Should You Buy an Existing Home? Or Build a New Custom Home?

Many homebuyers usually spend a lot of time and energy researching or trying to design the perfect home. Location, market trends, property taxes, and more are typically considered when hunting for a home. Even though the house-buying process will involve a lot of important choices, the first one you should be making is if you want to buy a home or if you want to try and build one yourself.

Buying a Home

There are two distinct advantages if you want to buy an existing home. The first advantage is convenience, and the other is cost. When you have approval from your lender, you can shop for a property that suits your requirements. Even though the process will involve a lot of steps, such as financing, viewing various properties, and even home inspections, the ability to move in immediately is compelling enough for people to choose this option over the other available ones.

Drawbacks and Benefits of Buying A Home

It can be very challenging for you to find a home that is in tip-top condition. If you are buying a home, you will have to factor in the cost of renovations and updates. If you are on a timeline, purchasing a home is usually considered the safer choice. Older homes may well be functionally obsolete. This means they cannot meet buyers’ needs in this modern age.

It may be that a stunning four-bedroom home only has a single bathroom, or the kitchen is small with zero room for expansion. Unless you find an existing home that has what you want and is in perfect condition, you may have to spend extra on remodelling, landscaping, decorating, and repairs.

Building a Custom Home

Building a home doesn’t offer the same convenience as buying an existing home. You must find the land and factor in architects, builders, and more. You can limit the risk of your home going over budget by working with a reputable builder and having a solid contract. The significant advantage of building a home is that you are far more likely to get precisely what you want!!

For many people, this is enough to choose to build over buying. You can also ensure that your home is energy-efficient by meeting ventilation, heating, cooling, and insulation standards. Better efficiency is a massive plus for environmentally conscious people, and it can save you a small fortune on your utility bills.

Drawbacks and Benefits of Building A Custom Home

Ultimately, building a new home is usually the better option when you compare it to buying. After all, you can make sure that your home is energy efficient, and you can also make sure that it is designed to your exact specifications. You can also invest in additional insulation, solar panels, and more. Things like this help your home to be worth more in the future, giving you an edge on the housing market. The only drawback to building your own home is budget. For some, buying a house is cheaper than starting from scratch. You will have fewer expenses to pay for immediately, but the costs and repairs down the line are higher with an older home.

To avoid escalating costs that can be associated with building a custom home, find yourself a reputable home builder like Timber Haus. By working with someone with experience, you will get a clear outline of how much your home will cost before you pursue the build, and this will work in your favour when the time comes for you to secure your loan.

Another thing you can do to try and keep the cost lower would be to try and build your home in an affordable area. Edmonton is one of the cheapest places to build your home in Canada, so if you want to get the best result out of your home or if you want to make sure that you are not paying more than you must, then this is a fantastic option!

Timber Haus Simplifies the Custom Home Building Process

Timber Haus has built custom homes for many different clients and budget ranges. If you are looking for a builder with a strong reputation that will help turn your dream into reality, call the Timber Haus team today.  We take pride in helping our clients build the home of their dreams!

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Custom Home Builder

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Edmonton, Alberta, T6X 0W8

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