Building a Home vs Buying a Home

The decision as to whether buying or building your own home is right can be a difficult one to make. When trying to decide which avenue is best, it can be helpful to think about your budget, lifestyle and the location you’re interested in so that you can make an informed choice.

Amenities

One of the biggest factors that determine how well you like a home is its amenities. Before you begin looking at houses, it can be helpful to decide which ones are most important to you. You have a lot more freedom to choose the features you like when building your own home, because existing houses may not have all the ones you are looking for.  Even so, some of them could also include amenities you might not have considered otherwise, so you could just be pleasantly surprised whenever you’re out and about touring properties.

Budget

Building a home is often overlooked because it is typically thought of as being more expensive. That’s not necessarily the case, as a number of things can play a part in the cost of building your own home.  Land prices, zoning ordinances and the availability of materials all play a role in the overall cost.  In many cases, it could be just as cost-effective to have a new home built rather than purchasing an existing one. 

Location

You’ve often heard that location is one of the biggest considerations when it comes to real estate, and the right location can play a big part in deciding whether to buy or build. If you have a particular location in mind, zoning laws or a scarcity of land could make building your own home prohibitive. That’s not true in all areas, as new developments in cities such as Birmingham, AL, Nashville, TN, and Huntsville, AL are constantly being developed. Some of these communities offer more solitude than homes in more established neighborhoods, yet are close to local businesses and attractions. Since your home is supposed to be a peaceful place to relax in, buying a home in one of those newer communities could make perfect sense.

Repairs and Maintenance

People are often unprepared for the repairs and maintenance required from being a homeowner. Making needed repairs should be carefully considered when buying a home, since they can catch you off guard financially. When building your own home, choose a reputable contractor so you can be sure there will be no defects in the quality of the workmanship. Many builders offer home warranties, and this can help alleviate stress, because you can be sure you won’t have to worry about repairs for some time.

Don’t automatically rule out building a new home until you have carefully considered all your options. Building and buying both have their advantages and disadvantages, and knowing what the pros and cons are can help you make a more informed decision.