Should You Buy or Build a Home?

A biggest dream of everyone is building or buying his/her own home. For buying or building your own home needs biggest investment. Most of the people who want to buy the home, spends their lots of energy and time in search of finding the best designed home. Every buyer wants to buy a home according to their demand like which type of interior, location, designing they like. “A perfect dream home”. For finding homes to buy, you have to go through Home Owner Fee, property tax, and market trends. All these requirements need time and energy. Every buyer wants to fulfill all his/her wish list, which he/she has made for his/her home.

In order to buy a home, the dilemma for every buyer has whether to buy an existing home or build a home. This would be an important decision. Here we’ll tell you some pros and cons of each path. By reading this article you will be ready with the answer whether you should buy a home or build a home.

Buying a Home

There are some pros and cons of buying and existing home. First, we will talk about two primary pros of buying an existing home.

• Convenience
• Cost

Once you have planned for buying an existing home. You have to go to real estate agent. He will throw some offers and deals to you like fee charges and discount rates. After that, when you are approved by your real estate agent, you can go and shop around. He will show you some homes, you can pick out according to your choice and make an offer in order to buy a home. Your real estate agent will help you in finding an appropriate home, making negotiation, and in all legal formalities. Once you select the home and fulfill all the requirements of the seller and your agent, you will be able to move into your new home within one or two months.

Buying an existing home requires some steps like financing, searching homes, making an offer, negotiation, home inspections, legal formalities and closing.

Convenience. 

Some of the people have a tight schedule and they cannot pick their time out for building a new home. So, buying an existing home is the most convenient way for the people who does not have sufficient time. It would be convenient for you if you are particular about neighborhood, location, like near your work or near your kid’s school. Buying an existing home will save your time and headache.

On the flip side, the major con of buying an existing home may be that you would not get exactly what you want.

Cost.

The other primary advantage of buying an existing home is the cost factor. In many of the cases. Buying an existing home is cheaper. While in a few cases I could be expensive. According to National Association of Home Builders, once you found a prospective, existing home, use a mortgage calculator and estimate the total cost of purchasing that home based on today's interest rates. The price will still favorable in the aftermath of the financial crises.

Building a Home

Building your own home is not an easy assignment. You have to go through from numerous steps. The major pro of building your own home is you would get what you exactly want. New built home will be more efficient and energetic. The life of the new built house is more than an existing home. You can choose your ventilation, heating, cooling, insulation and filtration system in the home you build.

Some of the cons I would like to discuss are: first you have to find a land at an appropriate location and in your budget. Then, you will have to find an architect and you have to choose every element and design. It is time consuming and hectic. You have to worry about the system like municipal water and sewage. It will be costly to build your own home. You cannot move instantly. It requires lots of time.