building vs buying a home
A housing investment is one of the best lifetime venture. It makes sense to spend energy and lots of time to get a perfect home. Apart from the traditional concerns of location, neighborhood, price and so forth, you still have to decide if you will buy an already built house or you will build your own. Each of the options has its advantages and disadvantages. Here is a comparison of both options.
Customization versus convenience
When you’re building vs buying a home, you get the advantage of designing a home that meets your needs. You are at liberty to choose the materials to use, you can dictate the size of each room and decide on the fittings to install. However, building a home takes time and requires a lot of patience. It may not be an option if you need to settle down very fast. Buying a house offers the convenience of moving into a house as soon as you buy it. There is no waiting or wasting time as in the case of building one.
Costs versus funding
Building a home is quite expensive. Most of the time, the cost of the construction always exceeds the budget. Moreover, some home financing institutions may be more willing to fund purchase of built house rather than construction of one. Furthermore, there is a risk that the contractor may cut corners and not build a house that you want. On the other hand, you have option to choose a house when purchasing existing ones. It is also easier to get funding.
Established neighborhood versus a smarter home
One of the advantages of buying a home is that you move over to an established community. You find amenities, shopping centers and other amenities already in place. Therefore, you would not have to walk long distances to reach such facilities.
Building your home gives you a chance to build a smart house. You can plan your outdoors to enhance your relaxation, use smart technology and green energy. This may be hard to pull off in an old home.
Room for negotiation versus no nasty surprises
Buying a home gives you room to negotiate on price and payment alternatives. Small problems with the construction or the fittings become bargaining chips. This room is unavailable when buying building materials. However, you are also likely to be shocked when you later find other problems with the home that you had not seen. There could be design, foundation, wiring or plumbing issues. You will not find such nasty surprises when you build your home.
In building vs. buying a home debate, it all boils down to your priorities when acquiring a home. Are you chasing time or looking for customized housing solution. Do you favor a great neighborhood over building a perfect home? Are you on a tight budget? Choose the option that appeals most to your priorities.