Buying or Building- Options for Your New Home
If you’re in the market for a new home, chances are you’ve looked at a few places already. Maybe you’ve looked at a lot of places. We’re willing to go out on a limb and say that even if you really liked some of those homes there’s always something you’d change if you could. “This house would be perfect if it just had one more bathroom,” or “I love it but if there was a second entrance, I could have a home office too.” There always seems to be a caveat.
It’s rare for someone to buy a home and keep it exactly the way it is. At the very least, people will repaint and add a few personal touches. The idea is that you find a place and you make it your own. For some, looking for a home to fall in love with and make their own is the way to go. For others, it makes more sense to build a new home.
There are many reasons to build a new home and there are just as many reasons to buy an existing one. You have to decide which option makes more sense for your budget and your situation.
Building A New Home
Building a new home can be exciting and empowering because it allows you to design your ideal home from top to bottom. It gives you the ability to create the look and feel of your home and build it to meet your own unique needs. There is no peeling wallpaper to remove, no outdated bathroom vanities or broken steps. You get to start from scratch with a brand-new home.
Because a new home will require all new plumbing, heating and cooling, electric, etc., you won’t have to worry about the costly repairs or maintenance that most older systems encounter. You will also likely have lower heating and energy costs because many of these things are done with energy efficiency in mind these days, and newer equipment just runs better than older equipment.
One major selling point for building a new home is that there will be zero competition. When you’re purchasing an existing home, you’re faced with competition from other potential buyers. You could be outbid or the house you’re eyeing up can get scooped up right from underneath you. If you’re building a home on land that you own there is no competition.
Buying An Existing Home
Buying an existing home also has its benefits. While it may not be a brand-new home, it can still be a blank slate for you to create the home of your dreams. One thing an existing home has that a new home never will is a history. There are homes from many different time periods and many of them still hold some of the charm associated with that era. For some people, the history is just as important as the home itself.
An existing home might be open to competition from other buyers, but you can also try to negotiate the price, unlike a new home. Most homebuyers are hopeful that they can get a lower price on the home they choose if they bargain.
For homebuyers in a hurry, an existing purchase can result in a much faster move. The time between you making an offer and moving in should be relatively short. While building a new home doesn’t take years, it does take longer than purchasing a home, and you don’t want to rush it. Between the actual construction time, the planning and approval stages, and any unforeseen circumstances, it may leave a gap in between selling your old home and moving into your new one. If you purchase an existing home you can plan accordingly to avoid this.
Is Buying A House Cheaper Than Building a House?
This is definitely the most common question when it comes to whether to build or buy! There really isn’t a set answer unfortunately. Every situation is unique and there are ways to make building and buying more cost effective. If budget is your main concern, don’t shy away from either option based on assumptions about cost. You should be able to make either one work within your price range.
The location of the land, the type of home you choose to build or buy, and how much customization you want can all cause prices to vary. There are several building options such as manufactured homes, modular homes, or site-built homes. Each of these comes with a different price tag, with the manufactured homes typically being least expensive. There is also a middle of the road semi-manufactured home.
Whatever your budget is, you can find an option to build or buy that fits it. Building and buying both have great benefits, it just depends on your situation. Your home is the most important purchase you will ever make and it’s an ongoing investment. If you’re feeling overwhelmed, you’re not alone. The best place to start is to speak to a lending professional to see what your options are. Citizens Savings Bank has a team of local lending professionals that can help you make your dream home a reality.
Citizens Savings Bank has multiple locations throughout Lackawanna, Wayne, and Monroe Counties. For branch locations and hours, visit our website. We also have a Customer Support Team ready to answer any questions you may have. Call us today at 1-800-692-6279 or email [email protected]. Member FDIC. Equal Housing Lender.