Deciding whether to build a house or not is a very tough decision. Here are the pros and cons to consider.
Pros: According to the National Association of Realtors (NAR), the average time an existing home is on the market is 30 days. With homes flying off the market so quickly, competition to find an existing home can be tough. When you build a home, the competition factor decreases. Customization is another huge pro. You’ll get to personalize the details of your house when you’re building a house from the ground up—from the layout, cabinets and flooring to the sinks, lighting, paint colors and doorknobs. Even tract homes that are built within neighborhoods allow for some customization in color choices, flooring options and certain finishes. Limited choices reduce labor costs—and your bottom line.
Cons: It takes an average of seven months to construct a new build, according to the United States Census Bureau.2 This means you’ll likely have a gap in residence between the time you sell your old place and build your new one. You’ll need to be prepared to cover the cost of renting until you can move into your newly built place. On the flip side, most buyers can move into their new-to-them home just weeks after making the initial offer.
Pros: The benefits of buying an existing home are more than financial. Buying a home is often less stressful than building one. When you build a house, you’ll have to purchase land, decide on a home design, pick out flooring, fixtures, cabinets, countertops, interior trim, exterior trim, and on and on it goes. You’ll have to do all of this and stay under your budget. Managing all the details that go along with building a home takes time and effort.
Cons: Clearly, there’s a higher risk you’ll face maintenance issues in an existing home. But a professional home inspection can root out many of those potential problems before you close on the home. You may also need to update some of the outdated features of an older home, but if you play your cards right, that old carpet and ugly wallpaper could land you a better deal.
RE/MAX Realty Professionals—The Results Team—is ready to help you buy or sell your home! Visit www.calltheresultsteam.com. Or call Lesa Miller at 812-360-3863 and Jenivee Schoenheit at 317-258-0995.