Should You Buy an Existing Home? Or Build a New Custom Home? Learn more!
If you are in the market for a new home, you may ask yourself – “should I buy an existing home, or should I consider building a custom house?”. When house hunting, there are many items to consider, such as location, proximity to work or school, or how the home will work for you down the road. If you are considering building a custom home, we recommend taking your time to consider how the home will work for you now and in the future. Our team will work with you to consider all aspects of your family and lifestyle, to ensure that you will enjoy your dream home for years to come!
Buying a Home
Convenience and cost can present two distinct advantages when buying an existing home. Once you have credit approval from a lender, you can immediately start shopping for existing homes. The timeline between when you make the decision to move and when you can settle down in your new home is much faster than building custom. Even though the process involves many steps, such as financing, viewing various properties, and inspections – the ability to immediately move in is sometimes enticing enough for buyers to choose this option.
Drawbacks and Benefits of Buying A Home
Depending on your preferred Edmonton neighbourhood, the condition of an existing or spec home can vary greatly. If you wish to move to an older neighbourhood like Laurier Heights, the houses are typically quite old. If you are considering an older neighbourhood, in addition to the cost of the home, you should also consider additional potential costs such as kitchen renovations or upgrades. Older homes also don’t carry any warranty, so if you buy an older home, you should consider carrying extra funds for unforeseen issues such as roof repair or problems with the furnace, plumbing, electrical, or water heater. Buying an existing home, whether older or newer, does, however, present a timeline advantage. You can get into an existing home much quicker than it would take to build a custom home from scratch.
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
Building a new home is often considered a better option compared to buying an existing house – you are able to design a home that meets all your design expectations. Starting from scratch can be a very enjoyable process, allowing you to match your budget, design ideas, family size, and lifestyle. Enjoying the benefits of a newly built house in a mature Edmonton neighbourhood, such as Crestwood, is considered by many to be the biggest advantage of going down the custom road. Living in a centrally located community, in a home custom designed to match your vision, is truly what draws most people in the first place.
The only real downside to building a custom home is time. There are many more steps involved in building custom when compared to buying an existing home. The key is to enjoy the process! There are so many aspects of the custom home build process that are entirely in your control. You get to choose your neighbourhood, budget, design, layout, appliances, colours, and more. To many, building a custom home may seem like a daunting task. The key is to partner with a builder who will simplify the process and guide you along the journey.
Timber Haus Simplifies the Custom Home Building Process
We take pride in simplifying the custom home-building process. We’ve worked with many clients with various needs and budgets. Call us today if you have questions about how to get started!