As the single biggest investment a couple will make over their lifetime, purchasing a home is a dream come true. However, getting that dream home may be harder that a couple may have bargained for along the way.
As a result, they may have to make a decision whether to build a new home or buy an existing home. As with any big decision, there are pros and cons related to each. If you're in the market for a dream home but aren't sure what to do, here are some tips that may help you decide.
Buying an Existing Home
No matter how new anyone may be to the real estate market, most realize it is generally much easier to purchase an existing home. While it may involve such things as obtaining financing, arranging for home inspections, and working with real estate agents to ensure the closing process goes smoothly, it offers a level of convenience that cannot be compared to building a home. For example, if a person is relocating for a new job or needs to get settled in time to start kids in a new school, buying a home may be the best option.
Building a New Home
If, on the other hand, a couple has their heart set on having a home that is customized to their liking, then building a home from the ground up may be the answer. However, it will in most cases take far longer than buying an existing home. Along with finding a tract of land, this process also entails working with an architect to develop plans, in addition to making sure the area will have adequate water, sewage, and other utility capabilities. But while there may be some aspects which may be time-consuming and expensive, the upside is that a custom-designed home will have no worries of containing such harmful materials as asbestos or lead paint. In fact, it will be much more efficient, since it can be equipped with Energy Star appliances and other plumbing and electrical features that allow it to be sustainable and wired for future technology and automation. Many new home builders, like Parkview Homes, strive to have a HERS rating and certificate and guarantee low energy use. A built home can be customized to your exact specifications, while with a bought home, you’re often stuck with what you get.
While both of these options have advantages and disadvantages, ultimately it comes down to personal preference. Whether a couple decides to buy a new home or build one that is customized to their liking, there's little doubt that even though each process can take some time to complete, the wait will be well worth it in the end.