To Buy, or To Build?

Both buying and building a home are exciting endeavors that require careful thought and contemplation. Both will get a roof over your head, but each option has pros and cons that may, or may not, make it the option for you! Building a home and buying a home are completely different tasks and weighing these pros and cons needs careful consideration before diving in.
Buying a Home – There is actually much more to consider when purchasing a previously owned home. More research, more construction history and more real estate options, etc. Purchasing a previously owned home had many constructive pros and cons to consider:

Pros:

  • Established neighborhood location
  • Mature landscaping
  • Better value for your dollar
  • More negotiable price
  • Included appliances and fixtures
  • Superior craftsmanship and material

Cons:

  • Not reflective of your taste
  • Cost of maintenance or renovations
  • Lack of modern amenities and wiring specifications
  • Less energy efficient

The two biggest advantages of buying an existing home are convenience and cost. After closing on a home, ideally, you can be comfortably living in it 30-45 days from the time of purchase.
Building a Home – Building your own home gives you the flexibility to have things just the way you would like, but even with the added conveniences of a developer, there are some drawbacks as well.

Pros:

  • Dream home sentimental value
  • Customizable structure and design
  • Emotional fulfillment and pride
  • Brand-new everything
  • Up-to-date construction materials and building code

Cons:

  • Delayed timeline
  • Exceeding cost expectations
  • Double mortgages
  • New neighborhood construction noise
  • More expensive per square foot to build than to buy
  • Time consuming meetings with the developer
  • Restricted to the floor plans of the developer

The decision to build or buy is not an easy one and each has its own set of advantages and disadvantages that require careful consideration. Owning a home is a great experience, but it is also an extremely taxing event in your life and you need to be prepared for what lies ahead. Look into both options and take the path that is best suited for you. Integrity Financial Services is always happy to help. Give us a call today at 1-877-760-9854 and let us answer your questions.

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