buying a home with little money in savings

Building A New Home Vs. Buying An Existing Home

by Fernando Moore

The majority of those who need a new home will purchase an existing home rather than have one constructed. However, with many people dreaming of the perks of constructing their own home, it can sometimes be difficult to weigh the pros and cons of each option.


The biggest advantage of purchasing an already existing home is convenience. It is much easier to simply find and purchase a home than it is to obtain a plot of land, design a home, and construct it, even if you will not be building the home yourself. You will also be able to move into your home much more quickly if you purchase it. While it can take months or even years to build a property, an already constructed property can be moved into in a matter of months. The process is made even more convenient by working with a real estate agent.


Another upside of purchasing a home rather than building it is the cost. It is much more expensive to build a home than to purchase an already existing home. However, there are some rare cases where it is actually more expensive to buy an already existing home than it is to construct a new one. Compare the cost of each before making a decision.


One downside of purchasing a home is that you will not have as much control over where it is located. If you would like to move to a neighborhood that does not have any homes for sale, you will not be able to do so. Or, there may be a home that you are not interested in, but that is in a perfect location. By constructing your own home, you will have it designed to your liking and you will be able to choose where it is placed.


Additionally, an advantage of building your own home is that you have full control over customization. You can decide how large it will be, how many bedrooms it will have and various other details. A newer home may also be better for your health. New homes can be built using materials that do not release toxic chemicals that are bad for your health. A new home will also use more energy-efficient building methods.

A challenge with constructing a home is that you may not have enough land available that is close to town. All of the land that you could have used will likely have already been built upon. Therefore, if this problem, and any of the others, makes you decide that you would rather search for homes for sale, get in contact with a real estate agent.