Pros and Cons of Building a House
Before you decide whether to buy or build a home, you should weigh the advantages and disadvantages of each scenario.
The advantages to buying a home are convenience and cost.
Pre-approved buyers can shop around, and a qualified real estate agent can identify appropriate properties and help with paperwork. You can even move in only a month or two after an offer is accepted.
It’s also cheaper to buy an existing home. The median new home price in 2013 was $268, 900 compared to $197, 400 for existing homes. Existing homes may come in a desired location, and they’ll have mature landscaping.
The disadvantage to buying a home is you won’t get exactly what you want. The floor plan may not be perfect, or the kitchen could be too small. Remodeling and repairs are costly.
Building a home is neither cheap nor convenient. Finding the right spot, architecture and builder takes time. Issues like water and sewage systems must be addressed, as well.
But building a home ensures you get exactly what you want. New homes are less likely to have health concerns like asbestos or lead paint, and they can be built environmentally friendly.
Newer homes are more appealing and tend to fetch a larger return when they’re sold. And in the end, there’s an emotional connection to building a home that matches your personality.