When it comes to buying property, you have multiple options. Most people automatically think about buying an existing property, but more should consider the option of having one built. If you were one of those people who always dreamed about having a custom home built, you may also have had some reservations about it. Let’s take a look at some of the benefits and disadvantages of having your home built or buying an existing one.
Where do You Want to Live?
If your goal was to live in a densely populated urban area in a prime location, chances are, buying an existing property would be a better option. Finding vacant lots will be a challenge, and if you want to have a custom home built, you’ll either have to tear down any property that was there or settle for a less desirable area.
If your goal was to live in the suburbs or the country, on the other hand, there could still be lots of empty lots that you could build your house on. It would be built according to your specifications and have all the latest features. There’s a strong chance that it will be much better than most comparably priced homes in an urban setting and will come with a warranty as well, which means that you won’t have to worry about major components breaking down for a long while.
What’s Your Budget?
One of the many reasons why people are hesitant to build a home is because they’re worried about the costs. And the upfront costs indeed tend to be higher than when buying a home. However, you could end up recouping on your investment down the line. For one, newer homes tend to be much more energy-efficient. Selling your home will also be much easier as most people find newer homes more attractive.
It all depends on who you work with, however. You have to go with a team that will sit down with you, look at your budget, and will be able to come up with various solutions. Companies like Bela Development will work with you from start to finish.
What Were You Looking for in a Property?
If you want modern features like smart lighting and thermostat, double or triple pane windows, or energy-efficient heating and ventilation, you are much more likely to find it on a new built. Sure, some houses on the market may have these features, but they are less likely to have everything that you wanted. You have all the choices in the world when working with a builder.
And, if you thought that you could always retrofit an old home to add features, know that it’s not always possible. Certain ventilation systems require the house to be air-tight, and not all older homes can meet the airtightness requirements. Even things like solar panels could be impossible to install on certain older properties, which could be a major issue to you if you wanted to use solar as your main or secondary source of energy.
As you can see, there is no one answer as to whether buying or building a home is the better choice. Before you make your decision, evaluate what your needs are and know the pros and cons of each option in detail.