To Build or Buy a Home?

To Build or Buy (1)

This question has been posed to me a few different times this year by buyers who are contemplating whether to buy a home or to build a home. There are benefits and downfalls to each one when deciding on the best plan of action here are some of the benefits of each:

Pros for Building a Home:

  • An ability to choose all the fixtures, carpet, coloring, cabinets, etc to match your tastes
  • An ability to choose the exact floor plan (bedrooms, bathrooms, layout, and square footage) that best suits your needs.
  • Newer home which means there will be less items that need to be fixed sooner than later
  • Contractors’ warranty, many times contractors have a warranty which means if items are faulty the contractor will fix them (under specific circumstances highlighted in the warranty).

Cons for Building a Home:

  • Having to find a lot in an area that you like and a contractor or builder to create the home of your dreams
  • An inability to live in the home right away, since it must be built first
  • Depending on the location of the lot having to navigate through items such as:
    • Septic or well feasibility
    • Conditional use permits

Pros for Buying a Home:

  • Most homes are turnkey ready, which means you can move in right after the closing date.
  • You have the ability to walk through the home and view features first hand (carpet, layout, fixtures, etc.)
  • You don’t have to deal with permits, feasibility or navigating with the county because the home is already built and approved.

Cons for Buying a Home:

  • You don’t get to pick out the fixtures first hand
  • There is typically little to no warranty
  • The home may be older, if not recently renovated my need work in the future.

Buying or building a home is an exciting process. Both building or buying has their pros and cons.  We would be happy to help you navigate this process!