At some point in our lives, we dreamt of having a home we can call our own. Do you find yourself ready to turn this dream into reality? But you are in the middle of a confusing situation on choosing whether you should buy or build a new house?
If you’re in this position, you have come to the right place! With many factors to take note of, deciding between these two options is hard to settle.
Here are some advice and ideas for you to know which course of action is the best for you. Keep on reading.
Gains of Buying a New House
While there are many pros, some of the most notable ones are cost and convenience. If you aiming to move as soon as possible, purchasing a new house may be the best choice for you. Even though you have to process legal steps, it requires less hassle and time since the house is already constructed and move-in ready.
Generally, you may perceive buying as a cheaper option, as well as based on data compiled by the National Association of Home Builders. Moreover, home loans have a lower chance of risk than land loans which in return give you more chance to save money. It also has preferable interest rates and may come with certain tax benefits.
Over time, you have the ability to model renovations. Also, most houses in the market are nearby urban and developed areas which are advantageous for people who are working. In short, buying an existing house is good for those who are looking for practicality and not much stress.
Losses of Buying a New House
One of the downsides of buying a house is that the style and design are most likely overlooked. Oftentimes, it is challenging to find a home that reflects your aesthetic and personality. You may not get exactly the house you are dreaming of.
As related, there is potential competition in the real estate market. Sellers may have many offers from clients so it may result in high negotiation prices, bidding, and more.
Technically, if the property is already built a few years back, maintenance like wirings, plumbing, and electrical system can be a concern. So, it may cause you extra expenses for repairs. Another consideration is there may have hidden problems that don’t become apparent until you’ve already moved into the house.
Gains of Building a New House
Having to build a custom home may not be as convenient as buying, but it can guarantee you that you have complete control of everything in the house. You can customize the structure layout, and every piece of furniture, down to the finest details. So if you want it, you get it!
On top of that, you can achieve a house that is energy-efficient and sustainable including air ventilation and filtration. That being so, it can lead to good savings on your utility bills. Plus, built houses are usually low-maintenance since most of the construction comes with warranties.
Not to mention, there is no market competition you have to face. Once you acquired land, there is little to no chance of competitors. Indeed, building a house of your own is for you if your focus is customization.
Losses of Building a New House
When building a new house, several disadvantages of it are finance, stress, and time. Depending on the size and location, the cost of materials, labor, and appliances can be quite heavy on the pocket. Aside from this, land loans have a higher payment, and you may need to get a construction loan and a traditional mortgage.
On the other hand, the long process of building will give you a lot of hassle and headaches. It is also time-consuming where the average time frame is about 6.5 months up to a year. There can also be unexpected delays or problems that arise, which can add to the general cost and stress of the project.
Along the way, you must be hands-on and exert plenty of effort for your dream house to stand exactly as you want. What’s more, is that you have to manage workers, and contracts, and lay down specifications until you move in.
Assess Your Situation
Acquiring a big asset, like a house, is a difficult circumstance to come into an instant decision. You may opt to have a consultation with agents to look over current real estate trends. Because once you have decided, you should stick with it all the way since there is a huge amount of money and effort at risk.
Foremost, you have to assess various factors such as your needs, budget, timeline, etc. If you can invest more time and budget in hand, you can go with house construction for a better fit. But if not, and you are looking for convenience and practicality, proceed with buying an existing house.
Besides, you have also to consider your lifestyle, job, and expectations. Sometimes, it is tough to find suitable areas close to your source of work, especially in developed urban locations. Even so, in both cases, you will spend money and face possible stressors.
Confidently Achieve Your New House
To select which is the best option for you, take time to dwell not just on your own thoughts, but also with the people you have to share the same roof. If you are still uncertain, you should seek advice from experienced professionals.
Always take into account the important points discussed above. And upon reflecting on all these points, weigh the pros and cons. If you are still uncertain, you should seek advice from experienced professionals.
Indeed, think smart and be ready to have your new house!
For more tips and insights on choosing what’s best for you and your family, keep reading our articles!