When you want to live somewhere new, you might think that your options are limited to either buying or renting a property. However, what if you had the opportunity to build somewhere entirely new? Would you take that chance? Or would you rather buy somewhere that already exists? We look at the pros and cons to help you make a decision. It’s crucial because purchasing a property is the single biggest investment most people will ever make, so you need to get it right.

Buying An Existing Home

When it comes to buying an existing home, there are some exciting benefits to think about. The first is convenience, and the second is cost. The convenience factor is that once you find somewhere you like, you can put in an offer and begin the process of moving, with top realtors to help you and the moving process go more smoothly. When you build a home, you will need to wait for it to be ready, and sometimes, through no one’s fault, the building works will overrun, meaning that you’ll be spending more on rent or the mortgage in your old property.

For some people, time really is an important factor when moving house, especially if it is a move that has to be made for work or school. This is where buying an existing house can stand out above the other options; from offer to closing can take as little as two months if there are no issues (although do bear in mind it usually takes longer than this).

A Built Home Can Be Customized

The big bonus of building your own home, however, which you can never do when buying an existing property, even one that you bought just through seeing the agent’s information before it was actually built, is that you can customize it any way you want to. For some, the ability to do this far outweighs the time it takes for builders with their expert knowledge to get the job done.

You can choose precisely what the room sizes are going to be and where the windows are. You can make it as functional as possible, creating the perfect living space. With an older home, you may find that the kitchen and bathrooms need to be refurbished or completely removed and replaced. The house might not meet your needs exactly, but you’ll ‘make do’ because it’s in the right school district or zip code. This can be a big compromise and not something that everyone is willing to deal with.

Cost

Finally, as with many decisions in life, it may all come down to cost. Getting a mortgage and paying it off over 30 years or so may seem like an enormous debt, but it is necessary if you want to own your home. All being well, apart from utilities, that’s the only thing you’ll need to pay for, unless you choose to refurbish, of course.

When you build a house, there are many more costs to consider, including how much the labor and materials will cost, the price of the land, and any permissions you might need. It may still come in cheaper than buying a house, but you may also need to pay at least some of it in advance.