Building vs. Buying - Key Points

Are you looking to own a new home but are confused about whether to buy a resale house or build it? Think no more as we've done the hard part of evaluating the pros and cons of building vs. buying for you.

While you're in the market for owning a home, you've got a couple of options to consider that include your budget, availability, and living requirements. Everyone will have personal reasons for choosing one over the other; ultimately, it's all about what's right for you.

Buying an Established Property

Short Time Line - With established properties, you might not be able to find an exact match to your requirements. However, such homes tend to be situated on more extensive stands and closer to established infrastructure and facilities. Buying an existing property is pretty simple. After you've got the lender's approval, you shop around, pick out a home, and make an offer. If the offer is accepted, you close, take the keys and move in. Depending on the home's condition, there may be some work to be done to make it your own.

Established Landscaping - While buying a property, you can enjoy the well-established landscape besides a completed neighborhood. You don't have to worry about starting a lawn, planting shrubs, and waiting for the trees to grow. You save the expense and time of establishing landscaping.

Quick Move-in - You can get a house with all amenities fully operational. The house is ready to move in, and if you want to upgrade anything, you can do it at your own pace as you have the time and money.

Better Investment Potential - If you're looking to invest in real estate and want to enlist it for rental purposes, buying an existing property is the way to go. No waiting for rental income to start. With this option, you can pay off the mortgage quickly since, in most areas, houses can be rented for more than the mortgage payment.

Less Stressful - When buying an existing property, you don't have to get stressed over purchasing land, deciding on flooring, fixtures, cabinets, countertops, interior trim, and so on. You don't have to fight with the contractor to keep on budget.

Building a Home from Scratch

In the case of building a house from scratch, you can customize everything from the floor plan, fixtures, colors, and décor. You can personalize every detail of your home. Because you're building a new property, it will include the latest standards and codes, which will make your property more energy-efficient and incorporated with up-to-date technology.

Your Specifications - As you're building your own home, you don't have to be stuck with the prior owner's paint choices or decorating ideas. The types of doorknobs, outlets, light fixtures, etc. are all items you choose. Want solar panels? An on-demand water heater? Skylights? It's all up to you. Even when you purchase an existing property, you invest some money for remodeling the house to make it suitable for your needs. But when building, you have the absolute freedom to choose the style and design of your home.

Lower Maintenance - With a new home, you're less likely to deal with big-ticket maintenance issues like leaky roofs or failing heating and cooling systems. And even if things go south, you're covered with warranties and defect liability certificates. The contractor will repair such shortcomings at his own cost.

No Competition - In real-estate markets, investors are always looking for opportunities, and thus reasonable homes are often in short supply, or the competition to purchase them is fierce. But if you're building a brand new house, you don't have to worry about the market.

Are You Ready to Decide?

So, now that you've gone through the pros and cons of building vs. buying, it will be much easier to decide. Before the enthusiasm gets the better of you, try to list your preferences and goals. Do your market research and try to narrow down the choices to arrive at a feasible option that is well in line with your requirements. However, if you're still confused and want some expert advice, give us a call, and we'll help you out in deciding a way out.

For more information and advice on building a new home, contact Grayson Homes at 919-578-6222.