Building vs. Buying a Home

At some point when looking for a new home, the decision whether or not to buy or build a home will arise. While, ultimately only the prospective homeowner is able to know what is best for them, there are some guidelines to aid in the quest for an answer.

Building a home from the ground up gives the owner a great deal of freedom in terms of customization. Barring restrictive construction codes or policies in the area, there are virtually limitless possibilities. Location, lot size, house size, materials, landscaping, and many other features have yet to be established, thus the homeowners retain the ability to develop these plans to fit their needs and desires. Many features in prebuilt homes are not included in an attempt to keep the price down. For example, some homes do not come stock with air conditioning systems, while others are given bare minimums in terms of landscaping. These features, while succeeding in reducing the cost, will be a much greater hassle--and more expensive--to be added on after the house is already built. Building a home avoids these delayed conflicts through its incredible customization.

However, freedom of choice comes at a steep price. While the only expense of a prebuilt home is the cost of the house, property, and real estate agent, building a home requires much more; architects, landscapers, and construction crews must all be employed in addition to the aforementioned expenses. The economic burden worsens even further if the purchased land requires any amount of extra preparation before the construction of the house begins. Digging, leveling, draining, etcetera will all add to the total price of the project, even more so than one might expect. Homeowners may be required by the city to purchase a permit in order to build on a property as well, although this is not the norm.

Also, building a home takes much more time, upwards to about eight months to a year in total. The only time concerns with buying a house is waiting for the seller of the house to relocate, as well as the time it takes for the homeowner's house to sell. This leads to another potential conflict with building a home: if a home is being built, the homeowners are in the process of selling their current house. Especially if the real estate industry is struggling at the moment, selling a home can be very difficult and time consuming. What would happen if the home did not sell in time, and the new home was completed? Regardless of whether or not anyone lives in the new home, payments must be made on it, thus the homeowner is forced to make payments on both homes until the original home is sold. This can be detrimental, since building a new home is economically debilitating as it is.

Like any decision, there are pros and cons for both courses of action. Depending on the customization desires of the homeowner, building a new home may or may not be the best decision. If a prebuilt home satisfies their needs, it is an excellent option. Building a new home is expensive and time consuming, but its rewards grossly outweigh the trials and tribulations involved in the process.