Monday, May 15th, 2017

By: Jess Jordan

When it’s time to move or upgrade your home, there’s one decision that has to be made before you even consider making next steps in the process: do you want to buy or build a house? Each offers unique benefits and challenges, so how do you know which is the best option for you? Knowing basic information about both processes, their pros and cons, and what each can mean for your future will make your decision much simpler. To learn a little more about the differences between buying and building a home, continue reading.

The Processes

Buying a Home

When it comes to buying a home, sellers and buyers go through a very specific set of processes to transition from one homeowner to another. Whether both parties use a realtor or not, finding a home can be a complicated processes that involves months of waiting for the perfect home to become available. Many home-seekers consider homes that need some work along with others that are move in ready. Knowing that a fixer upper allows for a lot of customized cosmetic changes, but also affords many unknown factors that can become costly during a renovation is important in making a choice. Despite all the stress, appointments, and unknowns about buying a home, many homeowners are able to find one that’s perfect for them at a great price. Once negotiations have taken place and paperwork is signed, a lawyer will complete the process as keys change hands at closing.

Building a Custom Home

While purchasing an existing home can be stressful, building one takes on a whole other set of processes. The first step is to choose a builder, which can be a long and arduous process in and of its own, but if you choose the right one you’ll experience smooth success as your vision for your home comes together. Once the process starts, you’ll make a series of selections that will show themselves in the finishing touches. As the home is constructed, you'll have the freedom to visit the site and watch your home come to life bit by bit. Once it’s finished, you’ll be handed the keys to your customized kingdom.

The Pros and Cons

Buying a Home

It should go without saying that there are many pros and cons when considering buying an existing home. First of all, when you purchase an existing home you’re purchasing its history. While this can translate into a lot of beautiful character, many unknowns come with a history. There’s no way to guarantee the home’s upkeep throughout the years, and the older a home is the more likely serious internal problems will present themselves later on. However, if the market is performing reasonably well you could be looking at securing your own home within weeks or months, and your investment could pay off big time in the future.

Building a Custom Home

The most obvious benefit of building a custom home goes without saying: you’re able to watch your dream home come to life, every feature and layout designed to your preferences. The sky is the limit – or your budget is, because that’s the biggest drawback for most homeowners: it usually costs much more money to build a fully custom home than it would to purchase one on the real estate market. There’s also much effort involved in selecting every last finish from beginning to end, which most homeowners find enormously rewarding once all is said and done. While building a custom home could mean up to a year of rigorous selections and oversight on the home’s progress, it also means you’ll have a home that’s perfectly catered to suit every aspect of your life.

As you can see, building and buying a home are two very different processes with quite different results. You’ll have a better chance at making an educated decision if you know your basics and take the time to discuss your vision with industry professionals. A real estate agent can give you start-to-finish insight about purchasing a home in your area, and meeting with a custom home builder will help give you a better grasp on the potential your custom home could meet.                                                                            

Know the Difference: Buying Versus Building