Stepping into homeownership is an exciting thing, whether you’re making your first purchase or a subsequent one. Once you have your budget and you’ve been pre-approved it’s time to start house hunting.
Undoubtedly, you’ll find a lot of amazing options that will excite you, but you’ll also have some questions. One of which will likely be, whether or not to build or buy a home. Of course, being cost-effective is important, but knowing if there are any advantages to one or the other can help the decision making process.
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Buying a House
When choosing from the many amazing move in ready homes Utah, you might be surprised at just how much property you get for your buck.
Whether you build or buy, the most costly component will probably be the down payment. But there are other costs that will be associated with buying a house, like repairs and maintenance. Depending on the age and condition of appliances, you may choose to replace some or all of them.
There is little to no wait time before you can move in and you’ll have more negotiating room on the price so long as there’s no competition.
There’s also some compromising that will occur when you buy a house. Existing houses may not have the number of bathrooms you want, or the lot might be a little smaller than you prefer, or maybe you won’t be able to have a gas range.
Building a House
The most glaring difference between buying and building is that when you choose to build, you have a say in what features your new home will have. You can choose the flooring, countertops, layout and more. Customization is absolutely what makes this option so attractive.
Another reason buyers like new builds is because there very rarely is a bidding war. You can attempt a negotiation with the builder, but there’s usually no competition between prospective buyers to stress over.
When you build a house there may be some unexpected costs when change orders occur or the prices of materials change. These kinds of events could have you spending more than you planned.
Personal Preference
What it really comes down to is your personal preferences. Buying a home is a major expense any way you look at it. If you like the idea of having a newer home for resale purposes, perhaps a new build is for you.
If you don’t have six months to a year to wait to move into your new home, then buying an existing home may be the better choice.
There are plenty of pros and cons to each option, and when it comes down to it, they are very comparably priced. One is only better than the other if you make that decision. Both can be stressful and there will always be some surprises along the way, so make the decision that makes you feel like it was all worth it in the end.
Whether you’re looking for top notch contractors or scouring the land for the best mortgage rate you can find, deciding whether it makes more sense and cents to buy or build is ultimately up to you and your time and financial budget. Either way, it’s bound to be an exciting and thrilling journey.
