Should You Build or Buy a Home?
Tags: before you build
Whether you are looking to get out of renting, putting down your roots, or simply moving to a new city, the decision to build or buy a house is often a huge decision. Of course there are many pros and cons to building a home or buying one. With that in mind, Sharp homes in Wichita created this guide on whether you should build or buy a home and discuss the pros, cons and expert tips for new homeowners.
Before Building or Buying
Before getting started it is always beneficial to meet with a lender or financial planner to assess your current financial situation and prepare for the cost of a new home. Potential homeowners should carefully consider the pros and cons of buying a home or building to make sure it aligns with their financial goals and lifestyle. As always, Sharp Homes is available to meet with you and discuss these options in more detail, free of charge.
Pros of Building a New Home
Complete control over all aspects of the home from the layout and design to materials and finishes. Building new allows you to have exactly everything you want in a home and tailor it to your exact and specific requirements.
Everything from your roof and appliances to best building practices and energy efficient equipment, will be new and up-to-date. This also means you will have warranty coverage on most items, as well as a builder warranty on the entire home.
One of the biggest factors in real estate is location. Building a new home means you get to choose the neighborhood and even orientation of your new home. Do you prefer a city lot with established trees or a lake view in the country? Building a new home allows you to choose the perfect spot to settle in and enjoy your new home.
With all of the new equipment and appliances, the first few years of owning a new built home are virtually maintenance free. There will be little to no need to replace windows or repaint your siding
Cost Savings are not usually considered when building a new home, but new materials and energy efficient equipment can save you hundreds on utility bills and even insurance premiums over an existing home.
Cons of Building a New Home
Building a new home from scratch is time consuming. From the initial meetings, through design development, into physical construction it may take up to a year to move into your new home once you choose to build. At Sharp Homes we have an architect on staff full time to help turn around design changes quickly as well as a vast library of existing floor plans to choose from. This guarantees that our building process is as smooth and efficient as possible.
Landscaping on newly built homes is often a bit of a waiting game. While your lawn is usually done with sod that is easy to get established quickly, other items – especially trees – may take years to mature and grow. This is especially true in newer neighborhoods and often goes back to location.
The cost of building a new house in a new neighborhood may also be a downside. When it comes to new construction vs existing homes in a neighborhood it’s important to consider additional fees. HOA fees, interest rates, specials on your taxes and the fact that there may be construction equipment in the area for quite some time can all affect your home. While these are minor “cons” they are still important to consider.
Pros of Buying an Existing Home
One of the biggest benefits of buying an existing home is that it is move-in-ready. If you are relocating from another city or need to get out of your current living situation quickly, buying an existing house is perfect. Often the process of buying an existing home takes weeks, not months, when compared to building a new home.
Buying a home in an existing neighborhood can be a huge plus. With mature trees and easy to research comps, you can shop around online and find the best value. It is even easy to estimate taxes and utility usage. Additionally, you can find information on schools, crime rates, and even nearby restaurants quickly.
Walking through a completed home in person can also help put your mind at ease when evaluating if an existing home is right for you. With a custom build it can be hard to visualize what your furniture will look like or how the traffic flows through an area without a physical location to see. Sharp Homes has existing models of many of our floor plans as well as virtual 3D tours that can assist with this. Our design software also allows us to walk through a new home before it is ever built to get a better idea of views and spatial features.
Cons of Buying an Existing Home
When buying an existing home there are often a lot of unknowns that even a detailed walk through or home inspection will not uncover. Does the basement leak when it rains hard or is there noise from trains or planes daily? There may be limited or missing information on when the roof or major appliances were last replaced, and depending on the age of the home, there could be a lot of DIY or additions that may affect the integrity of the home.
Buying an existing home can leave you with outdated finishes, appliances, and equipment. There may even be things behind the walls (aluminum wiring or even knob and tube) or ceiling (roof leaks, smoke damage, mold). The last thing most people want to do after buying an existing home is spend thousands more on upgrades or remodels.
Perhaps one of the biggest let downs when buying an existing home is compromising your wants and needs. Rarely is there a perfect existing home on the market that hits all of your checkboxes on price, style, location, and everything else. There seems to always be something you, as the new owner of an existing home, would change or do differently.
Building vs. Buying Your Dream Home
The bottom line: there are many factors that go into building vs buying a home. This decision is often one of the largest your family will make in your lifetime and by far one of the largest financial obligations. Once the decision is made, a new home is always an exciting experience. Whether you want to build a new home from scratch or purchase a new move-in-ready home, we are ready to answer your questions. Contact Sharp Homes in Wichita today for more information and to schedule a free consultation with our team.
