How To Decide Between Buying and Building Your New Home

Nov. 29, 2012 - PRLog -- When you are ready to begin the quest for a new home, it is an exciting adventure. There are so many options to choose from and decisions to make. Chief among them is the debate between buying vs building a home. There are definite pros and cons to each choice, depending on your experience as well as the resources and time you have at your disposal.

Expense
There is no way around the fact that homes cost a great deal of money whether you are buying an existing home or building a new one. Many people are attracted to the upfront prices offered with an existing home. On the surface it appears relatively straight forward. There is a set cost of the house. What many people do not realize, however, are all the hidden costs that go into buying an existing home. In addition to bank fees, realtor fees, closing fees, and more, there are also numerous costs associated with the house itself. Even though you would probably have the house inspected before you purchase it, the house is not new anymore.

This means you have a much higher risk or having important things such as boilers, pipes, or the hot water heater breaking. You may also want to update appliances, repaint rooms, and in general mold the home to your liking. It can be impossible to know going in how many costs you are going to incur.

On the other hand, many people feel intimidated by the costs associated with building a home since they are not all contained in one neat column.

There is the cost of the land, the cost of the materials, and the cost of the labor. People fail to realize that these costs are often easier to control. Working with a quality contractor can help you create a home building budget that leaves extra padding for unexpected costs and accounts for everything, including new appliances, wiring, and pipes. Since the home will be custom designed by you, you will also not need to do any updating once it is complete!

Finally, you can also have the added benefit of using the best materials available within your budget. It is important not to cut corners if you choose to build your own house. Instead, work with the professionals to determine what discounts you can find and how to plan so your dream home does not need major remodeling after just a few years. It is also a worthwhile investment to use energy efficient appliances and building techniques, which can also help you save money in the long run.

Time
Which path will take more time depends largely on how particular the buyer is. An individual who does not have many strong preferences when it comes to their home may be able to find homes to place an offer on rather quickly. Once a deal has been settled between all of the parties, you will also be able to move in within months. Those who have many preferences may be better off building their own home. Designing your own home will allow you to choose the floor plan, design, and character of the house rather than trying to find another that fits your unique style, which can take years.

There are also many practical considerations to consider with buying vs building a home. When you build a home, you will know the house inside and out, making it easier for you to make future repairs, renovations, and basic maintenance. On the other hand, construction projects always take more time than originally thought, and there are often unexpected costs. A well planned home can have enough of a cushion built into the budget to prevent money issues, but you must be prepared to live in your current residence or temporary housing for the duration of the building.

Whatever route you decide to take, be sure to work with professional realtors and contractors to help you make the most of your home. The path to homeownership is always an exciting one, so follow your heart but be practical to your needs and abilities, and you are sure to come out on top.

French Construction is a leading home builder in Oklahoma. To learn more, visit their website at http://www.frenchconstruction.com.