Build or Buy?
Taking the big step to buy a home can be difficult. Buyers are often faced with the decision of whether they want to buy an existing home or build a new one. Here are some things to consider before making that big decision.
Buying a home in an established neighbourhood is usually the simplest path to completing a home purchase. All that is required to initiate a sale is to make an offer to the owner, which is usually done through a local realtor.
Convenience and cost are two of the biggest advantages of buying an existing home. After making an offer, buyers are likely to close within 45 days. Existing homes generally offer a better dollar value because the price is usually negotiable.
A commonly experienced drawback to buying an existing home is that it’s not likely going to be exactly what the buyer is looking for. The floor plan may not match their needs or the aesthetics of the home may not be what they wanted. The age of the home should also be considered. While older homes may have a great deal of charm, they are often in need of renovation or repair, which can be expensive.
When making the decision to buy or build, don’t rule out building a new home; building can be easy. Developers generally offer predefined floor plans and options. This gives buyers the flexibility to get nearly everything they are looking for in a home.
Building a house offers buyers a sense of pride. After all, they get to put materials in the home that they genuinely like. Personally choosing these materials can give buyers a pleasant feeling. Additionally, everything in the home will be brand new.
Sometimes, building a home can take an extended period of time to complete. Typically, developers will quote six to seven months to build a home. Cost is also a factor because the cost per square foot is usually higher to build than it is to buy an existing home. Another drawback is the time it will take to choose all the finishes for the home. Sometimes, this can be difficult for buyers who have tight schedules.
Making an Informed Choice
The decision to buy or build should be carefully weighed before signing a purchase agreement. After considering the pros and cons of both choices, the path that best suits the buyer should become clear. Upon making your decision to build or buy use this interest calculator to work out your monthly repayments.
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