The average person moves approximately 11.7 times during a lifetime. If you're looking for your dream home, you might be ready to complete another move, too.
Whether this is your first move or tenth, you might be struggling to decide between building a house vs. buying a house. Both are great options, but which one is right for you?
As you start thinking about your dream home, you might be trying to figure out whether to build or buy. Here are some of the factors to consider as you make this big decision.
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Timing
When you begin comparing building a house vs. buying, one factor to think about is the timing of moving into the house. If you need a place to move to right away, you might not want to build a home.
On average, it takes around seven months to build a home, but some houses take much longer than seven months. If you build a luxury dream house, it could take one year or longer.
You'll have to consider, too, that the timeframe for building starts on the first day of construction and ends on the last day. Before you can begin building the house, though, you'll spend several months preparing for it.
You might spend a month or two looking for a builder, such as CJ Samui Builders. You might spend another month or so finalizing the plans and buying property.
If you buy a home, you can move in within a few weeks, as it takes only three to six weeks to close on a house.
Therefore, you'll want to think about how quickly you'd like to move into a new house, as this matters a lot in your decision.
Location
The next factor to think about is your desired location. Where do you want to live? Do you want to live in a neighborhood with other homes or on a more private piece of land?
The location you desire can lead you to choose to build a house, as you might not find a house to buy in the right location.
When you purchase an existing home, you get the home and its location. You can't change where the home is or the features of the neighborhood. To find out more about house and land packages in Officer check out Carlisle Homes.
If you have specific needs and requests with the location, you might have trouble finding a house that meets these things. If the location is not overly important to you, finding a home to buy might be fairly simple.
When you build a house, one of the top benefits is that you can choose where you build it. You choose the land and hire the builder, and you get the house of your dreams.
Price
Next, you might want to compare the cost of building a house vs. buying one. If the price matters to you, and it does to most people, comparing these costs is vital.
Homes are always expensive. In fact, they are usually the most costly asset the average person buys in his or her lifetime. But, you might find that buying a home costs less than building one.
You might pay less for an existing house for several reasons. The primary reason is that home-building materials cost less years ago. If the house is ten years old, it probably cost less to build then than it would today.
As a result, building a house will likely cost more than buying an existing one. As you consider these options, make sure you have a budget in mind.
Your budget can help you determine if you can afford to build or if you should stick with buying an existing house that is for sale.
Features
Finally, you'll need to decide what features you want in a home. Some people feel content with a basic home that has normal, everyday features. Other people, though, prefer a home that is luxurious and full of trendy things.
If you don't mind a basic type of house, then you should probably just buy an existing home. If you want luxury and unique features, you should choose to build.
Building your dream house presents the opportunity for you to choose:
- The location
- The blueprints
- The size
- The features
- The layout
You get to choose everything when you build. When you buy, you choose a house that offers some of the things you need and want, but that probably doesn't offer everything you hoped to find.
Compare the Pros and Cons of Building a House vs. Buying a House
Now that you understand the top factors to compare when deciding whether to build or buy a house, you might want to narrow it down to the pros and cons of each.
Pros and Cons of Buying an Existing House
If you view the benefits of buying an existing home, the top two would probably be the cost savings and the timing. You will pay less if you buy a house, and you'll get to move into it faster.
One drawback of buying a house is that you can't choose the location. The second drawback is that you can't choose the home features the house provides.
Pros and Cons of Building a Home
Building a home offers many benefits, but the primary one is that you can choose every feature of the house. Because of this, you can build your dream home that is unique and ideal for your family.
One of the downsides is that it might cost more money. The second drawback is that it will take longer for you to move into the house.
Compare Your Options and Decide What's Best for You
After comparing the differences between building a house vs. buying a house, you might have made up your mind. If you're still considering both options, talk to a builder and look at properties for sale.
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