Should I Buy or Build My First Home?

Which Option is Right For You?

If you’re looking to buy a home right now, it can be difficult. If you’re like many Americans, you may be asking yourself whether or not you want to buy or build your first home. There’s currently a limited housing supply in most areas, and sellers often have many bids, which can drive up the price. However, having a new home built can be costly in some cases too. So how are you to know whether buying or building is the better option – especially if you’re a first-time homebuyer?

 

Buying a Home: The Pros and Cons

Buying a home is a great option if this is your first time in the real estate market. Many homes are move-in ready, so all you need to do is move. While that in itself can be a hassle, at least it’s the only hassle you’ll have to worry about. You won’t have to learn builders’ lingo or make a slew of design and decorative decisions in a short amount of time. You can find a home that appeals to you today and make changes later if you decide you want to.

However, buying can be surprisingly expensive, especially if the home you have your eye on attracts a lot of attention. If you’re looking to buy, it may be a good idea to look at homes with asking prices that are slightly below your budget. This way, if there are many bids put in for it, you can better afford a competitive bid that may have to be slightly more than the asking price. Older homes can also come with hidden problems. Make sure you get a home inspection to find as many of these as possible, and negotiate with the sellers to either get them fixed or lower the selling price so you can have that taken care of yourself.

 

Building a Home: The Pros and Cons

If you’re the type of person who wants to have control over everything in and on the home, then having your home built is a better way to go. While home construction from the ground up may sound intimidating, having the right builder and construction crew can make all the difference. And if you’re concerned about waiting to have the home built, don’t be! In fact, many home builders can have the new home ready for you in just 3-4 months, while the average home search takes about 10 weeks. And that doesn’t even include the bidding process, home inspection, and closing date!

However, keep in mind that you will pay for the convenience of having everything exactly as you want it. A National Association of Realtors survey found that the median price of home construction was $85,000 more than purchasing an already existing home. Also, be sure to keep location in mind. While choosing a rural, never-built-upon location may erase the hassle and cost of having to demolish an existing structure, the cost of accessing water, electricity, and other utilities may be higher.

 

Looking to Build? Call Us!

If you do decide to have a home built and you’re looking to build in the Lisle, IL; Oswego, IL; or Plainfield, IL area, Crestview Builders can help you. We’re custom home builders that can also handle custom townhouses as well as new home construction. We’d be more than happy to discuss the many benefits of having a custom home built in more detail. Give us a call to get started today!