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The idea of buying a brand new, never lived in before house is appealing to most people. They like the idea of starting off fresh in low maintenance homes and choosing their finishings and other customizable options offered by the builder. In the same vein, there are people that like the idea of living in disarray and mess whilst they renovate an existing house and turn it into a home. This debate is front and center for many homebuyers. The good news is that it doesn’t have to be an all out battle when trying to make the decision when you have your priorities in order and a realistic understanding of your situation. Here’s something to consider when structuring your decision making process.

Pros of Building a House

One of the biggest draws to building a new home is custom options. If you’re looking for new homes Groveland, then you’ll be happy to learn that there are plenty of amazing customizations available. You can choose to have a fireplace or not, the type of kitchen and bathroom fixtures, tiling, flooring and more. Some builders will even allow you to customize your layout. Choosing a new build also allows you to choose your lot. Another big draw to a new house is the lack of competition. Rarely will you encounter a bidding war over a new build. If you’re looking to have a more efficient home, a new build will also check that box with its new and up-to-date technologies, insulation, windows, roofing and appliances.

Cons of Building a House

If you want to build a new house, you should be prepared for the wait. Typically a new build will take anywhere from nine months to 14 months. And that is when everything goes smoothly–an extremely rare event. There’s almost always a set back or two that will occur with new builds because of the supply chain and unforeseen circumstances. Remember, you get what you pay for. Having so many options comes at a premium price. On average, those who opt for a new build will spend about $175,000 more on their home. The price difference also has a lot to do with market conditions and with the rising costs of building materials. Because there’s no competition, there’s not a lot of wiggle room on the cost. And there are a lot of hidden costs in those highly coveted custom options.

Buying a House

There’s a lot of fluctuations that hit the housing market, and existing homes seem to feel the brunt of most of these fluctuations. Buying an existing home has a lot of pluses. Some of which include less waiting, having vintage appeal and “character,” historical significance and location preferences. For buyers who have their hearts set on a particular neighborhood, an existing home may be the best option to take advantage of what certain locations have to offer (i.e. schools, values, walkability, etc.). The major downside to buying an existing home is the competition. When the market is hot, homes may stay on the market for less than a month and buyers are in hot pursuit of the perfect choice. Although it’s nice to be able to negotiate a price, it can be a bit of a stressor trying to outbid other buyers while staying within your budget. 

It’s true that an existing home is likely the better fit for first time homebuyers, but everyone’s situation is different. Ultimately, the choice is yours. If you can afford to maintain two homes simultaneously, go for it. Both methods of home buying are sure to be an adventure you won’t soon forget.