Should I Build or Buy My Next Home

Creating a home from scratch or purchasing an existing one is an exciting but complicated decision. Whether you’re looking to move into your first place, need more space for your expanding family, or want to own an investment property, it pays off to consider the pros and cons of each option.

Build New Pros:

  1. You can customize the design and style of your home to meet your unique needs
  2. You have the flexibility to choose materials, finishes, and features that will fit within your budget
  3. Builders offer buyer incentives that can save you tens of thousands on a new contruction home. (Be sure to work with a Realtor to ensure those incentives aren't just rolled back into the cost of the home and buried in hidden contract language.)  
  4. Investing in a newly-built property may qualify you for tax deductions

Build New Cons:

  1. It may take longer to build a home than buy one
  2. You're often discouraged from using a Realtor to protect your interests in the transaction. (Remember the sales agent protects the builder's interests, not the buyers interests. Always use a trusted Realtor. It costs you no extra money to do so.)
  3. You’ll need to factor in unexpected expenses like inspections, permits, fluctuations in material costs, and potential delays due to bad weather
  4. You may struggle to find a neighborhood or location that fits the house you want

Buy Existing Pros:

  1. Buying an existing home can save time since you won’t need to wait for your property to be built
  2. You may be able to negotiate a lower price if you are willing to take on certain repairs
  3. You can move into your new home right away and start enjoying it sooner

Buy Existing Cons:

  1. An existing property may need repairs or renovations that could strain your budget
  2. You have limited options for customization
  3. You may miss out on certain tax deductions you would get from building a home
  4. It can be difficult to find a property in the location that meets your needs and budget

Whichever option you choose, it’s important to do your research and explore all of the possibilities before deciding. With the right resources and professional advice, you can create or purchase a home that meets your needs and fits your budget.

Let's connect to help you decide 🏡💰

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