Once you decide to become a homeowner, the next question is whether you should build a new home, or buy an existing home. The freedom to make decisions about the details of your home and watch it take shape holds undeniable appeal to some. But there’s also something to be said for the security of comparison shopping – walking through a house and “kicking the tires” before you sign on the dotted line.
For many people, the question of building or buying an existing home is just a matter of preference. As with any other major decision, making a list of pros and cons can be helpful as you look at your options.
- Control: The biggest advantage of building is the control you have over the features of your home. You make decisions about everything from the exterior appearance and how the home is situated on the lot, to bathroom and lighting fixtures.
- Knowledge: You will have a heightened sense of ownership of your new home that can come only from watching your house take shape step by step. Knowledge of the inner workings of your home can also be invaluable to you later, when you decide to make home improvements or need to perform routine maintenance and repairs.
- The eco-friendly edge: When you build your home, you have the option of using environmentally-sound materials and energy-saving features from the very beginning. You can do your part to help the environment and keep more cash in your wallet over the years.
While home building is definitely an exciting and rewarding experience, there are some aspects of home building that might not appeal to everyone. These can include:
- Time: Waiting for construction to finish can be disheartening to some. You may also need to make alternative living arrangements while you wait for your new home to be finished. And for some families, they simply don’t have the luxury of waiting.
- Pressure: There can be a lot of pressures associated with building a home – your building team is going to turn to you for answers to questions or to make decisions about your home. For some home shoppers, this is a pressure they prefer not to have.
When you build a new home with Oberer Homes, we will work with you closely to create a custom home that has all the features you want, at the price you need, so you can enjoy all the benefits of home building! We start from a wide range of already-existing standard floor plans and features, and then customize as many aspects of your new home as you wish. If you want a particular feature in your home, just ask! And throughout the building process, we work hard to make some of the less appealing aspects of home building go smoother and become less of a strain on you.
Buying an Existing Home
Buying an existing home can offer many advantages. You can see the home prior to building it. You can compare and contrast several different homes during your shopping process. But you may also have fewer options when it comes to customizing the home, and the research necessary to find the “perfect” home can be more time-consuming than your schedule can allow.
Pros of Buying an Existing Home
- Shopping around: Since the homes you are considering are already built, you can benefit from being able to see each home. You can be a critical shopper, and compare different features until you find exactly the right combination at the right price.
- Bargaining: You can benefit from contract negotiations with the seller and get the best deal, knowing that in today’s competitive market, there are other options waiting for you right up the road.
- Taking your time: If your timing is flexible, buying an existing home can be advantageous. You can work at your own pace. You can shop listings for a few days, or even a few months. And when it comes to moving in, you can usually work with the seller to choose a date that is mutually agreeable.
Cons of Buying an Existing Home
- Concessions: When you buy an existing home, you may need to make concessions with regards to the features you want in your home. You may not find the “perfect” house that has everything you dreamed of. And you may need to spend additional money making updates and/or repairs.
- Stress: Finding the right home and making an offer on that home can be stressful, especially in a seller’s market. You may need to act faster than you are comfortable, or make an offer that is more than the listing price if you become involved in a bidding war with another potential buyer.
- Timing: Buying an existing home can involve scouring real estate listings – followed by hours of driving around and touring homes – either on your own or with a real estate agent. This process can take a few days or a few months. If your time does not allow for this kind of research and leg-work, this aspect of buying an existing home may impose extra, unwanted pressure on you.