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Buying vs. Building: The Good and the Good

Aug 02, 2018 02:33PM ● Published by Alyssa McGinnis

By Tracie Storo

When deciding to move, whether it be to a new location or just a new home in the area you already live, you need to consider whether you want to buy an existing home or build new.  Here are some things to think about when finding your next home.

Visualization

BUYING: In viewing a house, the floor plan is easily identified and you are able to see where you could place your things in the home. You are also able to see all the “bonuses” the house features.  The current owner may already have it set up in a visually pleasing way, which makes it even easier for you to decide how you want your home to look. On the other side, it could help you see how you don’t want to setup your home.  You can additionally see the things that may be missing that you would like to have in your home.

BUILDING: Until the home is nearing the end of the building process, you don’t have anything to look at except blue prints, so you are putting faith in the builder that everything will be the way you want it and nothing gets left out.

The benefit is that you are able to make everything exactly the way you want it.  When previewing existing homes, you can see what you like about them and then put all those ideas into a house of your own.  If something needs to be changed, it is easily done before the house is built.

Location/Neighborhood

BUYING: With existing homes you are able to check into the neighborhood and identify surrounding businesses, schools, parks, etc.  Some of these homes already have large mature trees and landscaping has already been done. Homes, lots and zoning have already been established so there aren’t any questions of what might be popping up in the area.  

BUILDING: You get to start from scratch.  Your location is somewhat limited because lots have to be available and zoned to build on.  The neighborhood grows with and around you as it develops. You will be able to put your own touch on the landscaping of the home and watch it as it grows.  

Upgrades

BUYING: Upgrading or remodeling a home will cost you additional money on top of the price of your home.  If you find something for a good price and with a good structure, you can make those upgrades at your own pace, hopefully without any surprises.  Granted the timeline might be longer, but you are able to do what you want, when you want, and still have the ability to live in your home. Large utilities and appliances may need to be replaced, depending on the age and care, but again, these things can be upgraded when needed/able.

BUILDING: Everything is new and under warranty!  You will have current, up to date utilities and appliances in a newly built home.  If you upgrade to energy efficient appliances, you may even have insurance and tax benefits, that will save you throughout ownership.  To save some money initially, you can leave the lower level unfinished and work at finishing it at your own pace.

Whether buying an existing home or building a new one, investing in real estate is always a good decision. Figuring out what is best for you and your family is what is most important. When searching for your next home, make sure to look at all your options.  And remember: When buying or building, hire an agent to represent you. It doesn’t cost you anything.


      Tracie Storo is a Broker Associate with                Re/Max Professionals, Inc in Sioux Falls.

 

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