An Eternal Dilemma – To Build or to Buy a House?
An Eternal Dilemma – To Build or to Buy a House?
Aunt Mary: “If you build a house, then you get to choose the layout, so you will have guest rooms and nurseries as your family grows in size.”
Your friend Joe: “Why would you spend time, effort, and money in building your house, when there are so many readily available properties at the market?”
There are the two most common answers your friends and family will give you regarding the eternal dilemma of whether to build or buy a house. The reason this question exists is that there is no universal answer to it. It all depends on your personal preference but you still need to know a thing or two about both alternatives.
Not having to wait for anything if you buy a house
One of the biggest perks of buying a house is the fact that it has been prepared for sale prior to the purchase. The sellers probably took all the advice the realtor gave them and created an interior and exterior design that is impeccable.
As a consequence, you won’t have to wait for the previous owners to move out because they have probably cleared the premises months in advance. Building a house, on the other side, means that you are forced to wait months, if not years to move into your new home.
The wait of several months only applies if your contractors come through with the promised design. In many cases, the contractor experiences troubles with labour and building materials so the completion of the project is uncertain.
Finally, if there is a garden behind the house, then you won’t have to wait for bushes, shrubs, and trees to grow. Building a house means that you will have to plant everything from the lawn to the oak tree you plan to use for the children’s swing.
Houses age
Buying a house is definitely the faster solution but you are also “buying” the house’s problems as well. Houses age and no matter of sprucing up can mask what’s going on behind walls or under the floorboards.
Gas pipes, the electricity grid, and the gas pipes might in a bad shape, so you’ll need to tear down walls to replace them. This cost was literally something you couldn’t see when you bought the home. Furthermore, if there are old appliances that came with the house, like the kitchen hood, they will require more maintenance than the newer appliances.
The biggest house an old residence can incur is the heating/cooling system. Older generations of this system might have a programmable thermostat but they are power guzzlers. After several years, you will probably realize there is no other option but to update them, which will knock at least a thousand dollars from your pocket.
What you get with a new house
If you decide to build a new house, you won’t have to worry about updating it for at least a decade or two. New homes constructed by professionals like Buildwyse are already designed to meet modern energy-efficient standards and adhere to present building codes.
Like buying a new car, you are the proud first owner of the structure. Unlike a car that you didn’t have a chance to customize, you can do whatever you want with the house’s design. Just down with the contractor and explain what it is that you want. From the space-like design of the kitchen to an attractive-looking patio; they can do it all!
Another perk of building a new house is the fact that appliances and installation won’t break or malfunction for years to come. Lower maintenance, in the long run, should be a priority when making the decision whether to build or buy a house.
Dealing (or not) with the real estate market
Deciding to buy a house implies that you will have to take into account the home’s location. Often enough, an unattractive house that requires a lot of subsequent investments will be more expensive just because of its location.
In addition, the property market has been known to fluctuate. Over the past couple of decades, the market went down several times but who can guarantee what the market will be like when you decide to buy a house. You might easily end up paying more for a home that will lose value just a few years after the purchase, putting you in the red.
On the other side, building a new home means that you won’t have to worry about the state the real estate market is in at the time of the purchase. In terms of building a new home, there is virtually no competition between prospective homeowners.
Dealing with contractors
As far as the actual people who are going to build your house are concerned, be sure to search far and wide. Looking at their portfolio and asking for a quote should be the first thing you do. If their clients speak only the best of them, then you can feel sure they will complete your residential project on time and according to the stipulations you laid out for them.
Solving the dilemma of whether it is better to build or buy a house is not easy. However, if you define early on what it is you want from your new home, you shouldn’t have too much trouble reaching the final decision.
Featured photo by LYCS Architecture on Unsplash
