Just about everyone that has embarked upon the journey of getting a new home has wondered if they should buy or build. It’s natural to consider both options since your home is probably the most valuable asset that you will ever own. There are advantages and disadvantages that accompany both buying and building a home. Although it depends on your situation, there’s a good chance that you will find new construction homes in Howard County MD worthy of consideration. Let’s review the key factors involved in buying and building a home.
Advantage of Building a Home
For starters, if you’re someone that has a clear vision of what you want in a house, including the floor plan, you’ll probably want to build it from scratch. You can start by obtaining a Maryland home builders list. An important fact about building a home from the ground up is that you have to wait for the construction to be completed. However, this might beat trying to find an existing home that you want since the average time a home stays on the market is about 30 days. You don’t have to worry about the competition when you’re building a house.
In addition to determining a layout that fits your needs, you can customize all of the other aspects of your home. This includes flooring, cabinetry, lighting, and everything in between. Even if you have a tract home built, you can still customize some aspects of the home for an additional cost. There’s also the advantage of having a home that’s more energy efficient and aligns with current building codes that are different from years past. Perhaps the biggest advantage is that you won’t have to worry about maintenance problems that might exist when buying a house since warranties are typically offered for any new home construction Howard County builders do. This is especially the case with luxury custom home builders.
Disadvantages of Building a Home
As briefly mentioned, it takes time to build a new house. While the timeframe can vary, it can take six to eight months when starting from scratch. Depending on your situation, building a home could result in the need to pay for temporary housing while your new home is being built. If you chose to buy an existing home, you probably won’t have to wait months to move in. Many people believe the wait and extra expense of having to rent housing is worth getting a customized home. Another consideration when building a house is that there are fewer options for negotiating prices. However, there’s a possibility that you can take advantage of different incentives offered by the builder.
Advantages of Buying an Existing Home
If you’re someone that isn’t as picky about the layout of your home, and you’re more focused on saving money, then buying an existing home might be the best option for you. When you buy an existing house, you don’t have to think about finding land or deciding which layout you want. However, you also don’t have any options when it comes to choosing the features inside of the home, such as the flooring and cabinetry. Buying an existing home can be a little less stressful because there are no design elements to consider and fewer decisions to make throughout the entire home buying process. Another advantage of buying a home that’s already built is that you can work with an agent to negotiate the price on your behalf. As previously mentioned, you also don’t have to worry about finding a place to stay while your custom home is being built since you can usually get the keys and move in as soon as escrow closes.
Disadvantages of Buying an Existing Home
There are quite a few disadvantages to consider when buying an existing home. Perhaps the biggest issue is that you don’t truly know how many repairs you’ll have to make. However, you can find most problems that exist by getting a home inspection. There’s also the issue of not being fond of the layout, but having to just deal with it after you move in. Also, depending on the age of the home, it probably won’t be as energy efficient as a home that’s custom built. Finally, there’s the additional expense of having to update features of the home that you don’t particularly like. For example, if the carpet isn’t quite clean and all of the lighting fixtures are outdated, you’ll probably want to replace them, which is an expense that you won’t have if you build your home from scratch.