Saturday, November 15, 2014
The oft-posed dilemma: to buy or to build? A new home, built to your liking, or a pre-existing property for faster processing? Consider the pros and cons between the two:
Pros of Buying
Convenience. Needless to say, convenience is the utmost advantage in buying pre-existing property. You can opt for a home that's ready for occupancy. At most, it should take only one to two months to move in once you've purchased a pre-existing home.
Accessibility. Most pre-existing property are located within developed locations and neighborhood systems. As such, business districts, commercial centers, hospitals, schools, and other necessary establishments are well within reach. A family with working parents, children, and a proclivity for modern amenities and activities – shopping, eating out, watching a movie – might take better to a pre-existing home in an established community.
Cons of Buying
You get it as is. The floor plan, for instance, might not be to your liking; the master bedroom rather small for your tastes, and given no more room for expansion. While you can remodel and redecorate, there’s only so much you can do, what with the limitations of a pre-built house.
Hidden costs. Pre-existing property may come with hidden costs. Repairs and renovations, for instance. Older homes and foreclosures tend to need a number of repairs and renovations, especially when it comes to updating the building’s safety codes. Redecorating is yet another expense.
Pros of Building
It’s your call. Building from scratch allows you to work with the builder or architect to design the home as you see fit.
Fully functional. A new home means that everything’s clean, ready to use, and functional: plumbing, energy-efficient wiring, and up-to-date safety codes. No repairs necessary.
Cons of Building
Cost. Building a home is often costlier. Several factors like style or size are dictated by how much money you can spend. Despite the freedom in a blank canvas (or, in this case, an empty lot), there may be limitations to what you can execute, given your budget.
Timeline. Building a home can take up to several months. Aside from the construction itself, you’ll need to consider and attend to matters such as access to municipal water systems, sewage disposal, environmental permits and similar licenses. You’ll also need to sit down with your builders and your architect every now and then to approve on designs and to check on the process.
Accessibility. Accessibility may be of concern. In developed and metropolitan communities, empty, undeveloped lots for residential houses are hard to come by. Building your home may require that you relocate further from city centers.