Build Vs. Buy: A New Homeowner’s Guide

by Jeremy

The decision to build or buy a home is a constant question in the mind of a soon-to-be homeowner looking for the perfect space to start or grow a family. Choosing whether to build a new home or buy an existing one is one of the primary areas of consideration. Still, it’s by no means the end all be all when it comes to funding a down payment, approaching lenders for a mortgage loan, and ultimately moving your family to a new location. Simply put, this decision relies on several external factors that will make or break your move and must be considered before you begin planning the purchase itself.

Start with the intangibles.

intangibles

The intangibles are some of the most important aspects of a homeowner’s choice when considering a lender and eventual move to a new home. These include a survey of local schools for your children as well as a consideration of any current or future roadworks that may change the relationship you have with your surroundings.

These external factors are often downplayed by new homeowners who have never bought a house before. Still, they quickly rise to the forefront during a second or third mortgage application cycle for homeowners who have learned the hard way. Internalizing these lessons early is a great way to prevent a harsh reality check down the road when you have to contend with busy, noisy, and dangerous traffic or a difficult neighborhood to contend with while leaving on your morning commute each day.

Taking stock of the surroundings that will form a layer of your home’s features before buying or deciding to build is an important consideration that could make or break your stay in the home. With first-time buyers all over the world getting older and average stays in a home clocking in at more than a decade (13 and change years in the United States), a decision to settle in your first home will last through the formative years of your children and career. This means that a decision to move into a particular home over others will reverberate through these important years of your adult life and the lives of each of your children — present and future.

Calculate the finance requirements in advance.

finance requirements

Taking stock of your credit score is an important part of preparing for a home loan application, but calculating the amount a home build versus a buying opportunity stands to cost is also essential for making the right decision for your family. Tips to get approved for a home loan often begin with a long term vision that starts a year or more in advance of a home loan approval. This should also stand for your thinking on whether to build or buy your new home.

Buying a home will often require the addition of common home repair jobs to reimagine the space in the novel image that you — as the new homeowner — will expect of the property. Home loans can often be secured that add a bit of additional capital to your borrowing amount to cover these costs. Still, the alternative purchasing option in building a home will give you access to a totally new home. This way, you will only need to pay attention to home maintenance tips for Floridians rather than repair work or future home improvement projects as you continue your house hunt.

Consult your timeline.

timeline

The final consideration that must be made when approaching a move is the timeline you are working with. Building a home takes far more time than buying one will, for obvious reasons. If you are working with a long timeline, building the dream home for your family might be the perfect way to create the perfect space for you to stretch out for the coming decades.

However, a house can always be renovated, so if you are working with a deadline on your current lease or want to move before the new school year begins, buying might be the better option for your family.

Making this choice is all about what suits your needs best. Make sure you understand these needs to make the right decision that will last through your time in the home.

Related Posts

Leave a Comment