After making the decision to transition from being a tenant to an owner, you still have another important decision to make. You have to choose between buying or building your new home. For some, the decision comes down to finances. For others, the desire to have a home that is as they dreamed it. To help you determine which option is right for you, here are some factors to remember about home buying and building.
Why Should You Buy Your Home?
Buying a pre-existing home has various benefits, including the chance to save money. Even in a seller's market, there is still a good chance that you could buy the home you want for less than the cost of building a home. The potential for saving on your home could be increased if you opt for a home that has been foreclosed or on the market for a considerable time.
Another benefit of buying a pre-existing build is that, shortly after you make your offer on the home, you can move into it. Depending on how long closing takes, you could potentially be in your new home within a few weeks. As a result, you can save on rental fees and other related expenses by simply moving into your home.
There is a drawback to consider with buying a home, though. Since the home has already been built and lived in, you could face repair issues that you will have to pay for. Fortunately, a good inspection before closing can help you find any issues with the home so that you can work with the seller to resolve it before you take possession.
Why Should You Build Your Home?
Even though there are solid benefits to buying a pre-existing build, there are some advantages to building your home. The most obvious benefit is that you can design a home that specifically fits your needs. Instead of going from home to home looking for the amenities that you and your family need, you can work with the architect to avoid the search time.
Building a home can be more expensive than buying a pre-existing build, but your newly built home could potentially help you save money. Your new home will have to be built according to newer building codes, which tend to center on energy efficiency. You can also make green decisions for your home that result in even more savings.
Building your own home does mean that you will have to wait to move into it. It could be months before your home is complete.
Your real estate agent can help you determine which direction is the ideal way for you and your family.
Share13 January 2017
Apartment living can be a trial sometimes. Even the best apartment complexes can have problems, such as noisy neighbors. I experienced this firsthand with my newest neighbors. Between their partying and trashy existence, I was ready to go crazy. Late one night when they were being particularly noisy, I started researching my rights as a tenant. I found out I did not have to live with their inconsiderate behavior. As a public service, I decided to help others through this blog with their neighbor problems. Whether you are dealing with a landlord that will not do any repairs or bad neighbors, I can help.