Buy Or Build? How To Get What You Really Want
Owning your own home is a great accomplishment. When considering owning a home, two thoughts may come to mind, should I buy or build? There are pro’s and con’s to both options. So how do you get what you really want?
Buying or building a home can be a very exciting time! There are lots of decisions you can make to create or buy your dream home. Consider how many bedrooms, bathrooms, etc. you want in your home. Every situation spurs the creation of a unique program that will meet the needs of the anticipating occupants. With this in mind you must move forward with the clear intention of finding what fits your style and your budget.
Once you know what you have a clear idea of what you’re looking for weigh your options. Some good first questions to ask are the following:
·What is the average cost per square foot to build in your area vs how much to buy?
·Is there a house for sale that you like and can afford?
·What is the average land cost in your area?
·Would you rather start from scratch or modify an existing house?
·Do you know what is involved with the building process?
·Are your finances in order or is it not possible to proceed at this point?
Before you choose to proceed in one direction or the other consider these pros and cons:
Pros of Building:
1. You can choose your own architect and builder.
2. You have total design control over your future home or remodel of your current home with your lifestyle in mind.
3. The cost is about 30% lower to add rather than move to a new location.
4. You can remodel and stay in close proximity to current church, work and school.
5. Your tax base is lower on additions.
6. You can dictate exactly how the rooms flow together and choose the finishes.
7. You can see what the finished home will look like by viewing 3-D models provided by your architect.
Cons of building:
1. The building process can be complicated, time consuming and require patience on your part.
2. The time to get approval from the city is unpredictable.
3. The weather may interfere with construction.
4. There may be unforeseen changes necessary because of material availability or city requirements and you will have to be flexible.
5. Changes or delays may increase costs.
6. Remodeling while living in your house can be inconvenient.
Pros of buying
1. You can move right in
2. You can save money by making due with what is already there.
3. It is typically less complicated and faster to remodel than to build.
4. Utilities are already in which is a savings.
5. You may be able to buy a house at a lower price in a good neighborhood that needs work.
6. The landscaping is established.
Cons of buying
1. The finishes may be old, outdated, or not to your taste.
2. You may need to move out of your desired neighborhood.
3. Taxes vary by area and may include HOA fees and/or Mela Ruse tax.
4. The layout may not be exactly what you want.
5. You may end up paying more for less house if it is already built.
6. The larger the loan the more complicated the process.
Buying or building are both great options for your future home. Hopefully these thoughts help in your decision making process. There is a lot to consider when choosing where to spend the next 30 or more years of your life. A home could be your largest purchase therefore making be sure you are happy with your choices before settling on a course of action. After all, it’s your home, you should love.