For most people, getting the opportunity to own their dream home is just that – a dream. But it doesn’t have to be. In this day and age the possibility of owning and building your dream home is well within your grasp. The biggest decision you’ll be faced with is whether you should build your dream home from scratch or scour listings to find the home that meets your needs and wants. Obviously, either buying or building can get you into the house of your dreams, but they are two very different paths with different pros and cons associated with them.
Buying your dream home can be as simple as browsing the listings on MLS, connecting with a realtor and making an offer. This is the easiest of scenarios and not the norm. Here are a few pros and cons to consider when purchasing a previously owned home.
One of the biggest advantages of buying a home that already exists is the convenience, and potentially the cost. You can be living in that home in as little as 30 days from the day you purchase. Buying a home will also allow you the opportunity to live in a mature, established neighbourhood.
On the financial side you will probably find better bang for your buck with an existing home. Buying a home allows you to negotiate the price down, especially if the home doesn’t have everything you desire. Also, appliances and fixtures are often included in the price rather than subject to additional charges. An existing home, especially with older homes, may also demonstrate superior craftsmanship and material versus new homes, which are often built by developers en masse at the lowest possible price per unit.
By building your dream home you can customize it to suit your every need and want. If you desire a toilet in the middle of the living room, its your choice to make (even if it may not be the most practical). And although a dream home may not be 100 percent perfect, it will likely be closer to perfect than any of the other houses you’ll see on the market. You can add whatever features you want and can afford, and choose to leave out features that aren’t pleasing to you.
Also, building your dream home may actually be more energy-efficient for you. This is because when you get a new house, you get the latest and best building code standards and in energy saving appliances as well. You will also be more protected with a newly built home, because of the warranty programs available.
Overall, the best way to choose which options work for you is to weigh the pros and cons. Decide what is on your must have list, and decided which option it will work best with – buying or building.