One of the most common questions home buyers ask themselves during the home search process is, “Should I build or buy a home?” While each option has its benefits, both buying and building come with a few drawbacks as well. Take the time to consider the points that follow before discussing with your realtor or custom home builder.
If you are planning to build, consider the following:
- Customization. When you build, you can personalize every detail to ensure your home will meet all needs on your checklist.
- Multiple decisions. Unfortunately, all those customizations ultimately mean a lot of decision-making throughout the building process.
- Neighborhood guarantee. When you decide to build, you won’t have to compete with other homebuyers for a home in your desired neighborhood.
- Lengthened timeline. Homes take time to build—as long as seven months to a year. You’ll need to make plans to stay in your current residence during the building process.
- Updated finishes. Modern homes—especially those built to your specifications—offer some serious upgrades in comparison to older homes, including energy efficiency, security, aesthetic appearance, and more.
If you’re thinking of buying, don’t overlook these points:
- No customization. You’ll need to find the perfect home right off the bat—or pay additional fees to install the amenities you want after purchase.
- Quick(er) move-in. Once the purchase process is complete, you can usually move in right away.
- Stiff competition. If you’ve found the perfect home in the ideal neighborhood, chances are, others are making bids, too.
- Potentially lower costs. Older homes are often less expensive than new construction, and you can bid lower or make a deal to arrange closing costs.
- You might not get what you pay for. Despite a lower price, older homes often lack modern amenities such as energy-efficient finishes, sturdy materials, or a modern look, which may wind up costing you overall.
The Bottom Line
Ultimately, the decision to buy or build depends on how quickly you want to get into your home and how necessary modern amenities are to you as a potential homeowner.
Of course, it’s essential to consider the final price. While the median cost of purchasing a pre-1960s’ home was recently calculated as about $295,000 (depending on location), the median cost of building was a bit higher at nearly $315,000. However, when you factor in the sheer customizability, energy efficiency, and potential life-span of the materials used in a new home, you’re much more likely to get what you pay for when you choose to build.
If you’d like more information about the benefits of building a home in the Toledo area, contact Premier Builders online or call (419) 794-5958 today.
