Crafting the ideal home for you takes tons of work. Before the search for your desired home even begins, the numerous administrative steps needed for that can be quite the headache –– homebuyers need to factor in location, costs, home insurance, and home condition. In addition, each buyer will usually prepare a laundry list including the needs and wants of house features.
Whilst these decisions are important, they come second to deciding whether to purchase an existing home or to build a new one from scratch. We’ll be laying down the positives and negatives of each course of action to equip you with the know-how to make the right decision.
Perks of Buying Your Home
Buying an existing home comes with two main perks — convenience and cost. If you’re looking for speed, this is the way to go! The process is faster than building a home from scratch, which can be extremely time-consuming as it spans from designing to construction. As long as you are approved by your grants, you can look around, choose a property and make an offer. With an experienced real estate agent, the process will be extremely efficient. They’ll narrow down the pool to those that satisfy your laundry list, lead you through negotiations, and even help you with the neverending paperwork! Moreover, if you plan to buy a property in Arkansas, Arkansas Real Estate & Homes For Sale is the best choice to help you with your transactions.
After your offer is settled, you’ll be able to move in within two months. The home will be ready for living with the appropriate decorations and landscaping. Despite having so many hoops to jump through — such as finding Conway South Carolina homes for sale, for example — the ease of being able to move in almost immediately is extremely persuasive in many homebuyers’ choice of purchasing an existing home over building one.
This is especially so for buyers on a cramped schedule with an immediate need to find a home, such as those moving to a new town, settling into a new job, or with children who will be starting school soon. Landscaping and decorating are no longer worries to have! It is also much easier if you plan to live in a particular area for its convenience to work, schools, or loved ones as most lands in those neighborhoods are most likely already built upon.
The costs are also very enticing! Typically, it can be much cheaper to purchase an existing home, as shown through the recent statistics from the National Association of Home Builders. You should use a mortgage calculator in your search to get accurate estimates according to current market rates on the whole costs of homes.
If you’re looking to further cut down on price, do take note that housing prices will be lower after a financial crisis and housing busts.
Downsides of Buying a Home
On the other hand, you may not get exactly what you envisioned. The bathroom tiles may be off-putting, or the rooms may not be suited for your lifestyle needs –– especially those built in older homes. Although you’re able to move in quickly, the existing decorating and layout may not be what you have envisioned. Hence, it may not be the right course of action if you need every little detail to be right.
That leads us to the next downside, which is the additional costs. If you take up remodeling, repairs, decorating, and landscaping, you will incur added costs which you should take into account in your total costs. Be wary, take those into account when comparing properties in your shopping process.
Upsides of Building Your New Home
The main benefit is you have more autonomy to choose precisely what you want and need. For many homebuyers, this upside alone is compelling enough to decide to work over purchasing. Not only would you be able to get your dream aesthetics, customizing your home further allows you to craft a more proficient home that meets new energy codes and guidelines for ventilation, air circulation, heating, and cooling. These will allow the home to be much more environmentally friendly and even benefit you in lowering the utility bills.
Health and Safety
Building a new home may even be better for your health. Asbestos, lead paint, and mold may be found in older homes. As mentioned before, it’s also healthier for the earth in the long run. Homeowners insurance is a necessity because home insurance helps protects your home and possessions against damage or theft.
Disadvantages of Building a Home
Building a new home is not as convenient as purchasing an existing property. The process becomes much more complicated. Apart from identifying the land (which may or may not be in an existing neighborhood), you must also account for the time it takes to find an architect or builder and select each component of the new project.
Joining an in-process project can speed up the process, but it can also limit your options. You will also need to consider systems, such as whether the site has access to a water system and a sewage system or needs the installation of a well and septic system, as well as any environmental and further permits.
Of course, it will be more expensive! Maintain strong communication with your builder and make sure you are happy with the design before the project begins to stay within your budget. If you change your mind about the color of the granite countertops after they’ve been placed, it’s not good for you or your builder.
Furthermore, your contractor should collaborate with you to assist you to save money. Changing materials and fixtures can save thousands of dollars, so if cost is an issue, ask ahead of time if there is a less expensive option. Also keep in mind that anything unusual, such as custom colors or intricate material shapes, will almost certainly cost more.
Even if you start out finding the ideal existing home, you may wind up choosing to construct your own to achieve exactly what you want. On the other hand, you may plan to construct your perfect home but then decide that an existing home is a better fit.
Home-hunting is a long, grueling process that is made even worse if you jump into the process without the know-how. Working with a knowledgeable and experienced professional — whether a real estate agent or a general contractor — can guarantee that the process goes as smoothly as possible in either scenario.