A home purchase is more than likely going to be the biggest purchase you will ever make in your life. Buying a home is something that you will plan and save for and you should always do your due diligence when making a purchase of this size. In the next few paragraphs we will go over the factors that you should consider to make the decision to buy an existing home or build your dream home.
Depending on the economy at the time you purchase your home inventory could be up or down. If home inventory is up then you will have a wide variety of home to choose from. However, if inventory is low then your options will be very limited.
If you have very specific needs or wants in your new home you may have to look a little harder and a little longer in order to meets the items on your checklist. For example, if you are looking for a four bedroom home with a fireplace, patio, master bath with double sinks and pool then you might find yourself coming up short on one or more of the things you are looking for in your new home. If you find a home that meets your square footage requirements but is a little outdated, then you always have the option of paying a lower price for the home and then renovating it to your own unique specifications. You would have to keep in mind that if you go with an option like this then you will have to consider renovation time and expenses to make sure everything runs smoothly.
Another option you can consider is building your own home. This is a great option with plenty of benefits but it also has a downside that you must consider as well. Let’s look at the plus side to this option. When building your own home you get to choose the floor plan that best fits your needs along with all the finishing touches such as the type of flooring you want throughout your entire home. You will get to work with your builder one on one to decide the home plans. If you choose to build your own home you will first have to find a lot to build it on.
You can use a real estate agent to find the best lot in the area that you choose. If you don’t have a real estate agent, you can google real estate agents in your area for a complete list. The downside to building your own home is the time it will take to build your home. It’s not a fast process and can take in upwards of six to twelve months to complete. This is something that you will need to consider because there is really nothing you can do to speed this time frame up. Once you have gone over all your options you can sit down and see if you want to purchase an existing home or build your own home.