Should you buy a new house or invest in an existing one instead? This is probably the most important question a first time homebuyer confronts, as each choice comes with its own set of advantages and disadvantages. You need to consider a lot of factors too, such as preferences, timelines, and customization.
But how about the costs? You’ll be surprised to know that budget isn’t the make or break factor that most people think it is. If you have the money to buy a home, you can most definitely build a home.
So what are the most important factors that you should consider then? Below we’ve listed down some of the key considerations that come with buying or building a home:
Your Preferred Location
When buying a house, you’ll have limited choices because, ultimately, your choices depend on the availability of homes within your preferred location.
On the other hand, if you build a home, you don’t only get to choose what neighborhood you want to live in, but you also get to decide the number of rooms to be added, the type of fixtures you want to be installed, even the paint colors that go with the house. You may also want to live in a community located near schools, shopping malls, or the like.
The ultimate deciding factor is this: if you can find a property within your area that is up to your standards, then go ahead and buy that one instead. But if you feel like you are confronted with limited options, don’t settle for those choices. Instead, choose to build a home—it’ll be a better investment in the long run.
The Amount of Maintenance
Used homes are a convenient option. They are readily available and you don’t have to stress about design and color choices. However, eventually you may run into some maintenance problems, ranging from plumbing issues to worn-out appliances. A newly built home comes with new furniture, new appliances, and up-to-date utilities. Everything is under warranty so you don’t have to worry about wasting your money.
If you need a home and you need it fast, then buying a used home may be the right choice. On the other hand, if you don’t want to deal with repair and maintenance issues, and you have the luxury of time, then it might be best to build a new house.
The Availability of Financing
No, this is not about the budget—it’s about the availability of financial resources. There’s a difference! Those who decide to build new homes have easier access to financing as lenders are supportive of community developments that would ultimately benefit them. In addition, newly built homes don’t require home inspections — another thing you have to pay for when purchasing used houses.
Unless you’re purchasing a house that has a lot of value, having a new home may be the better investment option. Modern houses, coupled with new technology, upgraded features, and ideal locations, will benefit you in the long-term compared to outdated homes.
The decision of whether to buy or build is tough, and is one that requires deep thought. Your future and your money are at stake here so you need to choose the best option. Based on our experience, most customers find that building a new house allows them to customize their home according to their needs. If you are looking for a custom home builder in Greenwood, feel free to contact our team of experts.