“A house is made of walls and beams; a home is built with love and dreams.” – Unknown
So, it’s the new year and you are thinking about a new home. You, perhaps, are considering buying one you like and adjusting it to suit your needs or possibly building a home to your likes and interests. It is understandable that you would like to evaluate all your options, given it will likely be the largest investment you may ever make. So, what are the pros and cons of buying versus building?
Buying a house will likely be the easiest in terms of timing. Finding an existing home in an ideal neighborhood that is move-in ready will allow you to establish a home within a month or two. However, a property with prior owners may have problems that are not apparent prior to purchase or, possibly, not for several months after you move in (ex. damage from water leaks, electrical mistakes by a prior contractor, etc.). And– the minor adjustment to the layout, design, and finishes that you were told would not be costly, you later learn are going to be three times the cost. Lastly, the house that is in your budget may be in a neighborhood that you discover, after purchase, is not what you understood it to be, negatively impacting the value of your property.
Although building a home may take some time, the extra time will allow you to build to your preferences. You can make choices so the maintenance and cost of the house will be lower than that of existing homes. Also, by making certain choices, you can create a house with a higher value per your investment. A challenge when building a home is that your budget may only allow you to build far from amenities that you might need. To fit the budget, the size of your property may need to be smaller than a home that is already built.
So, although it might be challenging to find your perfect home, take time to consider your options. Work on your budget one step at a time and decide what the priorities are for this major step. You may decide the home you are in is fine or that you may just want to stay in your existing home and renovate.
Below are links to resources to help guide you in your decisions for establishing a new home:
10-Step Guide to Buying a Home
Home Buying Checklist for First-time Buyers: Your 2021 guide
https://www.ownerbuilder.org/HomeBudget.shtml
The information provided does not, and is not intended to, constitute legal advice; instead, all information is for general informational purposes only. This information may not constitute the most up-to-date information. Links provided are only for the convenience of the reader, A. Ferraris Law, PLLC and its members do not endorse the contents of the third-party references.
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