You’re buying your first home and you’re trying to decide the big question: to build, or to buy? Most first time homebuyers consider building to be too expensive, a dream too big to attain. Today we want to consider some pros of buying an existing home or building a new one.
Why you might consider buying an existing home
It can be as simple a reason as you really, really want to live in a specific neighborhood. That decision might be based in a school that might be nearby, or proximity to family, or even proximity to a job. Some neighborhoods, years after they are completed, explode in popularity (and the reasons for that vary), and there are no lots left on which to build your own home.
There are times when a house hits the market and you can tell the current homeowner has loved the property. An immaculate yard with perfectly trimmed bushes, a custom sunroom built off the back overlooking a beautiful treeline, or maybe it’s a garage that’s been decked out with extra storage, sealed flooring, and corkboard ready for tools. These homes are a treasure because they’ve been cared for. It’s hard to pass on these rare finds.
The process to build a stick-built home is generally six to twenty-four months. That’s a very, very long time (though building a modular home is quicker). Many first time homebuyers are juggling leases, newborns, jobs, etc. You need something quick and the process of buying a traditional stick-built home can be as quick as 20 days (if you have a fantastic lender) or as long as 90 days. That’s much easier to plan your life around.
Why you might consider building a home
Who doesn’t want to pick the size of their ensuite, or their master closet? Who doesn’t want to decide how many stalls their garage has? Building your own home can be an absolute dream. From picking the countertops to the fixtures, you get a say.
Some families want to grow their home over time and want multiple acres. Some families want just enough land to build a foundation (and not deal with a yard). Building allows you more control over how much land you initially purchase and develop.
Yup, location is a factor in why families choose to build as well as why they choose to buy an existing house. When you’re building a home you have options that might not be open to you when buying existing. You can choose the lot, the layout, and the city in which you live. You aren’t trying to find a needle in a haystack anymore.
What’s best for you and your family?
Only you can decide the answer to that question, and no single blog post can answer it for you. We simply want to help provide you with some of what we hear from families and help point you in the right direction!