You’re ready to be a homeowner and whether you are looking for your first home, searching for a vacation property or moving to a new area, you’ve got some serious thinking to do. A good starting point… deciding whether you should buy or build?
The good thing is that there is no right or wrong answer to the question of whether you should buy or build your new home. There are many obvious pros and cons (and some not-so-obvious ones) to either choice.
Before you sign on the dotted line, here are some things to consider:
Building a Home:
- The most obvious perk to building a home from scratch may be customizing. You can design your home exactly the way you’ve always envisioned it. But “mini-con” alert, if you choose to go with a builder in a pre-existing development, you may have fewer options when it comes to customizing.
- When you build a new home, you are sure to get the most up-to-date technology and building materials, which may make your home more energy efficient (translated, better for the environment and, often, the checkbook, too). However, something that may not be included in the purchase price is the appliances.
- Just as Rome wasn’t built in a day, building a custom home takes time, too. New home construction can take months, which can be both a pro and a con. During the build process, it is usually very easy to make changes to your design. However, if your builder encounters a problem during construction, that may tack time on to the process.
Buying a Home:
- The most obvious perk to buying an existing home is often price. Many financial experts say that you get more for your money when you purchase a home already on the market. Take appliances for instance. They’re often included in the purchase price of a new home.
- You aren’t able to customize a home that’s been around for a while, but what you can do is negotiate for upgrades you want or think the home should have. If something is outdated, sellers may be willing to consider a price reduction, if you’re willing to do the work.
- Buying an existing home often ensures you will be joining an established community or neighborhood. Depending on your personality, this could be a pro or con. An established community can tell you a lot about a neighborhood, but it can also sometimes mean less privacy.
Finally, whether you decide to build or buy, remember to consider what goes on after the sell as well. You know, maintenance. Building a home may mean additional warranties may cover maintenance costs for a period of time. Building may also mean that you’re starting from scratch when it comes to landscaping and growing your lawn. If you think the grass may be greener when you buy an existing home, yes, the yard and landscaping may already be in place, but the cost of annual home maintenance could be steep.
Remember, there is no right or wrong answer when you’re ready to be a home owner; just make sure you consider the pros and cons of both buying and building before you decide what is best for you.
Search new construction in Pittsburgh now or search available homes for sale in Pittsburgh.
If you’d like to read more about buying or building a home:
http://money.usnews.com/money/personal-finance/articles/2012/04/23/build-or-buy-a-housing-market-dilemma
http://www.frontdoor.com/real-estate/build-or-buy-making-the-right-decision
http://www.investopedia.com/financial-edge/0412/the-financial-considerations-of-building-vs.-buying.aspx
