Should You Buy Or Build A Home? | Mortgage Chicks

Deciding whether you want to buy your dream home or build it? Let’s talk about it.

What You Should Keep In Mind

When weighing out your options, there’s a few things you should consider. Just like with a regular home purchase, location, price, property taxes, and homeowner association (HOA) fees.

Be sure to create a wish list that includes your specific needs versus wants. It’s important to know your non-negotiables and those that might not be necessary.

So you decide to buy an existing home…

The good thing: it’s convenient and cost-efficient.

Once you find your real estate agent (and get pre-approved) you can start shopping around for your dream home. After you put an offer and close on a home, you’ll typically move in within a month or two. This is an advantage as opposed to waiting for your home to be built.

This might also be a good option for you if you need a move-in ready home if you’re relocating for a job or starting a new school.

Buying an existing home gives you the option to purchase a home in an established neighborhood. This will likely have landscaping so you don’t have to worry about planting.

The down-side? You may not be in love or have exactly what you want. Maybe you don’t love the layout or wish there was an additional room. This may mean you will have to spend additional money on remodeling and/or repairs to achieve your dream home.

How about if instead of buying a home, you want to build!

First things first, you’ll have to find an architect and begin designing every aspect of your future home. This will give you the opportunity to customize your home down to the air filtration system! (which may be eco-friendly and save you money on utilities later)

That being said, since your home will be brand new, it will require less maintenance and fewer repairs. You may likely get a warranty for your newly-built home in the event that something does happen, you can still be covered.

Aside from the satisfying journey of creating your own home, there are some drawbacks. The main one usually being cost and timeframe. Since your home is being built, there will be a schedule in place with your anticipated move-in date. Throughout the process, you may request progress photos and maintain a point of contact. Ensuring the designer understands your vision is key. If they understand your needs, the process will likely go smoothly and avoid delays.

Bottom line?

Whether you decide to build or buy, there are many factors to take into consideration. Whether it be cost, timeframe, or location, both options have their advantages and disadvantages depending on what you’re looking for.

Have more questions? Send us a message via Instagram @mortgagechicks. Or schedule a call with us directly at whatever time works for you! We are proudly helping families in the following states: Florida, Georgia, California, North Carolina, South Carolina, Tennessee, and Texas!

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