 7 questions that can help you decide on building a house vs buying one.
Do You Need to Move in Quickly?
If you want to move into your new home quickly, then it’s probably better to purchase an existing home because it takes an average of 7 months to build a single-family home.
If you opt to purchase a house, finding one that is already move-in ready can drastically shorten the time it takes to move in.
Of course, not all houses are move-in ready. But, you can do minor repairs or upgrades yourself to save time and money.
Do You Have Neighborhood Requirements?
Do you dream of living in a house with friendly neighbors, a nice park, and community events? If so, then buying a house might be your best bet.
Houses that are for sale are already located in established neighborhoods. You can explore the area and make a decision if the neighborhood is right for you as well as the house.
If you choose to build your house, it will most likely be in a developing neighborhood.
This means you’ll probably have to suffer through lots of dust and noise while others are building their houses. This also lessens the chance that the neighborhood already has facilities, like parks or community-wide activities.
Do You Need to See It to Commit?
One huge advantage to buying your home is that you can see it before you buy it. You can explore every room in the house and better visualize where your belongings will fit and how you will transform every room.
Sure, when you build a house you can see blueprints or 3D images. But that’s always enough for some people to commit.
If you are the type of person who needs to actually see your house to commit to it, we recommend you opt for buying your house.
Do You Have A Lot of Requirements?
Do you have a nice long list of requirements a potential house must possess? If so, you might want to consider building.
Building your house gives you the unique opportunity to start from scratch. You can include whatever you want in your home as long as it fits in your plot of land. You can even create a top-notch smart home!
The best part is that there are several companies, such as Holland Homes, that can help you design your dream home without any stress.
While you can always upgrade and redo a purchased home, some things might not be possible (or they might be too expensive).
Do You Want an Environmentally Friendly Home?
The majority of older houses do not run as efficiently as newly-built houses.
HVAC has improved their energy codes over the years, meaning that a new house will have better heating, cooling, and insulation. This means that you’ll need less energy to control the temperature of your home, saving you money and helping the environment.
Additionally, when you build a home from scratch, you can opt for greener materials and appliances. Sure, you can always install green appliances and solar energy in a purchased house, but you’re going to shell out a nice chunk of change, especially because you might be paying more for a house with nice appliances, to begin with.
Do You Want to Avoid Repairs?
So, we already mentioned that buying a house can be more convenient if you want to move in right away. But, if you don’t mind waiting, building your own house can be more convenient in the long run.
The reason is that older houses will have more maintenance and repairs to keep up with. Everything from the roof to the water heater will probably be quite a few years old when you move in.
If you choose to build a home, everything will be brand new, meaning that you shouldn’t have to repair or replace anything for the first few years.
How Does Cost Factor In?
Many people ask “is it cheaper to build a house or buy?” Well, this is a tricky question to answer since every home is different.
Typically, buying a home will mean that you pay less up front. However, you’ll also have to add in the costs of remodeling or maintenance. A good rule to follow is to set aside 1% of your home’s purchase price for repairs every year.
Buying a house is typically more expensive up front. However, there won’t be much (if any) remodeling or maintenance costs to worry about for the first few years.
So, ask yourself if you would rather pay more upfront or overtime.
Also, when you build a home, you only pay for what you want. When you buy a house, you’re paying for the house and everything in it. It doesn’t matter if you want to get rid of the oven or replace the carpet, you’re still going to pay for it in the cost of the house.
Before settling on purchasing a specific house, ask yourself just how much has to be done to it. Decide if the extra costs you’ll incur redoing the house is worth it.
Building a House vs Buying a House
Building a house vs buying a house: how can you decide which is better?
Well, if you want to move quickly, live in an established neighborhood, and see the house before you decide, then buying is probably the better route.
However, if you have a lot of requirements, you want an environmentally friendly home, and you don’t want to worry about repairs for a while, then building a house might be the better option.
Whether you choose to build a house or buy a house, just be sure to take cost into consideration to make sure you’re getting the most bang for your buck.
Did you like what you read? Check out our finance blog page for more great house-related content like this.