Build or Buy? Which Home Option is Right for You?

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Home buying season is pretty much any season you want it to be in. That said, deciding on specific home buying strategies is the first step toward finding the right home for you. Will you build a magnificent home from the ground up or purchase that darling existing cottage home with the incredible view? Receive a clearer idea of which home option is right for you by discovering some of the pros and cons of building and buying.

Get Started by Planning Ahead
Building or buying a home is a very exciting time with lots of things to look forward to. Good neighborhoods, nearby exemplary schools and a host of community dining and entertainment resources to please are substantial lifestyle considerations before settling into any home.

According to Forbes, a hefty 41% of the population strongly preferred to go the new build direction. Forbes overview for 2016 also shows continuing growth in the new build department.

To assist with the build or buy process, begin by creating a wish list of desired lifestyle resources and amenities inside and outside of the home. Along with budgeting, this step is actually critical when it comes to building or buying in any location. After all, environment and surroundings matter.

PROS AND CONS OF NEWLY BUILT HOMES
While nothing is ever perfect, we the consumer, prefer to focus on the positive when purchasing a home of any type. Finding the right home that will stand the tests of time at a reasonable expense rate is the goal. Will the house feel comfortable? Is the mortgage within our budget? What are projections for future home values in this area? The truth is, there are pros and cons to any project. Take a gander at a few significant details worth considering before building that new home.

Pros:
1. Newly built homes can provide bright and shiny new materials, landscaping and often times a newer community surrounded by up-to-date amenities.

2. New build markets are on the rise offering more variables and customization options like paint color choices, kitchen packages and aesthetic upgrades.

3. The only manual labor to be done is done by the home building professionals before your dime ever exchanges hands.

4. With higher energy efficient products being used in new homes, maintenance, utility bills and maintenance expenses are frequently less.

Cons:
1. New build neighborhoods are not widely known for that charming and cozy tree-lined, home-sweet-home feel. Many new homes are just beginning in communities with the minimum ambient effort, unless built within an already established or more seasoned location.

2. Generally, newer homes are built on lots significantly smaller than their older predecessors. However, depending on location, land lots can still rank high in price per foot costs.

PROS AND CONS OF BUYING (AN ESTABLISHED) HOME
According to The Huffington Post, buying a home can also bring a lot to the table. While eyeballing specifics for a home that is already built can differ from a new build, value remains objective. See what some of the pros and cons for buying a home may entail.

Pros:
1. Save tax bucks on mortgage interest costs, property taxes and other purchasing fees when closing on a home by December 31.

2. Buying an established home gives you a blank canvas to pick and choose how and when to update, remodel or personalize instead of having to rely on builder’s grade options and timing factors that may be inflexible.

3. “Buying a home usually means a faster move-in with no long months to wait for building permits, multiple inspections and other inconveniences to be sourced, as is often the case to be found in a new build,” said Kelly, Realtors.

4. Purchasing an established home may invite a lower selling price point than a new build.

Cons:
1. Purchasing an established home may require repairing or updating interior and exterior components.

2. If a home is located near undesirable buildings or establishments, pre-check local zoning laws before purchasing for safety and security factors.

These are only a few notable tidbits of home purchasing, old or new. Talk with builders, real estate agents and financial planners who understand the market for even more valuable knowledge and home purchasing power.