By the time you're in the new home market, you may have already asked yourself, "Am I buying or building?" While buying an existing home is even more common, more and more people are choosing to build brand new homes with their own customizations. Each choice has different advantages and disadvantages.
This guide covers everything you need to know about building or buying a home.
The pros and cons of building your own home
Building a brand new home is not as popular as buying an existing home. Even so, you should weigh the major pros and cons of the effort and cost of building a home versus buying a home.
You don't have to worry about upgrades
One of the best things about building a home is that everything from the roof to the appliances is brand new and modern. There's no need to set aside money for major renovations or plan to improve something until you've lived in the house for a while.
You are in control
If you decide to build your own home, you have a say throughout the process. In the beginning, you can hire a contractor and choose the team that will become your dream home. You also have the option to choose every detail in your home to suit your style and needs.
It's more expensive at first
The average cost per square foot of a house you build is $ 154. The square meter cost is higher than the square meter cost of an existing home. You also need to consider the cost of land and permits.
Less competition
If you're looking for a home in a sought-after area, the chances are higher that you can get a large chunk of land over a large existing home. Land purchases aren't that common, making it easier for you to find your dream community in your dream city.
The pros and cons of buying a new home
Buying a house instead of building one is much more common. However, there are a number of advantages and disadvantages to consider when choosing an existing home.
It's cheaper to start with
The average cost per square foot of an existing home is $ 123. The square meter cost is less than the square meter cost of a personally built home.
What you see is what you get
The great thing about buying an existing home is the added transparency. You can tour every inch of the house before buying it. With a home under development, you will only see sketched blueprints of your future home, which are nothing like looking at a real home in person.
You may need to renovate
While the cost per square meter is lower on average, existing homes are more likely to need renovation and modernization. This process also takes a lot of time unless you decide to renovate your entire home at once, which is usually very expensive.
The decision to build a home or buy a home
Whenever you are discussing home building or home buying, you will face a variety of pros and cons throughout the process. In the end, your personal preferences and needs at home will outweigh them.
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