Agustina Bluthgen / 07/30/2021
Should I Buy A House Or Build A House?
Homeowners always face the complicated dilemma of either buying an already built home or building from scratch. While in the hunt for your new home you may wonder whether you get a new property or you buy land and build it yourself. Let’s look through some facts and recommendations that can help you save you lots of time, energy (and money). Let’s take a look at both sides to decide if it’s better to buy a home that is already built or build a house.
One of the main advantages of buying an existing home is convenience. Right after you close the deal you can move after a few days, if the house doesn’t need big renovations. Sounds pretty simple. But the most challenging part is to get there: viewings, offers, home inspections, financing, negotiations, paperwork… Bet you’re already exhausted! But if you are a buyer on a tight schedule, buying a built home is worth considering. If you are relocating for a new job or your children are starting a new school, time is always an important factor.
Another important benefit to buying a move-in-ready home is the cost. Often, but not always, it’s cheaper to buy an existing home instead of building a new one from scratch.
More desirable properties are often closer to city centers, in established neighborhoods. You will have access to services, public transportation, work opportunities, and more. Additionally, you will most likely have a garden already grown. You will not have to worry about starting a lawn, planting and waiting for trees and bushes to grow.
But what about the disadvantages? Well, you will most likely not have your dream home. When buying an already built house, you will have to give up on some dreams. If you have to perform many renovations to get it up to your standards you will have to spend even more time and money. You might have to settle for a house in a living complex or an apartment. These are usually obsolete in many ways or not very energy-efficient.
Now, let’s consider the complications of buying land and building a new home. As mentioned before, time is of the essence. New homes take months, if not years, to build. It’s important to also consider the possible delays and complications that may come up. If you have to rent another place to live in while your house is under construction, it will cost you some extra money. Not to mention the extra cost of adding a garden and landscaping to your home.
So why would you decide to build a house? There are several benefits to consider. First, you can live in your dream home. You will build it according to your expectations and requirements. You will probably have to make some changes if you are dreaming of a multi-billionaire’s home. But you will make sure that your basic concerns are covered. Since it’s brand new, it will have no if few maintenance issues. You will also have the possibility of making it more efficient, and save money on your utility bills.
When you build a house, it also comes with tax benefits. The ability to claim depreciation over the next few years is one of them. You will also save money on transfer duty as there is no transfer of property from one owner to another. This will also save you legal fees and processes. Additionally, you will find less competition for buying land than there is for buying a built house. Keeping your budget in mind will help you find more adequate options.
Last but not least, one of the main advantages of building your house is the feeling of ownership. After designing and building it, you will have a deep connection with it. Your house will quickly become a home. You will be able to share stories with your family and friends, and find your place in the world!
« Previous Next »