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How to Choose Between Buying a Home or Building One

By Guest Author | July 22, 2015

Moving into a new home is a huge step in anyone’s life. However, before you can begin the move-in process, you have to actually find the perfect home. That can mean choosing between buying an existing house or building a home of your own. It can be a lot to think about, but here are some things to consider as you’re making the decision.

4 Ways to Choose Between Buying a Home or Building One

Know What You Want in a Neighborhood

Chances are if you are buying an existing house, the neighborhood is already fairly established. Utilities are secured and the surrounding landscape has had some time to mature. If you decide on new construction, you may have to wait for the grass to get rooted or for trees to mature. Also, if it’s a new development, you may have building going on around you for years.

Zero in on an Exclusive Area

No matter where you live, there are always areas that are more desirable and may be the perfect fit for you and your family. Certain neighborhoods, such as exclusive residential areas, are best located through realtors with experience dealing in these properties. They can also help you understand various laws concerning ownership that pertain to housing plots, such as laws regarding oil and gas rights that relate to real estate purchases. Websites like can connect you with realtors who can answer any questions you have about specific properties.

Consider the Convenience

Make a list of the pros and cons in regards to convenience. If you decide to go with an existing home, you might miss out on some of the features you wanted in your dream home. And you may be sacrificing location. Likewise, if you decide to go with a new build, you’ll be investing time and probably additional money that could have an impact on your lifestyle.

Determine the Costs

You’ve probably made lists, looked at countless new and old neighborhoods and even consulted with a realtor. However, whether you decide to buy or build will probably, at least in part, come down to cost. It may be easier to get pre-qualified for a low-rate loan if you decide to purchase an existing home. But consider hidden costs over the life of the house. In new construction, everything from your water heater to your roof is brand new. So, you likely won’t be looking at any big ticket repairs soon.

Whether you choose to buy or build, you’ll discover that there are pros and cons to either decision. When you’re weighing the two, consider what you’re willing to give up and what you consider essential for your lifestyle.

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