Should I Build or Buy a House?

Wednesday, 28 October 2015 Scott Barton

A house is typically one of the most important, if not the largest, financial investments a person will make in their lifetime. When they start looking for their perfect home, most buyers begin with a list of non-negotiable needs, things they want but are flexible on, and then absolute no’s in terms of what the house does and doesn’t have. They spend a ton of time searching for homes with the best location, a good price and everything on their wish list, but often times the home the buyer ends up with isn’t always their dream home - they have to make sacrifices on many wants to be able to fulfill the needs of the family. For the buyer who isn’t willing to give up on their wishlist, finding a new home builder in Colorado Springs might be the solution, but that takes just as much time and research. Still, when investing in a future home, new or old, it’s important to take a look at the advantages of building versus buying.

Should I Build or Buy a House?

Building a New House

When it comes to building a brand new home, it’s exciting to know that when you’re done, you’ll have your dream home, but that comes at both a financial and timely cost, so opting to build a house really depends on your priorities - do you want to make the sacrifices of time and money now to benefit in the long term or is buying a house at a lower cost and quickly more important?

Advantages

When you build a new house you get what you want. Period. This alone is enough reason to opt into building rather than buying. With a new home builder in Colorado Springs, they can help you to design house. You can make the floor plan you want, make sure there’s enough storage space, your stovetop can have the elaborate hood you’ve dreamed about and the master bath can have the jacuzzi tub you fantasize about taking a bubble bath in. Sacrifices are minimal and you create a space you’ll feel connected to because you know it matches your style and needs.

When you build a new house there’s no worries on having to deal with structural issues, old plumbing or crappy appliances. A new home is brand new so there aren’t going to be as many pop-up issues that an old house might see. Plus, everything will have a brand new warranty so if a problem does occur, you’re paying a minimal fee for it.

A new home might lead to a healthier family. It’s less likely to have issues like asbestos or toxic paint and chemical residue. Old homes can be a growing place for mold and you aren’t aware of past owners’ cleanliness or uses for the house. Building a new home eliminates most, if not all, health concerns that could be an issue.

It may cost more overall to build a house, but it could save you money long term. Newer homes tend to be more energy efficient, especially because they must follow the newer energy and health codes. The codes may seem like a pain in the butt, however it can save you money by causing appliances to be more efficient which helps with keeping energy bills lower. Also, you now have the option to install technology or energy efficient upgrades as you build, rather than opting out and making changes in the future. Making the initial decision now will keep you from a rewiring or replacement of appliances later, and a custom home builder will be able to tell you which investments will be the best financially.

The resale price of your house will likely make you more money if the home is newer. Older homes are becoming less appealing to people because they are high maintenance and a financial risk (appliance, plumbing and energy replacements can get pricey). This means if and when you decide to sell your Colorado Springs custom built home, you’ll make back more money.

Disadvantages

Building a new home is not convenient. You won’t just be picking out a home you like, you’ll have to find where to build the home, be in constant contact with the contractor and have to be OK with the decisions you make. You’re going to be choosing every detail on the house, and some people love that but it can be pressure. You do always have the option to join an up and coming development, which will help make the process easier, you’ll just have less choices.

If time is of the essence, then building a home might not be a wise decision. You have to be able to wait for the house to be built which may take months or even years depending on what you’re looking for. There’s also the chance that there will be building delays. If you have a finite timeline to move in, building a home could give you some gray hairs if the contractor falls behind.

Building a home can be more expensive. You can’t negotiate the price like you can with an old home - everything is new. Do you want upgraded kitchen appliances? That’s more money. Should you get the granite countertops in the kitchen? That might also be more money. Every upgrade is another cost, so you have to be willing to make decisions on what you absolutely must have. Working with an experience custom home builder will help you to keep costs low as he or she will be able to guide you on what’s worth the extra cost.

Buying an Existing Home

Looking at existing homes can make the process of buying a house either easy or terribly difficult, depending on what you’re looking for.

Advantages

Buying an already built home is convenient. You don’t have to argue with a contractor or debate about which tile will look best in the bathroom - everything is already done. Once you close on the house you can move in right away. Plus, you’re not constantly checking your phone or email to see if the contractor needs your input on this or that. Once you find your home and it passes inspection, things should be smooth sailing.

Another convenience factor? The location of pre-existing homes. Most established neighborhoods don’t have a place to build so if you want to be in a certain neighborhood because it’s in a particular school system, closer to work or has the “feel” you want, you will likely have to buy a home, or sacrifice the convenience of a five minute commute to work. It’s all about the priority.

In many cases, buying an existing home is cheaper. There aren’t add-ons or upgrades and you’re able to negotiate with the seller. If the home has been on the market longer, it’s also easy to really strike a deal.

When it comes to buying a house, having a real estate agent as a guide is a nice advantage. The scary part of the house buying process is dealing with the bank and striking the deal that you’re happy with. With an agent, he or she can help you to find properties you will like, guide you through the negotiations, assist you with paperwork and even help you decide if a house is truly worth what you’re willing to pay for it. This can save you time, money and a future full of headaches from making a bad deal.

Disadvantages

The bad part about buying a home is that it’s likely the house doesn’t have every feature you want. It isn’t customized. Maybe you’re obsessed with the main level floor plan but there just aren’t enough closets upstairs, or the house has the retro feel you like but the appliances need updating. Older homes usually aren’t going to be everything you’ve ever wanted, so it means prioritizing and sacrificing or buying a house with the intention to renovate.

Some homes built long ago need updates - and not just ones to make the house pretty. Yes, you may buy an older home and remodel a bit, but older homes also can mean updates on appliances, furnaces, roofs, heating and cooling units - you name it! Plumbing sometimes needs to be replaced. These things are all not only costly but time consuming, so it’s important to get a great inspector before you buy, or the advantages of low-cost and convenience of a used home get thrown out the window.

The actual process of buying a house is stressful. First you have to look at house after house after house, then you have to negotiate on the price with the seller or outbid other buyers. After that, you have to have an inspection, close on the house, etc. It can be confusing, frustrating and downright aggravating - especially if you make a go of it without a real estate agent.

If you aren’t on a time crunch, you don’t have to make the decision to build or buy right away. You may start house hunting and decide that finding a custom home builder in Colorado Springs is the best way to move into your dream home. Prioritize what you want short term and long term and talk to both a real estate agent and a custom home designer before making a final decision. A home is a big investment, and you should get what you want.

Read 1284 times Last modified on Wednesday, 28 October 2015

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