Everyone dreams of having their own home. When the time comes to invest in a home, the first question is always whether to buy an existing home or build a new one? Both have their advantages and disadvantages. Unless you’re a millionaire, you will need to pay attention to these before you decide. So, here’s everything you need to make your decision easier.
The upfront cost of buying an existing house is usually lesser than building one. However, this may not be the actual amount you need to invest. It is rare to find your dream home already existing. In most cases, you will want to renovate and change some of the house’s features. These are all additional costs that must be kept in mind. In some cases, you may even end up paying a premium for features you do not want. For example, you may not like hardwood floors but the house you like may have these floors.
If you need to move into your new home in a hurry, you will have to buy an existing home. Building a house takes time. You will also have to spend considerable energy getting your permits in place etc. For this, it is very important to have the right planning application maps. Finding and using professional tools such as http://www.promap.co.uk/the-importance-of-having-the-right-planning-application-maps can be essential. Thus, you can think of building a home from scratch only if you have time and energy available to you.
When you buy an existing home, it has already been through some wear and tear. Hence, you will need to spend a considerable amount on the maintenance and upkeep of this house. If you’re buying a house, pay close attention to the age of the HVAC systems, roofing, furnace systems etc. On the other hand if you build your own home, everything will be brand new. This also means that it will be covered by warranty. Thus, for the next few years, you will have negligible maintenance costs.
With every year, news methods of making your home sustainable and energy efficient are discovered. If you buy an old house, chances are you will spend quite a bomb on your heating and cooling bills. However, when you build your own home, you can include a number of sustainable features that help reduce your running costs.
The appreciation of the value of an existing house depends largely on the price trends of the area. If the prices have been increasing steadily, it will most likely continue to increase. However, it is also important to remember that as the age of a house increases, its value will decrease. Thus, if you want to sell it at a later date, you may have to invest a considerable amount in redoing some of the elements of the house. For example, you may need to re do the roof. On the other hand; when you build a home, as long as the land rate appreciates, so will the value of your home.