Should You Build or Buy Your Next Home?
As this summer progresses, so does many people’s desire to move into their dream home. The housing market has been a busy one this year, leaving many families wondering if they should build or buy their next home. Join Mark Spain Real Estate as we outline reasons for both options!
At Mark Spain Real Estate, our greatest priority is to help our clients reach their real estate goals through an unparalleled client experience. If you are interested in Buying a Home or Land or Building a Home, Mark Spain Real Estate is here to serve you!
Should You Build or Buy Your Next Home?
First, Consider Your Personal Situation
Before deciding whether to build or buy your next home, it is important to consider your current circumstances, as everyone is different. It is important to note your budget, location, timeframe, and specific wants. It is also important to consider the current condition of the housing market in your area! Whether you want to build or buy your next home, Mark Spain Real Estate would be honored to serve you!
Why You Should Buy Your Dream Home
Buying your dream home typically means that you would hire a real estate agent, do some research, and find and purchase an already existing house that your family loves. The main reasons homebuyers prefer to purchase an already built home as opposed to building their home are time, cost, and convenience.
Buying your dream home, as opposed to building, is usually more time-friendly and takes less time. The house you would be moving into is already built and ready to be lived in, so all you must do is find the home and move in. The house is waiting for you, instead of you waiting for the house! When homebuyers choose to build a house, they must do much more than purchasing a home and moving; they must buy land, hire contractors, make plans, and wait through construction until the house becomes ready to be their dream home.
Buying your dream home is also cost-effective, as it typically costs less to buy a home than to build a home. Not only are you able to negotiate the price more simply for an already existing home, but the National Association of Home Builders also shares the conclusion that the cost of buying a home is much less than the cost of building a home.
Finally, buying a home instead of building a home offers convenience. If you are relocating for work or desiring to live in a specific neighborhood, it is likely you’ll be more able to find a house than an empty lot perfect for building your dream home. Buying an already existing home also indicates preexisting landscape and design; you don’t have to waste any time or brainpower determining what the interior or exterior features of your home will be, as there will likely be some already established. Remember, though, that by buying your home instead of building, you probably have some money left over for any customization you see fit when you’re ready! You also may benefit from the convenience of being able to move in sooner, since you won’t be waiting around on permits and constructions to build your dream home.
Why You Should Build Your Dream Home
On the other hand, buying your dream home may not be for you. A few reasons you may prefer to build your dream home instead of buying an already built home include customization, benefits of newness, conquering the seller’s market, and total control.
When you choose to build your own home, you have the ability to customize nearly every aspect to truly construct your dream home. From the ability to pick the plot of land and the floorplan all the way to the floor types, hardware, and landscaping, every decision falls in your hands as a home builder. This is great for anyone looking for their dream home, but keep in mind that it can be tougher on your budget and time constraints than buying a house!
Another great aspect of building your dream home is that you hold all the benefits of newness. Since you are the one choosing everything going into your home, you guarantee that all the components of your home are new and exactly what you want. Many things in your new home will have warranties, and will be up to date with any regulations or trends; when you choose to build, you choose to benefit from less maintenance and less time spent fixing and adjusting parts of your home.
Potentially one of the biggest details to consider, currently, when making the decision to build or buy a home is the market. We are currently in a seller’s market, with homes flying off the market in days, if that. Building a home guarantees your ability to beat the seller’s market, as you avoid competition among homebuyers by constructing a home that is available only to you. Build a home to ensure you’re getting your dream home, instead of whatever home you are able to be the highest bidder on.
Most importantly, keep in mind that building a home gives you near-total control in the construction of your dream home. While you will likely sacrifice, money, time, convenience, and brainpower in the meantime, you will be sure to end up with a home you cannot wait to move into.