Are you trying to decide between buying a new construction home or a resale home? Both have their pros and cons, but it really depends on what you’re looking for in a home. Here’s a quick rundown of the differences between the two so you can make an informed decision.
Costs of Building Vs. Buying
When weighing the pros and cons of building versus buying a home, there are quite a few factors to consider. On average, building a new home can be at least 15% more expensive than buying one already on the market. However, some buyers find that starting from scratch and making their vision come alive is well worth the extra money. There are also additional costs to factor in when it comes to construction, such as builder fees on top of labor costs. In either instance, whether buying or building, it’s wise to do your research and ensure any decision made is within budget.
Pros and Cons of New Builds
Building a brand new home can seem like an exciting prospect. With a new construction, you have the ability to specify what you want in the home, as you order it custom to your wants / needs. You can select floor type and colors, type of cabinetry and kitchen appliances, and bathroom fixtures. While new construction homes do not offer the complete option of fully designing your dream home like a custom build home would, it offers opportunities you otherwise would not have had if you bought a resale.
New homes tend to be more energy efficient, which is both good for the environment and your wallet. You can save money each month on heating and air conditioning knowing that your well insulated home is working properly.
On the other hand, there are certain challengers that need to be taken into consideration. Primarily timing, as finding a company with options you like in a neighborhood you want, plus waiting for permits, supplies, and the actual construction can be time consuming. Whereas buying resale provides you with the ability to settle in 30-60 days, you will need to wait for all construction and inspections to be finalized before moving into a new build, which can present issues for some people.
Before committing to such a significant investment it is important evaluate both the upside and downside along with your budget. While it can be particularly challenging to manage all of these decisions at once, having a sense of what can go wrong can help make the whole process smoother and more successful in the end.
Pros and Cons of Resale
Resale is always an option to consider and look into when buying a home. Like anything, it comes with pros and cons. The benefits to buying a resale home is they are usually cheaper than new construction, and the only schedule you need to work around is your own and the current owners. There is no waiting for permits and construction to begin and finish. Many resale homes can be settled on in as little as 30 days. If timing is your biggest concern, resale is probably the way to go for you.
However, you want to keep in mind any potential concerns. A resale home will come with systems and appliances that may be considerably older. Of course, you can always negotiate for any repairs or replacements as needed, but that is an additional hassle. Also, you can never know the full history of the house and any work / repairs done unless they were all formally recorded and documented, which does not always happen. This may present issues later down the line. Weigh your options carefully before jumping in!
What You Need Matters Most
When it comes to buying your dream home, timing, price, types of rooms, location and lot size all matter – sometimes even more than if the house is a new construction or resale. It’s important to ask yourself what are the key features you cannot give up, no matter the type of home you are looking for. You may find that a resale offers better options that fit your needs, or you can discover that a newly built home specced out to your choices are what suits you best. What you need matters most when finding your perfect home.
In the end, deciding between building and buying a home is an individual decision. It all depends on what you’re looking for when it comes to cost and lifestyle factors. Weighing the pros and cons of building vs buyng is essential in making sure you have a higher standard of living for years to come. Don’t forget about other factors such as location, size of home, style, amenities and flexibility that can also lead to your desire for one or the other. The most important factor to consider is whatever meets your needs best! After all, that one right property will make all the difference when it comes down to affordbility and security in the long run. So weigh your pros and cons carefully before putting down money – whether it’s getting financing for a new build, or saving up cash to buy a resale – and don’t forget to check out both options while considering what matters most.