Whenever the winds of change shift towards a seller’s market, it doesn’t take long for prospective buyers to start thinking about alternatives to the inflated cost of purchasing an already existing house.
Naturally, the most common alternative is to build your own home. However, in many ways, building vs. buying a home is like apples and oranges. The outcome is the same — you have a house to live in — but there are numerous factors to consider that set these two common options apart. Here are a few of the key benefits that come with building a home rather than simply purchasing an already standing structure.
You Can Choose the Setting
If you’re going to build your own home, one clear benefit is the added level of control you have over the setting itself. In other words, you aren’t stuck with what you get, as is the case with a pre-existing home.
When you build your own home, you can choose to buy a plot in an existing tract in the suburbs, look for undeveloped land in the countryside, or even purchase property with a dilapidated or abandoned house, have it demolished, and start from scratch.
You Control the Process
When you look for an existing house, you’re stuck with the options currently on the market. In addition, you often have to work with the schedule and financial limitations of another party. If, for instance, an existing house has liens against it such as a Home Equity Mortgage, these must be cleared up before you can close on the home. In addition, the seller may want time to pack up and move out.
When you build your own home, though, you’re in the driver’s seat. While you obviously can’t move into a new home next week, if you plan in advance, you can have a fairly dependable window of time that you can expect to move in — barring any setbacks during construction, of course.
You can even choose to delay building a home for the present and live in an apartment or out of an RV for a bit in order to save up some cash. Then, when you’re ready, you can build your home precisely when you want to. The point is, you are in control of the entire process.
You Also Control the Details
Along with having omnipotent-like control over the building process, as a home builder, you can also have significant input on the details of the home itself. Obviously, you can impact how big it is, how many bedrooms it has, and you can make sure it has that Jacuzzi hot tub you always wanted — but the benefits go further.
If you’re an environmentally aware individual, for instance, you can build with an eye towards including a renewable energy option like solar panels, installing a high-efficiency furnace and similar appliances and ensuring that your home is as water conservation conscious as possible.
You Get High Quality
When comparing a new construction or a resale home, the cost factor is almost always significantly in favor of an existing home. However, there’s truth to the old adage that “you get what you pay for.”
On the one hand, if you purchase an old home, even if it’s been well maintained, you may still have numerous issues with the condition of the structure. These can range from small details like the paint on the walls to larger concerns such as the roof or even the foundation.
The quality of a new home, on the other hand, is undoubtedly superior. When you move into a newly constructed home, you can rest easy on the fact that everything has been built to code and that it is in a fresh, new condition.
You Need Less Sweat Equity
Often purchasing old homes involves a good deal of sweat equity. Whether you’re updating the look with a fresh coat of paint or you’re patching holes in the walls and fighting to eliminate mold, an existing home will likely have some amount of work that naturally comes with it.
If you build a new house, though, you can rest assured that you shouldn’t need to put much, if any, sweat equity into the structure for years to come. Everything from the floors to the ceiling will be in a professionally-constructed condition and should leave you with little to do but relax and enjoy yourself without the fear of things breaking down around you.
You Get Warranties
Finally, when you build a new home, you can count on a variety of different warranties to back you up for a while. For instance, all of your new appliances will likely have a year or more warranty that comes with them. Even things like the faucets or toilets may have a warranty — although this isn’t guaranteed.
Knowing that your home is largely “under warranty” can be a huge relief as you settle into your new abode.
Building Versus Buying
It’s always important to consider the finances as you go about planning to build a new home. With that said, though, there are certainly many benefits that come along with having a new home right out of the gate, from the warranties and lack of sweat equity to the level of control you have over the setting, the process, and even the details of the structure itself.
SmartReno can help you find the right contractor for your Interior renovation project