Finding a new home at current market situations is a great investment. All indicators are pointing to a positive outlook for the housing industry – rents are increasing, mortgage interest rates are decreasing and the houses are being offered at buyer-friendly price tags. It is a great time for homebuyers and sellers to negotiate with the help of broker and agents.
With this development, one critical question still lingers in the minds of buyers. There are a lot of things to ponder on when dreaming of having your own house but the first question to look into is whether to build a new home or buy an existing one? There are a couple of unique advantages and disadvantages between the two. Choosing the best one for you is a matter of knowing the difference as against your preference.
The primary benefit of building a house from the ground up is customization. As the home owner, you can design every nook and cranny of the house to fit your needs and wants. You get to decide how much of the land area you would use for the actual house and how much for the lawn. How big the main room is and how many other functional rooms you want to have inside.
Building a new home also allows you to integrate the newest appliances in the market that are low maintenance and consumes lower electricity. This could save you a lot of money in the long run. One of the main considerations in building a new house is the cost involved. Before thinking about the design, you have to purchase a land to build on first. There are also construction costs and labor that go with it that you need to budget. Buying new appliances will also take a toll on your investment. Another is that it would take time before you can move in as against buying an already existing house.
Thinking of buying an already existing property for your new home is also a great idea. More than the fact that you can already move in more quickly, most of theses houses are now being sold at a significantly lower cost that the amount it took to construct it. This means that buying a new house would most likely be more budget friendly than constructing a new one.
Purchasing an existing house is also less stressful because you no longer have to think about the construction and constantly keeping tabs on the budget making sure you are able to operate below it. Your new home also comes with appliances that you can already use as soon as you move in.
Buying a home is great but there are limitation as well. One of the items that come to mind of buyers is the fact that they have to conform to the already existing character of the house. They can contract a few minor changes to the house but that could cost a lot especially with old houses.
Choosing between purchasing an already existing property as against constructing your new home depends on your budget and long term goals. If you do not intend to stay in the area for a long time, it is better to just buy a house. But if you are looking to settle down and you have the budget and time to spare, it is better to have your house constructed.
The Guldi Group can help you whether you want to buy or build your own home. We have the professional network to provide the right assistance to your unique home ownership needs. Give us a call.
To keep up with the latest in real estate be sure to subscribe to our blog by entering your email address in the upper right hand corner. You will receive our latest postings by email automatically.
Image courtesy of Naypong for FreeDigitalPhotos.net