buying a home with little money in savings

Explaining A Few Advantages Of Opting To Buy An Existing Home Rather Than Build A Custom One

by Fernando Moore

Deciding to become a homeowner will require you to make a number of important decisions with regards to what you want from a home. In particular, individuals will often find it difficult to decide between investing in an existing house or having one custom built. However, there are several important benefits that can be enjoyed by opting for an existing home.

Avoid Bureaucratic Hurdles

The process of building a house is a highly complicated engineering task. However, there are a number of regulatory requirements that must be met to comply with local building codes. For example, this can involve complying with local zoning and inspection requirements. Failing to comply with these various regulations can result in penalties ranging from steep fines to the construction work being forcibly halted.

Easier To Finance

Many people will need to use credit when buying a house due to the large expenses involved. Unfortunately, financing new construction can be more difficult. This is due to the fact that there will not be a house to use as collateral at the time of signing the loan. As a result, those that have credit problems may find that opting for existing construction is the best solution for their needs.

Avoid Waiting A Long Period To Move Into The House

One of the most inconvenient aspects of having a custom home built is the fact that it can take many months to years before the house will be finished. This is particularly true for individuals that are wanting especially large or complicated structures built. When you choose to buy existing construction, you will be able to move into the house within a matter of weeks or less. At the time of signing the final sale contract, you will take immediate control of the house, which can be the most convenient option for those that are wanting to get settled into a new home as quickly as possible.

When you are looking to invest in your first house, you will have to decide between choosing to have a new home built or buying an existing structure. While a custom home can be a great investment, it is important to consider the advantages that existing structures can provide. Knowing that this may help with financing the transaction, avoiding bureaucratic hurdles, and knowing that you will be able to move in much more quickly will help you to better weigh the available options when choosing a home to buy. For more information, contact companies like Gina Ziegler Remax.