Buying A New Home Versus Building A New Home – Which Is Better?

Buying a new home has some advantages. Building a new home also has advantages. Which should you choose?

This page provides useful tips to help you analyze your situation and choose the option that best suites your needs.

Advantages of buying a new home

1. You have the unique opportunity to view several completed homes before making your choice

2. You get to see all building construction flaws associated with each house. Hence, you are able to avoid pitfalls of poor workmanship by the contractor you would have chosen if you were building a new home yourself.

3. You buy the house as is. Everything remains intact after your purchase whereas you cannot guarantee that when building a new home yourself

4. You pay and walk away  with the keys. You can move in the next day if you wish

5. A good pre-purchase home inspection when buying a new home ensures post-purchase renovations are minimal whereas your budget when building a new home cannot be guaranteed. Galloping prices of building materials can render your budget estimates inadequate. That means more out-of-budget expenses for you.

Advantages of building a new home

1. You build to your taste when building a new home whereas you have to live with the design taste of someone else when you purchase an already built home

2. You deal directly with the home builder. This means you make on-the-spot assessment of the job quality and ensure appropriate corrections are made

3. You stand a chance of cutting the overall cost of building a new home because you are on hand during the building of your home   

4. You can make adjustments to the plan or correct misconceptions about the house plan as you build. This ensures that mistakes from the plan development do not become a permanent feature in the finished building.

Should you buy an already built home or build your own home from scratch?

It's up to you.

However, remember that just as buying a new home and building a new home have advantages, they also each have disadvantages.

Weigh the options carefully.

The bottom line is your joy and satisfaction. Do what will give you the most
contentment.

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