It’s a Tough Decision
Your home is probably the biggest investment you will make. From browsing websites like trulia.com and zillow.com to touring model homes, there are hours of effort that go into choosing the right house. But how do you know where to start? Do you buy or do you build? That’s the question we’re here to help answer.
In this article, we’ll help you weigh the pros and cons of buying versus building a home. If you aren’t sure which option is right for you, our helpful new construction specialists are here to help!
Timeframe
Buying an existing home obviously provides you with a shorter time frame. You’ll shop around, see a home you like, and put in an offer. Once your offer is accepted, you’ll likely be able to move in within a month or two. Although there are quite a few steps in the home buying process, being able to move in within a short time frame is appealing to many home buyers.
Building a house takes an average of six to nine months. However, there are many factors that could impact this time frame: lot selection, availability of materials, weather, cash flow, and more. Although it might take more time on the front end to design and customize your home, it may be everything you wanted in the end — well worth the wait!
Cost
In many cases, buying an existing home seems to be the cheapest option. Although there may be less cost up front by purchasing an existing house, costs to upgrade the home are important to consider. The furnace or air conditioning may need to be replaced, a new roof may be needed, or the carpeting throughout the house may need to be updated. There might also be difficulty with finding or matching materials for a house constructed many years ago.
When building a new home, you have more control over the “unknown”. Your builder can help control costs by recommending materials that fit your budget. And, not only is everything new, your new home is backed up by warranties if a replacement becomes necessary.
Customization
When buying an existing home, the floor plan you see is the floor plan you get — unless you’re willing to go through a major (and often expensive) overhaul. Many older homes may not have the functionality modern homebuyers are searching for. From a more closed-off structure to limited bathroom space, remodeling costs may be in your future.
When building, you and your builder can design a floor plan and space that is ideal for your lifestyle. Our expert new construction specialists are willing to recommend the perfect Demlang floor plan for you! You can customize our existing floor plans as well as add personal touches with fixtures and finishes that fit your style.
Location
Location is always a key factor when deciding where you want to live. Do you want to be in the middle of the city, or would you prefer to be a bit more secluded, free from traffic noise and street lights?
Buying an existing home limits your chance to be choosy about location. The house is already built and so is what surrounds it. As the house has aged, so has the community in which it was built. This could be a great advantage if you like to be close to shopping, schools, and more, but for some, this may not offer the privacy they desire.
Building a home offers you a chance to pick the exact location of your home, whether that be in an existing neighborhood with lots available or out in the country where acres and acres separate you from your nearest neighbor.
Energy Efficiency
If energy efficiency is a concern for you, buying an existing house may not be an ideal option. Modern homes are required to meet national code standards for energy efficiency that older homes often fail to reach. Over time, energy-efficient choices in your new build may save you quite a bit of money, while updating an existing home to improve efficiency could be quite costly.
Landscaping
Landscaping is another factor to consider when buying or building a home. Many existing homes have a mature landscape with large trees. When building a new home, there may be added expense to fill out the yard and it will most likely be many years before you see maturity.
There are many factors that come into play when you start the journey to build or buy a home. However, what’s most important is that you make the best decision for yourself and your family! The Demlang team is here to help you decide.
