The Pros and Cons of Building vs. Buying a Home
Celeste, is building a new home better than buying an existing one? I have been asked this question multiple times over the years, so today, I'm going to spill the tea on what I feel are industry pros and cons to give you better insight so that you can make the best decision for yourself and your family.
New Construction: The Pros
New builds are always exciting because they allow you the freedom to completely customize. You get the power to participate in creating the ultimate wishlist that includes your tailored floor plans, layouts, curtailed finishes, smart features, energy efficiency, etc. Not to mention that new homes generally have lower maintenance costs for extended periods of time due to everything being under warranty.
New construction usually includes the most up-to-date energy-saving tech, which can save you money long-term. Additionally, you get to skip the hassle of dealing with the ebbs and flow of the market, competing with other buyers, and once completed, your home is move-in ready.
New Construction: The Cons
New construction can also mean you have to make a lot of sacrifices. During the building process, you may have longer commutes, uncertain timelines, wait times, risk of delays, etc. There can be many unexpected things, such as material/product shortages, weather delays, construction hold-ups, and change-orders.
Plus, property taxes on new homes are often higher and tend to increase over time. Moreover, depending on the character you add to your home, it may be a drawback for future buyers should you decide to sell.
Existing Homes: The Pros
There are several advantages to purchasing an existing property, such as move-in readiness, established neighborhoods, lower-priced options, more location choices, fewer decisions, historical charm, architectural details, etc. Buying vs building often takes less time, can be less expensive, and can have tax benefits.
Also, by shopping the market, you're essentially able to choose a home style that suits your personal taste without all of the headaches of construction.
Existing Homes: The Cons
A few potential disadvantages to buying an existing home include higher maintenance costs, lack of customization, outdated floor plans, absence of modern technology, dated fixtures, potential for needed repairs, closed layouts, etc. Buying a home with a history and years on it may require a little more TLC, which could also mean more out-of-pocket costs.
Moreover, you may never get one hundred percent of your wishlist with a pre-existing property. A home can always be renovated, but that comes with its own set of challenges.
The Verdict
So, Celeste, which is better, building new or buying existing? In short, at the end of the day, there are always pros and cons to both, but every family has a unique situation. What may be "better" for the Andersons may not be "better" for the Collins.
My advice to this time-old question is to do your research. Gather as much information as possible from all angles so that you can base your decision with premier insight. A home, whether a new build or a pre-existing one, is a huge investment and should always be a weighted commitment based on your individual circumstances.
If you would like a professional's opinion about your next home, we would love to help. With our Renovation & New Build Consultation, I can help you get the process started or guide you in avoiding costly pitfalls, so together, we can create a home you'll fall in love with.
Warmly,
Celeste
