New homeowners are torn between wanting to build their own homes just the way they want it or buying an existing house without the need to worry about things. Both take up a considerable amount of time, money, and effort and there are times that one or the other is the better option. Nonetheless, there are different things to consider before finally choosing between the two. Here are some comparisons between the two:
Buying a Home
It is generally easier to look for existing houses. One of the better things about buying a home is that you will be able to move into your new home far quicker than building one. It’s one of the more important things to consider if you are pressed for time and don’t have the leeway to wait for months. Though you have to take into consideration the condition of the house. If it needs renovating, you should be able to haggle the price a bit, just make sure that it isn’t something that will require you to spend more. When you buy a home you will pay more with stamp duty on and you won’t get the immediate capital gain.
Conveniences come with a cost and some of which do discourage people to buy homes. One of the most common disadvantages in buying a house is that it may not be how you want it to be. A house may become too expensive to renovate, or the space it has is very limited to make any significant renovation changes. When you encounter a problem, you’re left to fend for yourself. You might encounter a problem like a leaky faucet or an issue with a faulty electrical line. Whatever it is, the real estate agent or the previous owner of the house won’t help you fix it, you’re on your own to contact someone to fix it for you or for you to fix it yourself.
Building a Home
Building a home can be very exciting during the designing phase and whenever you look at how the building is progressing. It gives you a sense of achievement when you look at the finished house that you’ve worked hard on. Building a house from scratch definitely makes you able to fit it to your liking. You’re sure that the builders will use the most advanced and modern building techniques that make the structure strong against the elements and available to an array of options to go for self-sufficiency.
It does however take time to finish building your own, not to mention you will have to look for good builders, take care of a lot of paperwork, and land which might not be easily accessible unless you have your own transportation. The cost of building your own house outweighs the cost of buying one. You only pay stamp duty on land if you buy it first.
Ensure you compare apples with apples. With builders make sure you get a clear time frame. Look at their work, talk to previous clients, look at their finishes, what do they and don’t include with selections. A project manager can be a great asset when building a home. Because they will help you design, select, and check the process to ensure it comes within the time frame and budget as well. Choosing either buying or building your first home comes with both advantages and disadvantages. That being said, it all boils down to your preference and budget. Do not make a mistake like other new homeowners who used all of their budget on building/buying a house that they forgot to take into consideration that there are sometimes expenses that you cannot predict.