Whether you build your dream home or purchase an existing home, there are different issues that will arise from either path you choose.Owning your home will be one of the most significant decisions you will make in your lifetime, therefore, you should take your time and make the right decision for you, your family, and your future.Let’s look at the pros and cons of both:
Building Your Dream Home
Many homeowners, especially new home owners, start out thinking they want to build their dream home.Instead of trying to fit your lifestyle into an already existing home, you can build one that fits you.While there are many plus or advantages to building your own home, there are just as many disadvantages.Here are few to help you make your decision:
•Pros – building your dream home will offer you a great sense of accomplishment and have amazing sentimental value.You can have everything your way – both structurally and cosmetically!In addition, when building your own home, everything will be new, which typically means less repairs for at least several years.Building your own home also allows you to be pickier about the spot of your home.You can search for the perfect community, with the perfect schools, tax benefits, and neighborhood for you.
•Cons – building a home typically will take longer than you would expect.You will need to continue living in another home until your new home is ready and if there are any delays, well you could be stuck.In addition, there may be unexpected costs that can increase the price of the construction.While there are advantages of building a new home in a community, there are also some disadvantages – you may have to pay additional homeowner association fees because you are building your own home, and in some developments you are restricted to floor plans, number of square feet, or number of floors you can have.
Buying an Existing Home
Many looking to buy a home will simply look to the real estate section of their paper or contact a Realtor.This may seem perfect for some, but purchasing a previously owned home can have its drawbacks and challenges.Here are few things to consider when deciding whether to buy your home:
•Pros – the biggest advantage of buying a home already built, is that typically you can purchase, close the deal, and move in rather quickly.You also may have the opportunity to save some money, as you might be able to negotiate the price down.
•Cons – as with any existing home, depending on the age, the prior owner’s maintenance habits, and more, you may be purchasing a home that is riddled with problems.This could cost you more money down the road to make the repairs.
No matter which avenue you choose, do your research and choose the best option for your needs.
Resource to home buying and home building and benefits to consider