If you’re in the market for a new home, chances are you’re debating whether to buy an existing home or build a new one. Both options have plenty of upsides – and downsides too.
Whether it’s your first home, planning to upsize or downsize, or just looking for an investment, there are lots of factors to consider before you make a decision. So how do you decide what’s best for you?
The Pros of Building a New Home
The best part when you start with a blank site and build, you’ll end up with a new home that is truly your own. You can choose a design that suits your needs, and all the decorative features, which will be tailor made for you and your family.
Additionally, building new homes means they’ll have all the latest appliances, and will be built with brand new materials. Since it’s new with latest features it will be energy efficient, which saves you money in the long run, and be covered by a warranty, so you can feel confident that everything is in top working order.
You have two main options when building a conventional build or a modular home. Both types of homes are built with the same materials and construction codes. The difference is that conventional builds are built on site, while modular homes are undertaken offsite in a factory, which will be transported to the site.
Modular homes come with a few important additional benefits as they are built in a controlled environment, build times remain on schedule and quality control is paramount. Moreover, you have more flexibility when it comes to design than you have with volume home builders.
The Cons of Building a New Home
Purchasing land and building a new home can potentially cost you more, but this depends on the size of the land, location and the type of house you are planning to build.
Another possible problem can be a blowout with the time it takes to build. But this is only an issue for conventional builds when weather and other issues in the site can have an impact.
Opting for a modular home, the construction takes place in a controlled environment which means building times are kept on track.
Talking about the location, new homes may also be built on smaller blocks, and lack existing trees and gardens. These all depend on the location. But it’s still possible to find land that’s a good size where you can boast some existing plants and trees.
This is especially true of regional locations, and these areas are best suited to modular homes. In remote locations the cost of a conventionally built home can skyrocket because of the cost of delivery, the long term travel and cost of accommodation for builders.
With these all said, modular homes can be a much better option. 90% of construction is completed off site, and new homes can be built for a fraction of the time and cost of conventionally built ones.
The Pros of Buying an Existing Home
Buying an existing home, means you generally have more options when it comes to location. This can mean you have more control over finding a home that is close to your work, schools, and are more likely to be close to established communities and facilities.
Buying an established home is that they may have certain character features that appeal to you that you won’t find in a new home this another drawcard worth considering.
Things like established gardens and mature trees are great too. It only means you don’t have to wait years for your garden to grow. You may have the charisma to negotiate on the price of existing homes, which can save you money. But keep in mind a “bargain” may end up needing a lot more money spent in upkeep and maintenance in the future.
The Cons of Buying an Existing Home
There is a higher degree of risk when you buy an established home. It can cost you big time If you buy a property with existing problems.
Don’t forget to make a thorough inspection prior to purchase to check that the home is structurally sound and things such as the wiring and plumbing are in good working condition.
Just keep in mind, there’s a chance that potential problems will be missed, even if you inspected the building thoroughly. The need for repairs and maintenance will be higher since the house is older and so will the ongoing costs.
It comes down to this…
Every home is different, and every buyer has their own unique needs. Meaning, a new home build is the best option for some people, while for others buying an existing home is the way to go.
In the end it will depend on your personal situation including financial capability, including the house and land or existing property in question.
With research and understanding of your options, you’re more likely to choose the property that is right for you and your family – now and in the future.
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