Should You Buy or Construct Your Brand New Home? : Financing Real ...

Building versus buying is a major quandary in the new home market. The freedom to make decisions about the important points of your house and watch it take shape holds definite appeal. But there?s also a thing to be related for the security of comparison shopping, walking thru a place and ?kicking the tires? before signing on the dotted line.

When it comes to purchasing a new home versus building a new home, is one option actually better than the other? Not always. It all boils down to preference. Only you can decide which option will work better for you. To help you judge whether you must build or buy your brand new place, use this convenient guide outlining the advantages and drawbacks of both choices.

Building a new home
When you build a new home, you will work with a builder to create a custom home that has all the features you need. Depending on your position, you can customize every part of your brand new place down to a T or you can choose from a range of already-existing floor plans and features. The home building process can take as little as one or two months or many as a few years.

Home building pros:

• Control: Building a home permits you to have control over all of the features and options that may affect you on a regular basis.

• Knowledge: As you observe the construction process, you'll learn useful things about home construction and gain a sense of possession that will only come from watching your place take shape step-by-step.

• Expert advice: You may have the expertise of the builder, contractors, and a designer to lead you. Have confidence understanding that the pros are thinking about code, authorizes, and energy efficiency ? not you.

• The eco-friendly edge: You have the option of using environmentally sound materials and energy-saving features that may both make your conscience feel good and keep more cash in your wallet over the years.

Home building cons:

Cost overruns: You might have to pay extra for astonishing costs. Astonishing costs can occur in any home construction project.

Time:
Waiting for construction to finish can be disheartening, not to mention that having to come up with alternate living arrangements while you wait can be expensive.

Stress:
Every time a decision must be made or a problem arises, you may hear about it. Dealing with those concerns on a regular basis across the home building process can take a toll unless you've got a positive mental approach.

Buying a new home

Buying a new home involves scouring real estate listings with an agent to discover a home that is a match for your needs. The process can take a couple of days or 1 or 2 months, depending on how fast you need to move.

Home purchasing pros:

• Shopping around: You get to be a critical shopper, comparing different features until you find exactly the right mix at the right price.

• Bargaining: You can drive a tough bargain and get the very finest deal possible understanding that, in a competitive market, there are other options waiting for you right up the road.

• Taking your time: When purchasing a new home, you get to work at your own pace. You can take your time house hunting. And when it comes to moving in, you're employed with the vendor to choose a date that's shortly or a couple of months away.

Home buying cons:

• Concessions: When buying a home, may have to make concessions with regard to features you want. You may not find the ?perfect? house since you did not design it yourself. And you may need to spend making updates or repairs.

• Stress: Finding and making an offer on a new home can be stressful, especially if you are in a seller?s market. You might need to act fast or make an offer that's more than the listing price if you get stuck in a bidding war.

At the end, purchasing a new home and building a new home both involve some headaches. But if you've done your research and planned thoroughly, the end result is bound to be rewarding no matter which option you select.

Jackie Boylan is a La Quinta Real Estate expert who also know how to help people get a home in PGA West.

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