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The Definitive Guide To Building vs Buying A Home

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Deciding to purchase your own home is a huge decision. In most cases, you will need to use finance which means you are taking on the biggest commitment of your life. Alongside this, there are many different houses to choose from, making it hard to find the perfect solution. 

Regardless of whether you are a first-time buyer or have owned several houses, you should pause to consider building versus buying.

The Advantages Of Building Over Buying

When you engage the services of reputable specialists in custom-built homes you suddenly find you have a lot more control over the process than you may have realized. Best of all, you don’t need to do the build or spend all your time on site. 

What you do need to do is find the right site and work with the company to design your perfect home.

Layout

Perhaps the most obvious advantage of building a home is that you get to design every part of it. That means controlling the number of bedrooms, where they will be situated, and what other rooms are important to you. 

By choosing the location you also have control over privacy and how to landscape your yard. 

Cost Saving

In general, it costs a little more to build a custom home instead of purchasing one already built. But, when you custom build your home you can add in all the extra features, such as solar panels, rainwater recycling, and even ground source heating pumps. 

Yes, this will add to the cost. But, it will reduce your annual costs, potentially to almost zero. In the long term, your house will be cheaper and you may find it is worth more thanks to the latest technology.

Finance Options

When you buy a ready-built house you need secured finance in the form of a mortgage. But, when you custom build you will find an array of finance options are open to you, including stage release. This allows you to contribute more toward the cost and reduce your long-term commitment. 

It can make a significant difference to life quality.

Advantages Of An Existing Home

There are two main advantages associated with buying an existing home as opposed to building one:

1. Convenience

An existing home is convenient, especially if you are on a tight timetable. Once you have found out what you can afford, you simply locate your preferred property and make an offer. If accepted you know you will be in your new home within three months and it is in your preferred area. 

2. Cost

As mentioned, it is generally cheaper to purchase an existing property. All you need to do is find out how much you can borrow and then locate a house in the right price range. As the cost is set you will know exactly how much you are borrowing and what the monthly payments will be.

Final Thoughts

The reality is that, over the long term, there are significantly more advantages to building a custom home than there are to buying an existing one. However, everyone is unique. You need to decide what works best for you today, even if that means building your dream house in a few years.

partnered post • cc-licensed image by AK House Project Media

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