One of the biggest decisions future homeowners are faced with is to either buy or build their new home. Homes are a big investment and you’ve likely saved up and planned for this moment for a long time, so it’s important to make the decision that’s right for you and not go solely off what your neighbors or friends are telling you. It can be difficult to make decisions like this, especially in a crazy real estate market that’s constantly changing and can be pretty unpredictable at times.
In this blog, we’re going to talk about everything you need to know when it comes to buying versus building your next home. If you have any questions, don’t hesitate to contact Strata Builders.
Buying A Home
Convenience and cost are the two benefits most commonly associated with home buying. In many cases, you’ll be able to move into your home right after closing. One mistake many homebuyers make is that they stress over trying to make sure everything is perfect in the home that they’re buying. This is seen as one of the major downsides to buying an existing home: it’s not going to be the home of your dreams, and you’re going to need to put some work into it in order to make sure it was worth your investment.
In order to completely understand the difference between buying and building a home, you should know some of the main pros and cons of each. These are some of the benefits of buying a home.
Knowing your neighborhood: If you’re having a home built, you’re not always going to know exactly what the neighborhood will be like if there aren’t already people living in homes in the area. When it comes to pre-existing homes, you typically know exactly what you’re getting.
Seeing before you purchase: Another benefit to buying is that you’ll be able to do a walkthrough of the home before you purchase it. You’ll also be notified of any damage to the home either from the seller themselves or a certified home inspector.
Moving in quickly: Oftentimes, with pre-existing homes, you’ll be able to move in immediately after closing, leaving no downtime.
Here are some of the major cons to buying a pre-existing home rather than building one.
Decorating costs: It’s only natural that if you’re moving into a home that was built by someone else, you’re not going to think of it as your dream home, and you’re probably not going to feel “at home” at first either. Of course, by putting some money into decorating the home your way, you’ll be able to change that, but it’ll take some work. For example, you may need to renovate the bathroom, change the paint, or change the flooring in the kitchen. According to HomeAdvisor, the typical cost of a repainting project is anywhere between $938 and $2,442 depending on the size of your home.
More home insurance: in comparison to a newly built home, you’ll be paying more in home insurance with a pre-existing home. Since your home is older and more likely to run into issues, you’re going to have higher premiums.
Making upgrades: One of the huge pains of purchasing an existing home is that you’ll need to deal with and pay for any upgrades the home needs. Oftentimes, the previous homeowner will fix certain things up before putting it up for sale, but others, they will leave it up to the buyer to deal with them. This is a huge pain, not only because you’ll be spending extra money, but you’ll have to go through the trouble of calling someone to get it fixed.
Regretting your purchase: Sometimes, when you do a walkthrough of a home, everything will seem perfect, but the moment you actually move in, you start to realize it wasn’t exactly what you were looking for. This is called buyers remorse and is much more common when buying a pre-existing home because the home wasn’t actually designed and planned for your wants and needs.
Home searching: One of the biggest benefits of buying a pre-existing home, being able to do a walkthrough and being able to see the home in its entirety before purchasing is also one of the biggest downsides. If you’ve bought a home in the past, you know how much time you have to spend searching online and driving around the city doing walkthroughs of homes and struggling to find homes within your price range.
Although buying a home is a great option for many people, it certainly isn’t the only one. If you’re serious about living in the home of your dreams, building a custom home is the only way to go. When building your own home, you won’t have to deal with many of the common issues of home buying such as having to renovate or repair damages that the previous homeowners didn’t get around to fixing or didn’t care to fix. If you’re looking to build a home in Florida, don’t hesitate to contact Strata Home Builders.
Read part two of this blog series to learn more about home building.