How to Determine if You Should Build or Buy Your First Home

Friday, March 13, 2020, 6:00 AM | Leave Comment

Looking for a first home can be an exciting experience, but it also can be very stressful.

There are a number of factors you have to consider when looking to buy a home for the first time.

One of those is whether you should buy an existing home or build a new one.

Here are some ways you can determine which option would be best for you.

  • Cost

    One of the biggest considerations in whether to build or buy a home is cost. New homes typically cost more, although it can depend on location. First-time buyers often have a lower budget than other buyers, so they may not be able to afford to build a new home. If you are working with a real estate agent, they can aid you in finding the right home and help you determine if building a home is within your budget.

  • Location

    Another factor to consider when deciding whether to build or buy is location. If you want to be in an established neighborhood that is closer to the center of the city, then buying an existing home is likely to be the best bet, unless you can find a new home that was built as part of an infill project. Building a new home often means living in a suburban location with infrastructure and amenities still being built out.

  • Amenities

    Many home buyers these days want a move-in ready home that is full of modern amenities. Though you might find that in an existing home that has been fully renovated, you are more likely to get these kinds of perks when you build a home from scratch. New homes tend to be more energy efficient and have modern amenities such as smart home features and more open concepts. This is definitely a factor that should figure into the decision on whether to build or buy.

  • Maintenance

    When you buy an existing home, even one that has been upgraded, you are still likely to face higher maintenance costs than you will with a new home. In a newly built home, all systems are brand new and come with a warranty, which means it will likely be years before you are faced with the prospect of expensive home repairs.

Whether to build or buy your first home is a serious decision that can have repercussions for years. Make sure to consider these and other factors before making this very important decision.

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