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To Build or Buy Your Home? The Pros and Cons of Each

16 March 2013

When you’re looking for a new place to call home and you know you want to buy a brand new one, you have two options: you can search the market looking for that one that seems as though it was made for you, or you can build one that actually was. So, what’s the best option? It depends on what you’re looking for, and how much you want to spend.

Many people think that a newly built home costs approximately the same as buying a pre-existing home. After all, fair market value is fair market value no matter how you look at it. And for the actual home, that might be true. But there are other costs that come with building a home that many don’t think about when they first start weighing their options.

That’s the fact that before a home is built, it needs land to be built on, and the buyer will have to purchase that land in addition to the home. In addition to that there are many added costs that come with building a new home that are also costs home buyers often don’t consider when they first begin thinking about building their own home.

Some of those costs are things such as customized features that the homeowner wants in the home. One of the best things about building your own home is that you can make it however you want, and often those custom features cost a lot of money that will be built into the cost of your mortgage.

Also, because newly built homes typically  use the best materials and the most advanced technologies, the cost for simply building the home can also reach above those of pre-existing homes.

The fact that those new materials will also make your home more energy-efficient and modern are also one of the biggest advantages that come with building a new home. With pre-existing homes it’s unlikely that there will never be an issue that you need to deal with. Whether it’s windows that need replacing, a roof that needs repair, or new hardwood needed throughout, there are always costs that come with new home ownership, even if you’re buying a pre-existing home.

That being said, the only real negative to buying a pre-existing home is that you can’t customize it and make it truly yours the way you can with a newly built home. And all that really means is that you may have to look a little harder for that home that seems as though it was just made for you. Because the chances are, the one you’re looking for is out there somewhere.

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