Should you build or buy your next home?

Should you build or buy your next home?

Building a new house can be attainable.

  • The expensive part is the actual materials, so looking into building in an area that offers affordable, local products can help keep down costs.
  • If you are knowledgeable in construction, you can also save some money by doing painting and other building work yourself.

Pros of building a new home

  • You can custom-design your new home just the way you want it.
  • You will move into a home where everything is brand new and avoid the headache of inefficient appliances or expensive repairs.
  • You won't have to live with the tastes of a previous owner.

Cons of building a new home

  • Costs might exceed the original budget.
  • Everything may not go perfectly; there could be delays or problems with construction.
  • It can take as long as four to six months to build your home.
  • Due to cost, you may be forced to limit yourself to the style or upgrades in your home.
  • You may have to move into another place while your new home is being built. This means more money for rent and storage of your belongings.
  • Building and moving can be stressful.

Pros of buying an existing home

  • You will be able to move in more quickly than if you build a house.
  • Landscaping and window coverings may already be included.
  • If there are changes and upgrades you want to make, you can do them as you can afford them.
  • You will already know the floor plan and the layout of the home without having to imagine the size and appearance.
  • There is usually a lot of variety in existing homes on the market.

Cons of buying an existing home

  • Some of the flaws of the home may not be noticeable until after you move.
  • The cost of any remodels or upgrades may be high.
  • You are stuck with the general layout of the home.
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