Perhaps you’re in the market for a new home and, like many prospective homeowners, you’re faced with a dilemma: Should I build new or buy an existing property? Here at Castle, we’ve had the privilege of installing our quality products in newly built homes as well as retrofitting existing homes, so we’ve learned some pros and cons of each. Keep reading and maybe our experience will help you make the choice that’s right for you.
Buying an Existing Home – Pros and Cons
Most people in the market for a new home opt to buy rather than build new simply because it is more convenient. Though the process still involves time, effort, and careful consideration, it is not nearly as tedious as starting from scratch. The up-front costs of buying a pre-existing home are also often lower, whereas building new tends to be more expensive at the start.
The major downside to buying is the issue of customization. It isn’t likely you’ll find the home that perfectly matches your ideals. Another drawback, one that ties into the customization issue, is that many existing homes are in need of updates. These can be costly. Maybe you won’t need to replace the roof, HVAC, or other systems right away, but it might not be too far in the future when these updates are required.
Building New-Pros and Cons
Most prospective homeowners shy away from building new for a few reasons, the main one being that the process is long and involved. Every step of the process requires decisions to be made, from buying the land to choosing doorknobs. Many people, understandably, do not have time for the stress this can entail. On the other hand, this can be a plus for those wanting to design their dream house, with every detail matching their ideals.
The initial extra costs are also often a deterrent for those in the market. Just as buying a new car is more expensive than buying used, so is building new. However, in the long run these extra costs may pay for themselves. A new home can be designed to be safer, more environmentally friendly and energy efficient, keeping insurance premiums lower and saving money on bills over time. Building a new home with safety and energy features in mind, such as impact windows or higher quality insulation, is easier than retrofitting an existing home, and may even be less expensive.
Still not sure if you should build or buy? Check out our next post for things to consider when building your dream home.