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Last modified: 2021-03-08 | Approximate reading time 6 mins
A new home is one of life’s most exciting ventures, and a common question that accompanies this purchase is should I buy it or build it? When looking for the perfect house, it may be difficult to find one that checks all the boxes.
Of course, the idea of a custom-made structure is appealing to many but can come with higher costs and longer wait times. So, how do you decide when to buy your home and when to build it from the ground up?
A house is a huge financial responsibility, so it’s crucial to be well-informed before making this choice. Luckily, this article will offer some insight into the pros and cons of building a home versus buying one and can help towards a final decision.
There are plenty of concrete advantages to buying a home that’s already in place, including saving time and money. Let’s take a deep dive into some of those:
Little to no renovations or maintenance upfront
In almost every case, you can be certain that the structure of your new home is sound. This suggests that taking on major renovations such as replacing or repairing interior walls, floors, the roof, or the foundation is unlikely. Of course, this doesn’t mean that cosmetic renovations won’t be necessary.
It’s possible to purchase a new home and feel it still needs improvements or upgrades to fit your taste and style. In a structurally sound home, it’ll be much easier to take on smaller renovation projects without worrying too much about more pressing updates and fixes.
A home that’s just been built should follow new building standard guidelines. This is an obvious advantage, as older homes may adhere to different standards and lack fundamental aspects such as proper insulation, foundation, as well as windows and doors that don’t perform in certain weather conditions.
In many new homes, you can expect better efficiency as well as green-energy considerations that can include heat, energy and water conservation elements. Not only this but in new houses, there may be protective safety measures in place including fireproofing, carbon monoxide detectors, and windows that can double as fire escapes.
New homes are now reflecting our modern lifestyle choices and this is a crucial consideration for many homeowners. A newly-built home will likely come with modern conveniences including extra storage, large relaxation areas as well as ways to incorporate smart home technology or new energy-efficient appliances. Not to mention, starting fresh in a brand new, crisp home with all of the modern features, fixtures and finishes is an exciting way to move into the future!
Even if it seems like buying a new home is the way to go, there are still some disadvantages to consider.
Of course, when it comes to buying a new home, the cost is going to be a major factor. It’s undeniable that a new home is going to cost more than a resale home. Not only this but with rising mortgage rates, sometimes mortgaging a new home can prove difficult. Thus, plenty of research and planning should go into this process. Another important point regarding cost is that the breathing room for starting price negotiation is not likely. Be wary of home builders looking to capitalize on unnecessary upgrades and paying for more than you’d originally anticipated.
If you’re purchasing a home that’s part of a newly developing neighborhood, with many similar structures going up at the same time, there’s a chance that the materials or construction methods used could be faulty or less than ideal. When buying a new home, it’s crucial to pay attention to the materials used for areas such as subflooring, piping, and flashing. Not to mention, since this is such a large purchase, it could be useful to invest in a qualified home inspector to make sure that everything is installed and finished correctly.
If you’re buying a new home, we’d say here that patience is a virtue. This is because wait times for new home construction are always longer than even the builders themselves anticipate. There are plenty of factors that may influence how long you wait to move into your new home and these can include the following:
Remember, your move-in date could be pushed back months. So, understanding that you may have to exercise flexibility and patience is important when buying a new house.
Curious about what else to consider when buying a new home? Check out our article for further info!
Building a home from the ground up is a serious venture with many exciting benefits. Let’s consider some of them:
In a home building project, you’re the one calling the shots. Thus, your new home will be built to fit your taste and lifestyle. This will include every single decision, including the location, the structure, the materials, flooring, appliances, paint colours, as well as all of the fixtures and finishes.
Of course, depending on your needs and expertise and if you’re not so well versed in home building or renovation, you may need to hire someone to help you take this huge job on. This could be an engineer, a structural engineer, an interior decorator, as well as a general contractor. It’s also important to note that all electrical work must be done by a professional!
Again, since you’re building this home from scratch, it’s likely you’ll be well aware of each step and material that’s used in the process. This will allow you to meet current building codes upfront and use modern or eco-friendly materials. Thus, it’s unlikely that a big renovation project will be in the cards for the foreseeable future. This means that once your home’s been built, you can rest easy.
Low energy costs
If you’re in tune with eco-friendly initiatives, then you’re likely invested in working with the latest energy-efficient systems and materials. Installing updated, forward-thinking systems, including HVAC or solar panels, will lead to lowered energy costs in the long run. Plus, knowing your home is contributing to the preservation of our natural resources will help with its resale value, should it ever come to that point.
Building a new home is a long and delicate process with many moving parts to consider. Waiting to move to your new home can take patience and determination, here are some of the frustrations that may crop up during this project:
Naturally, a house building project will have you carefully planning a budget for every cost. But, with a project of this scale, it’s only normal for unexpected costs to show up. Depending on the length of the project, this could also mean price increases for certain materials or services.
Not only this but if a problem should occur, you could end up having to pay for it to be remedied. Unfortunately, no matter how hard you try, this is a part of renovation projects that’s difficult to avoid. Do bear this in mind and keep some leeway in your budget for any additional expense.
As with buying a new home, building one will involve a lot of waiting. The construction of a house can take anywhere from 5 months to a year or longer. It’s important to note that this is for the construction alone and doesn’t take into consideration permit applications, approval times and the planning stages. Many decisions will need to be made before the building can begin including plotting the land, creating a floor plan, choosing materials, finishes and colours. With all of this in mind, having the utmost patience is a crucial factor for this project.
Dirt, noise, and stress
Building a home is not an easy process and it’ll involve plenty of dirt, noise, and stress. You’ll likely be dealing with construction noise, traffic and the tracking of dirt from the exterior to the interior. If you have a low tolerance for noise and mess, be realistic about how much this project will entail.
Stress can be another major disadvantage. Many of the decisions that go into this project are permanent and costly, not to mention staying within your initial budget can be challenging. Managing all of the intricate details takes time, effort and determination. Don’t underestimate the strength of character building a new home takes.
RenoQuotes.com can help you get quotes for your home renovation project. If you submit your project to us, we’ll put you in contact with top-rated contractors. Fill in the form on the homepage (it only takes a few minutes), and you will get estimates from trusted professionals.
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