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Your home is probably the single largest investment you’ll ever make. Aside from the financial aspects, there’s a lot at stake emotionally, too. Whether it means buying an existing property or building one from the ground up, you’ll probably spend a lot of time searching for the perfect place to call home. Each path has its advantages and disadvantages, so let’s take a look at both sides of the coin.
Building a New Home
- Get just what you want. Building your home can bring a level of satisfaction that can’t be achieved by purchasing an existing one. As your creation, it’s reflective of your unique needs, style and personality.
- It’s easier to recoup your investment. Although the upfront costs of building can be higher, you’re likely to make a more significant profit with the resale of a newly-constructed home.
- Everything is new. Moving into an existing property can come with hidden costs. For example, you might need to make significant home improvements or repairs that may not have been apparent at the time of purchase.
- It’s not convenient. You’ll have to find the land, as well as an architect or builder. Building your new home has its benefits but it’s a lengthy process. Joining an existing development can streamline your efforts but it may limit your degree of choice.
- Time isn’t on your side. It generally takes anywhere from four to six months to build a home, and sometimes more. Delays due to weather, topography issues, and change orders can extend that timeframe even further.
- Be prepared for unforeseen expenditures. Things you may not think of in advance can send your construction budget right out the window. Upgraded finishes, landscaping, window treatments, furniture, and fences are just a few of the many additional expenses that often come with building a new home.
Buying an Existing Home
- Once you find a home and your offer is accepted, you may be able to close and move in within a few weeks. The convenience of being able to move in quickly is compelling for many people, especially if you’re on a tight schedule, such as relocating for a new job.
- It’s usually less expensive. According to the National Association of Homebuilders, it’s generally less costly to buy an existing home than it is to build a new one. Realtor.com data indicates that buying an existing home in 2017 cost an average of $66,415 less than building a new one.
- You can choose a neighborhood you love. If you’d like to reside in a particular established neighborhood–close to work, school or family, for example–an existing home is the way to go. And if you want to live near an urban area, your best bet will be an existing home since available land will be hard to come by, if not impossible.
- You won’t get everything on your wish list. That beautiful four-bedroom colonial may only have one bathroom, or the kitchen may be tiny with no room for expansion. Unless you find an existing home that has just what you want, you’ll have to learn to live with the downsides or spend time and money to try to improve it your liking.
- Upgrade costs can be significant.Moving into an existing home that needs improvements can be a substantial investment. For example, according to HomeAdvisor.com, the average cost of a kitchen remodel is $22,676, while a bathroom remodel runs about $11,000.
- Homeowners insurance might be pricey. Insurance is an expensive must-have no matter what type of home you buy. However, insuring a mature property can be even more costly. Older homes come with more risks, and insurance companies aren’t willing to foot the bill for those undetected circumstances.
Whether you’re planning to search for an amazing existing home or you’re considering building your ideal residence from scratch, it’s always wise to seek the advice of experienced professionals. For guidance in choosing the path to homeownership that’s best for you, please reach out to our knowledgeable, helpful team.
About Certified Title Corporation: Since 1994, attorney-owned Certified Title Corporation has been furnishing residential and commercial real estate stakeholders across the nation with robust title insurance, settlement, and escrow services. Renowned for their industry-leading reliability and exemplary level of service and quality, the Maryland-based company helps clients from all walks of life achieve their asset goals. To learn more, call (888)486-5511 or visit https://www.certifiedtitlecorp.com/.