In the phantom of your mind, where do you live? Is it a charm-filled bungalow built decades ago, or is it a tailored castle straight from your Pinterest board? After you have decided which one it is going to be, take a second and ask yourself: should I buy it or build from scratch?
Before you decide whether you are buying or building your next home, there is a lot of information you have to digest. Even if you have won big with your Monkey Knife Fight bonus Code and you are ready to splash the cash on a new home, you have to do your due diligence.
In this article, we will guide you on some of the things you need to consider before deciding whether to buy or build. Also, we will give you some pros and cons of each approach to ensure you are equipped with all the information you need to make an informed choice.
Ask yourself these questions before you make your final decision:
1. Is it more economical to buy or build a house?
Statistics available all over the internet suggest that it is usually cheaper to buy a house than building one. But, the statistics are based on averages, so; don’t jump to a conclusion just yet.
Several other factors will help determine whether it is cheaper to build or buy. These factors include the type of build you choose, location, the extent to which you want to customize the house, and the size.
On the other hand, when buying a home, you need to consider additional costs that are not included in the price of purchasing the home. Such expenses may consist of installing a new driveway, landscaping, installing utilities like water and electricity, and the appliances you will have to buy.
2. Are you ready to build or buy?
Simply because you have the desire to build or buy a house does not mean that you are ready. Ask yourself the following questions when deciding to build or buy a home:
- How long can you wait before you move in?
- Do you want everything in your home to be new?
- Are you willing to compromise, or must you have everything in your wish list?
- Do you have the money in your budget for any repairs and replacements required if you buy an older home?
- What is your budget?
3. What are the pros and cons of building a house?
Pros
- You can get what you want as long as it is within budget.
- Easy to customize.
- Meets current building codes.
- No competition from other homebuyers.
- New homes don’t have toxic materials like asbestos.
Cons
- It may take longer to move in.
- You could encounter unexpected costs and price increases.
- You could incur extra costs of landscaping.
4. What are the pros and cons of buying a house?
Pros
- You avoid the stresses of having to do activities like buying land and other building decisions.
- You can move in sooner since it takes less time to close a deal.
- You can negotiate for a lower sale price.
- You may not need to do any landscaping as the home is most likely readymade with lawns and trees.
- You can make upgrades while already living in it.
Cons
- You are less likely to get everything on your wish list.
- It could be expensive to maintain older appliances like pipes and electric systems.
- You may face competition from other buyers.
Whatever route you decide to take to obtain your next home, it is a big step. Therefore, you should take your time and make some thoughtful considerations. After evaluating the pros and cons of each, you will be able to make an informed choice.