Buying property is often the single biggest investment decision anyone takes. Most potential buyers wind up investing significant amounts of time and effort either trying to find “the ideal home”. Location, cost, real estate taxes, service fees and the condition of the property all have to be factored in. Everyone generally has a checklist which includes those things you definitely need to have and also the attributes you would really like, but could live without if you had to. Whilst the home-buying process requires numerous essential decisions, one of the very first decisions buyers must make is whether or not to buy a pre-existing home or build another one.
Buying an Existing Home
There are a couple of key benefits to purchasing a pre-existing house: convenience and location. As soon as you are approved by your bank, you are able to look around, select a home and submit an offer. A certified realtor can simplify the process by assisting you in finding properties, leading you through negotiations and helping with all the paperwork. When your offer is accepted, you could probably close and move your stuff in inside a couple of months.
Although the process will involve many steps, for example, the finance side, viewing houses, making offers, inspection reports and actually closing the deal, the benefit of moving in straight away is persuasive enough for most people to buy a pre-existing property over building a new one.
Another reason why a pre-existing house can be a better choice is if you’d like to stay in a specific or established neighbourhood, eg close to your place of work, schools and friends or relatives houses. Chances are, as well, that the property will have fully developed gardens, which means you won’t need to worry about establishing a lawn, growing plants and waiting for trees and shrubs to fully develop. And, if you wish to stay near city, your best option is going to be a pre-existing house since the majority of the land will have already been taken up and built on.
A downside of buying a pre-existing house means you won’t get precisely what you would like. Older houses specifically, might be functionally outdated and no longer meet the requirements of todays buyers. For instance, your home may only have one bathroom, or the kitchen area might not be big enough and have no space for remodelling. If you don’t find a pre-existing house which has precisely what you would like, you’ll have to invest more money on renovating, maintenance, redecorating and landscape designs. These extra costs must be factored in to the overall purchase costs, particularly when comparing between buying an existing house or evaluating the cost to construct your own home from scratch.
Building a Home or Knockdown Rebuild
Constructing a new home may not offer the same convenience as buying a pre-existing house. You have to find the land and you also have to find an architect or builder, but that is where Mastro5 Design come in. However, constructing your own house means you are much more likely to get precisely what you are looking for. For many, this factor alone is enough to choose building over buying and there are other advantages as well. New homes are more efficient, especially with the new energy codes including improved heating, ventilation, cooling and insulation. Increased efficiency can save you money, is good for the environment and saves on utility bills every month.
Another benefit is a new home will not contain toxic materials like lead, asbestos and mould. Your new home could be constructed using particular materials which makes it much better for the environment. Eco-friendly appliances, and energy efficient lavatories, plumbing fixtures and electric fittings enable you to build “a green home” for a much more environmentally friendly life. You can also install during the build or build for future technology like home automation and solar power.
Constructing a new house could mean it’s simpler to recover your investment. You could see higher profits from the resale of your new build. A new build is often much more appealing than old house to most of us. Also, a new build will mean fewer repairs and a lot less maintenance, which will save you both time and money. On top of this, you’ll receive a warranty with a new build, so in the event that something goes wrong, you’re covered.
One of the main reasons people build their own home is the level of satisfaction you achieve. You really get a distinct feeling of emotional attachment to a new build that you created. You designed it and it matches your lifestyle, personality and your family perfectly.
The most significant disadvantage to constructing a brand new home has to be the lengthier time-frame. Having said that, you are able to reduce the risk that the build goes in over budget or takes more time to complete by dealing with an established contractor and making sure their is a firm contract in place.
If location a critical factor, you could always consider a knockdown rebuild. This way you can purchase land in an area you want to live and start over. A knockdown rebuild is exactly the same as building a new home, we just demolish the existing property first.
Whatever your requirements, working with a qualified and experienced professional will ensure the process goes as smoothly as possible. Call us today to see how we can help you.