Most homebuyers spend tons of time and energy either searching for or designing their “dream home” before finalizing anything.
They have so many thoughts: location, price, market trends, property taxes, and HOA fees. All things to take into consideration when searching for a home. Additionally, each buyer has specific needs and wants. For instance, a homeowner might want a master bedroom on the basement or hardwood floors throughout the house.
With all this going on it’s no surprise that the home buying process requires home buyers to make important choices, but the most important decision home buyers will make is whether to search for an existing home or to build a new one.
Let’s take a look at some of the advantages and disadvantages of both sides.
Buying an existing home
There are two advantages that come to mind when it comes to buying an existing home; Cost and convenience.
Convenience
As long as the paperwork side of things is complete, once you have found a home that you love, you can move into the home within a month or two. Still, the process involves several steps such as financing, touring different homes, making offers, home inspections, and closing. The ease of the move-in process is still a huge reason why people buy existing homes.
Cost
In most cases, it is cheaper to buy an existing home than it is to build one...especially if you don’t plan on staying in the new home for a long time. Once you have found a home that you like, you can use a mortgage calculator to determine just how much the home will cost you. With home building, the cost of the house might not be set in stone until the building is done.
Less Decision Making
Some people simply don’t have the time to build their home from the ground up. Building a house requires a lot of decisions, and you will spend quite a bit of time meeting with your general contractor. Those who do not want to build their own home from the ground up might not want the time commitment that comes with home building.
Building a home
Perhaps the most obvious advantage of building your home is you get to select every detail! If you have ever been involved in the home buying process, and spent time touring homes, you have probably realized it is nearly impossible to find the perfect home. You might love most of the home, but there might be something that you wish you could change. For instance, you might love a beautiful three-bedroom house with only one bathroom or no basement, and wish to change those factors.
Customization
Most homebuyers tend to remodel or repair their existing home to make it closer to their ideal home. In the end though, it still may not be their vision of a dream house. When you build a home from the ground up, you can choose every detail from the colors of the walls to the flooring throughout the home and the exterior design of the house.
Installing Energy Efficient Appliances
Building a new home is a great option for homebuyers because of how much easier it is to install energy-efficient appliances. In older homes, you might not be able to have energy efficient appliances. It might be a larger upfront cost, but if you plan to live in this new home for a while, you will save money in the long run.
Better for your health
A new home may also literally be better for you. Older homes might have mold in the walls or in the air vents. When you build a home from the ground up, you can rest assured knowing everything is brand new and safe for you and your family.
Location
Another huge advantage of building a home from the ground up is you get to choose the location. It's not uncommon for homebuyers to fall in love with a house and then hate the location! Sometimes it turns out the beautiful home is not in the right school district, or they hate the lot. When you build a home from the ground up, you get to choose your own lot.
Designed to fit your lifestyle
A home that you design and build yourself is designed to fit your lifestyle, which means that overall, you will be happy for years to come! If you see your family expanding down the road or if you plan to grow old in the house, you can design the home to fit your lifestyle. Often times, families outgrow their homes and are forced to move. When you build your own home, you can plan for any life events down the road. For example, maybe you build a house with a basement or an attic that you can finish out in a few years if you needed more room. When you buy a pre-existing home, what you see is what you get.
Savings on repairs
Another great advantage of building a home from the ground up is the amount of money you will save on repairs! Often times, homebuyers move into a new home only to discover it is a money pit. And unfortunately, sometimes, by the time you figure this out, it’s too late. Older homes will come with the likelihood of making big-time repairs. When you have a new home however, everything will be brand new and will most likely be covered under warranty.
Legacy Renovations: Making the home building process a breeze
At Legacy Renovations, we love helping our clients build their dream home. However, we understand there is a lot to consider when building a home from the ground up. Most people have never built their dream home before, which is why we are happy to help you every step of the way.
Whether you are exploring your options, or you are ready to get started and begin building your dream home, we are here to help! Our team at Legacy Renovations is passionate about helping families build their dream home so they can make memories in a beautiful home that is comfortable for them, for years to come. To learn more about Legacy Renovations and how we can help build your dream home, contact our team today!
