Posted on April 13, 2015 - 04:55 PM
by Esther Preston, Broker
A home is probably the single largest investment you will make in your life and most people will spend a great deal of time and energy searching for or designing the perfect home. One of the first decisions you’ll have to make though, is whether to buy an existing home or build a new one. Here are some advantages and disadvantages of both.
Buying an Existing Home
Advantages: 2 main advantages of buying an existing home is convenience and cost. Also having a qualified real estate agent to guide you through the process is a huge advantage. The convenience of being able to move right away is one of the strengths for people buying a new home. This is especially true for people on a tight schedule for people getting a new job or children starting a new school. For the cost, in many cases it is cheaper to buy an existing home especially since prices have dropped in the past year. Finally one last advantage is being able to live in an already established neighborhood with mature landscaping.
Disadvantages: One of the biggest disadvantages is that you won’t get exactly what you want in a home. The bathroom may be off, the floor plan might not fit your needs, and some of the older homes are functionally obsolete. Unless you are able to find your perfect home that has everything you want, you will have to spend more time and money for remodeling to what you want exactly. Make sure you always factor in these additional costs when buying a home!
Building a New Home
Advantages: Now you are much more likely to get EXACTLY what you want. From floor plans to bathrooms, to kitchens and even the attic, you house can be designed exactly to fit your needs and wants. A new home is also more efficient, especially with the new energy codes and insulation standards that builders are required to meet. One other advantage? Building a new house could quite literally be ‘better’ for you. A new home is less likely to have health concerns such as mold, lead paint, and bug problems. Finally with all those other things aside, building a home can give you a huge amount of satisfaction and emotional connection that you can’t get with buying a new home.
Disadvantages: One of the biggest drawbacks is that building seems to have higher costs and a longer timeframe to build it instead of buying. You can fix this problem though by working with a reputable contractor and builder who will help you to reduce costs and finish it in the time you want it done.
The Bottom Line
Whether you start off looking to buy a home and you end up building or you start of building and decide to buy, having a qualified professional real estate agent can help ensure that the process goes as smooth as possible. Let a Cortiers agentassist you today in any need you might have!