Buying vs. Building: Four Major Considerations You Should Think About
Buying a home has long been part of the American dream. There are two ways this dream can come to fruition: buying a home or having one custom-built. Which path should you choose?
Consider Your Goals
Your motivation for buying or building this home can greatly influence the decision. If you can see yourself as part of this community, living here for the next 20 years or more, custom-building a home might be the right decision. However, if you’re not sure that you will be living in this community five years or ten years from now, custom-building a home if probably not the easiest, or cheapest, route to home ownership for you. Building a home requires purchasing land, choosing a builder, obtaining permits and making design choices. Purchasing a previously-built home is much simpler.
Look at the Problems
Buying a fixer-upper can seem like a steal, but these homes usually require lots of care to fix existing problems. Do you have the time and patience to fix such problems yourself, or do you have the funds to hire a contractor?
Some of the problems to look out for include: Will it be costly to provide climate control? Does it lack an air conditioning system for the summers? Does the heating provide warmth in the winter? Is the home drafty? Are there problems with the foundation? Before you make a final decision, consider what problems you’re willing to tolerate.
Location, Location, Location
If you’re thinking about custom-building a home, the location is imperative to getting the best long-term deal. In particular, purchasing land that offers you well water at no charge can add up to a lifetime of savings. This is a sharp contrast to the rates imposed on those in homes where city water comes with a fee.
The Builder’s Reputation
If you decide to build your home, the builder’s reputation is critical. The safety of your family, quality workmanship, professionalism and your total satisfaction will all be guaranteed by a quality builder. Get quotes from multiple builders to make the right decision. Investigate each builder’s credentials, reputation, references and standing in the community.
Should I Buy or Build?
Owning a home is a dream come true but the path isn’t always clear. As you decide to buy a home or custom-build your home, ask as many questions as you need to obtain the answers you need. These answers will guide you to the decision that is best for you.
Do you regret where your home is currently located?
© 2014 erinshelby
