To Buy Or To Build? That Is The Prospective Homeowner’s Question

If it’s time for you to relocate or change your living situation, there’s one question that prospective homeowner’s need to answer first; to buy or to build? Though there’s many benefits to both and everyone’s needs and situation are different, here’s a few things to consider when making the important decision between the two.

Competition

When you’re thinking of entering the market to purchase an existing home, it’s important to know that the market typically moves quickly. On average depending on the city, homes are on the market for less than 30 days. Especially if it’s a sellers market, there can be few home available and many buyers out there, all attending the same opens houses and touring the same homes.

Cost

Staying within your budget whether you’re buying or building is possible, but you do have to think about other costs associated with each option. If you’re buying an existing home, you could have maintenance or renovation expenses sooner after you move in than if you were to build. If you were to build, there’s a possibility of needing to live somewhere else during construction, and costs like furnishings and landscaping after the build is complete.

Timeline

If you’re operating on a tighter time schedule, buying might be your best option. A new build can take 6 months or more to complete, while purchasing an existing home can and often does happen in a shorter amount of time.

Customization

When you’re deciding to build your own home, you get full control over the design and details. The ability to customize your home to match your needs, budget, and tastes is one of the main benefits of choosing to build versus buy. Plus, being the first inhabitants to live in your home isn’t a bad thing either. Everything is new, you know exactly what went into building it, and you don’t need to worry about the history of the home.

Once you have weighed out the pros and cons of each option, unless you have an obvious answer or preference, you really can’t go wrong either way. Your perfect home may have already been built, or it’s only a blueprint in your mind. After considering the competition in the housing market, costs involved with each option, your timeline for moving into your new home, and the degree of control you want over the design and layout, you should be well on your way to buying or building your new home.