Home Buying vs. Home Building- Which is better?
One of the largest investments that a person makes is their home. Most people spend tons of money and lots of time in finalizing their “perfect home”. This includes a lot of research right from location search to market trends and property taxes to building fees to a lot more. Besides, each home owner has a set of references that includes specific needs and wants. While the entire ‘dream home’ process involves a number of important Things, one of the very first decisions is to decide whether to build a house or buy an existing one.
As tough as it sounds, each of the two has its advantages and disadvantages. Here’s helping you
understand both:
1. Buying an existing home
If you choose to buy a home that’s already built and owned by someone, there are two advantages: convenience and cost. You can shop around different properties to pick out a home and make an offer. You can hire a good real estate agency for this purpose. A qualified real estate agent can help you streamline the entire home buying process. From helping you to find appropriate properties to guiding you through negotiations and assisting with the paperwork; a real estate agency can be of great help. It makes the entire process close in a month or two once your offer is accepted.
The process of buying an existing home can involve the following steps:
- 1. Viewing homes
- 2. Making offers
- 3. Home inspections
- 4. Financing
- 5. Renovations
- 6. Closing the deal
The most compelling feature of buying an existing home is the convenience of being able to move in quickly. For people who are on a strict timeline would rather prefer this option than the ones who have ample amount of time to shift in their own house. Also, it is a known fact that the cost of buying an existing home is usually cheaper than building your own. This can also be calculated using a mortgage calculator to get a better estimate of the total cost of purchasing any specific home based on current interest rates. This is another reason why many people choose existing homes over building their own.
But before you choose to buy a home, be sure that unless you find an existing home that has exactly what you want and is in perfect condition, you should not opt for it in a hurry.
2. Building a new Home
The convenience that you get while choosing an existing home does not come handy with building a new home. The list of things to do is longer in this case. From finding an appropriate land to choosing the right builder; there are more factors to consider. But if you take the help of a real estate builder that can make all these jobs easy for you, then there’s nothing like building your own home.
The process of building a new home can involve the following steps:
- 1. Choosing the land and right neighborhood
- 2. Deciding a real estate builder
- 3. Planning and architecture of the house
- 4. Financing and loan
- 5. Getting various legal permits for building
- 6. Finalizing the timeline
- 7. Setting a budget and sticking to it
There are many advantages of building your own home, especially choosing your preferred design and details like ventilation, air filtration standards, flooring, wall designs, kitchen style, efficient toilets, sustainable construction etc. One of the most crucial perks of building a new home is that
you are less likely to have the health concerns or toxic materials of an older home, such as effects of lead paint, mold etc.
Also, even though the upfront costs of building your own home can be higher, it may be easier to earn more profits at the time of resale and will require fewer repairs and less maintenance, which can save both money and time.
Above all, building your own dream house leads to a level of satisfaction that cannot matched otherwise. The emotional connection of living in a new home that you have created is unmatchable.
No matter what you prefer to choose, in either case, working with a qualified and experienced real estate agency like VIRMANI ESTATES can help ensure that either of the processes goes as smoothly as possible.
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