The Moving Planner Blog

Once you’ve decided to make the next step to becoming a homeowner, there are a myriad of other decisions to consider.  Even before you research and pick and a moving and storage company, you’ll need to determine what type of home you would like.

Buying or building is the first and most difficult choice to make, since both presents budgeting concerns and time restrictions. There are many pros and cons to each option that potential homeowners or buyers should consider before making a final choice.

Either way, before meeting with a real estate agent or contractor, research house plans designs online for examples of the types of housing you want. This will give them a better idea of features you’re willing or unwilling to work around. In the meantime, here is a guide to help through the process of choosing between building or buying.

Buying a Home

When buying a home, there is the hope the process will be as simple as finding a Realtor, seeing a few houses, and finding a property that has all the features and price you want. However, since this is an imperfect world, we all know this is usually not the case. Features and requirements for a home must be listed in priority, and a buyer must realize there is no “perfect home.”

Pros

When buying a home, there are the advantages of convenience and cost. Once an offer is accepted and the deal closed, moving can begin fairly quickly. Existing home usually have an established landscaping, mature neighborhoods, and can be bought within the district you want for schools or proximity to work.

You will also likely get a better value for your budget on a pre-existing home, since the economic environment is still conducive for lowering housing prices. Appliances and fixtures are also usually included in the price of the home, which is convenient for first-time buyers.  It also gives you less stuff to transport when you hire NYC movers.

Cons

The most obvious drawback of a pre-existing house for new homebuyers is the limiting interest you can have in certain features of the home. It’s built, and it is what it is.

It will be difficult to find a house that has all of the aspects you want in a home, which will require additional construction later. Depending on your budget and stomach for renovations, you may have to make some sacrifices (like that secret staircase you always wanted).

You may also have to deal with floor plans that don’t necessarily match your requirement, but if the home has the other features, you may have to settle for some options over others.

Age and the wear and tear that comes with it should also be considered. An older house without updates means old fixtures, plumbing, and roofing, which could results in unexpected expenditures for costly repairs. Older homes also tend to be less energy-efficient, which will affect your monthly utilities.

Building A Home

Well, if you can’t find it – build it! When building a home, a homebuyer has the control to add as many features as they wants, if the budget allows. Many contractors are willing to work with predefined housing plans to create the home you want for a price that work with your budget.

But build a home also comes with its own set of challenges. Let’s look at the pro’s and con’s.

Pros

Building the house of your dream allows you to have up-to-date wiring, plumbing systems, and features, which means fewer repairs, and since there is usually an original warranty, there is a safety net for any initial problems. Additionally, as a new construction, the contractor will use material and building methods that are up to code for safety. Adding modern touches, such as architecture, built-in pantry drawers, or other modern appliances will an easier task.

Other advantages of building in a new neighborhood extend beyond your property. Many of these developments will feature community lawn maintenance, recreation center, community pools, shopping districts, and high quality schools.

Cons

In a construction project, unexpected expenses and stalls can occur. These types of delays can add unexpected expenditures and stress, especially if you have are time restraints on when you want to move in.

Construction can take months, or years, depending on the size, location, weather events, and your overall budget for the house. Aside from being frustrating, the cost may start to overrun your budget for the project, especially the delays force you to extend rentals or mortgage payments at another property.

In the end, finding your dream home has a certain amount of stress and careful budgeting concerns, regardless of whether you buy or build. Research available properties in your area and home plans online to get a better idea of housing possibilities.

When you make your decision, consider your financial situation into the equation and whether this is the right time for either choice. Deciding to own a home is largest financial choice most buyers will make, and it can be a taxing experience without proper preparation.