Should You Build A Home or Buying An Existing Home? When you’re ready to move into a new home, one of the most basic questions you will ask yourself is whether you should build a home or buy an existing home. There are a number of factors to consider before you go through the process. Here are five things to help you determine whether you should build or buy.
Sometimes the debate about whether you should rent or buy comes down to convenience. If you need something that is move-in ready, it’s obviously not the time to start building a new home; however, if you have some time to work with, building a house could be more within your grasp than you think.
Depending on your financial situation, it can be a lot easier to get a traditional mortgage than to obtain a construction loan. In that case, buying an existing home might be the best option for you at this time.
While we’re talking about your finances, let’s also consider your budget. Buyers who are building a home have to account for where they’ll stay while it’s under construction and the cost of building a home, not to mention the potential costs that can pop up. Your timeline can turn from months into years and that is something you may need to be prepared for if you’re building. If you’re buying, there may be some repairs; however, with a good home inspection beforehand, you may be able to cut a deal with the seller.
List of ‘Wants’
When you move into a new home, you have likely compiled your list of needs and wants. With an existing home, you’ll need to compromise with some of those; however, if you build a home, you can include everything you need and want (within budget). In the end, it comes down to what you’re willing to compromise.
Location, location, location! When you’re looking for a home to buy or a lot to build on, you want to make sure the neighborhood has everything you’re looking for. You will also need to consider factors like empty land in the neighborhood of your choice. If you’re number one priority is location, buying an existing home is probably your best option.
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