According to the home ownership rate, 2012 year got a whopping 65.4% of homeowners in America. It means that more and more people are investing on purchasing either a new house or an existing one. Regardless of your status in life, a house is one of the most important assets any individual should possess. Whether you do well or struggle financially, you should never stop investing in owning a house.
Almost every one of us dreams of having his or her house. Let’s face it. It’s the American dream. However, not every one of us is capable of purchasing our dream home. As a result, we end up either renting, buying or building our own house. Basically, whether you purchase or build a house, it will get you into your cherished abode after all. However, these two have some differences when it comes to expenses. In addition, both have their pros and cons any homeowner should consider before jumping into a decision.
Buying a House
The best thing about buying a new house is that you don’t have to worry about the construction of the building. What you need to do is sit down and pick up your choice from your local real estate book. You can then select from the beautiful houses displayed in the book. Most likely, there are houses that would fit your preferences when it comes to style, location, and cost. When planning on purchasing a new house, always take time on checking out its advantages and disadvantages. While doing so, feel free to weigh in the pros and cons and decide if it’s the right path for you and your family to have your home.
Pros of Buying
According to the experts, convenience and cost are the two top advantages you get when you resort to buying a new house. Unlike with building a new one, you don’t need to spend several months on the construction phase. In fact, you can move in to your new residence between 30 to 40 days depending on the agreement with the former owner of the house. Overall, it involves a faster turnover phase as compared to building a new one. Cost-wise, you can get a new house that is within your budget especially if the owner is on a rush or doesn’t care about the discount you’re asking. If you’re lucky enough, you can actually get a huge discount from the owner.
There’s another reason why buying can also be a great option for homeowners. This is when you have an opportunity to find a better value for your money if you are good in negotiation. Buyers who are good at negotiating with the home owner usually find great deals. In fact, you can actually cut down the price if you are good at asking for discounts.
You can also expect good materials and craftsmanship if you are going to purchase a home instead of building one. Although it doesn’t mean that your builder isn’t capable of building an impressive home, older buildings usually outweighs the newer ones when it comes to material superiority. Basically, construction materials tend to become worse as the years go by. This is the reason why some people prefer buying an existing house as compared to investing on building a new one.
Cons of Buying
One of the main concerns in buying a house is the defects and hidden problems of the structure. Keep in mind that a house has several systems that should be working properly in order to have a problem-free house. If one of these systems has a problem, most likely you’ll suffer from repairs and replacements in the long run. As a result, you’ll spend more than what you’ve had saved for the house. Renovations are sometimes considered as minor issues by most homeowners. However, they can also become a pain in the head if there’s too much repairs to address regardless of how inexpensive the cost of the house was when you bought it.
Another concern in purchasing a house is that you don’t acquire your dream house. Yes, you can find the closest one but you’ll never get the perfect house for you and your family. On the other hand, building it from scratch will allow you to construct the house you like from day 1 to its completion date.
Building a House
While it involves lots of money, time and effort, building a house can also become a good choice especially if you are meticulous when it comes to your home. Just like in buying a house though, you need to check the pros and cons before you settle on building one.
Pros of Building
Perhaps one of the best reasons why you should build your house is that you can decide the outcome of your house from its interior to its exterior. Basically, you’ll be the head of your planning department which means that you give or approve ideas for your house. Unlike with purchasing a house, you can decide on everything that pertain to your house. You can pick the materials you choose based on your preference and budget. Designs are also based on your taste. If you don’t like the plan, then you can easily ask your architect to revise it. In the end, your house will have a sentimental value just because everything in it was your idea in the first place.
Cons of Building
Building a house can sometimes be expensive as you will definitely want the best for you. While working around a budget may seem like a great idea, most homeowners tend to go out of their limit when it comes to building their own house. Basically, building a house will exceed cost expectations. In fact, some homeowners have almost doubled their expenses just to accomplish their goal of building the perfect house of their dreams.
Another disadvantage of building your house is the time spent on constructing your new residence. Although there are some projects that were finished on time, most of the constructions take too long to be completed. As a result, you’ll end up spending more for your house while you are either renting a house or staying at a hotel.
As a homeowner, you need to weigh their pros and cons before you decide on which one to get. Once you’ve decided, don’t forget to do your homework to avoid problems in the future. Although it certainly isn’t a problem-free investment, doing some research would help you to get the best value for your money.
Deciding on which is better (buying or building) can be challenging, especially if you are working under a fixed budget. Either of the two has its own advantages and disadvantages. The best thing to remember is to work on what you think would become beneficial to you and your family in the long run. Other than that, consider deciding under a good budget. If your money isn’t enough to build you a house, then don’t force yourself into constructing one. Instead, invest on finding a house that you can negotiate under a good price. If you’re lucky, you can save serious money which can be used for renovation to improve the house. But remember that there is no point in buying when you can build one at the same price.