There are a lot of pros and cons when is comes to building your own home versus buying an existing home. We’ll list out the pros and cons of each for you to think about. Which would you prefer?
Building Your Own Home
- You get a custom home designed exactly how you always imagined it. Every inch will be built exactly to your specification. Here at Greene Construction we have a Design Build Process that helps keep the project moving and on schedule, because we’re able to design and build your new home and you only have one Project Manager for your entire project.
- You’ll save money in the long run because everything in your house will be new. You won’t have any surprises cropping up after you move in. We’re sure you have friends, or have even experienced yourself, buying a home and moving in only to find that within 6 months you need a new furnace, or a new roof. The excitement of a new home fades quickly when unexpected expenses pop up.
- Building a new home comes with a certain satisfaction that you created this yourself. Think how you feel after cooking a really great meal, it’s even more enjoyable because you made it. Building your own home makes it entirely yours, and entirely unique.
- Building your own home only works if you have the time to wait. You could put an offer on an existing home and be moving in within a couple of months. Building a custom home takes time, and patience. Our Design Build Process will certainly speed up the timetable, but it will take time to build a new home.
- It can be more expensive to build a custom home than to buy an existing one. However, the extra money goes a long way for getting exactly what you want. You can either spend the money building the home of your dreams, or spend the money in renovations on a home you like, but don’t love.
- If you’ve ever gone through a remodeling or renovation project, you know that doing construction can sometimes be stressful. Your Project Manager is there to walk you through any issues that may arise, but building a home can sometimes be a headache. If you prepare yourself for a few bumps along the way, then the stress should be minimal!
Buying An Existing Home
- Purchasing an existing home can be a fairly simple and quick process, if all goes well! You could move in within a couple of months of having an offer accepted. This is a great option if you need to be out of your current living arrangement quickly.
- It can be easier to find a home that you like in a neighborhood that you love than to find an open lot in a neighborhood that you love. Open lots, or desirable lots where you could tear down an existing home and re-build, can be hard to find or very expensive.
- You’ll save money up-front with buying a new home. You won’t be paying as much for an existing home as you would if you were building your own home, so that’s certainly something to take into consideration. But keep in mind the extra costs associated with making that home yours, like painting, upgrading or remodeling.
(See the pros of building your own home)
- You probably won’t get everything that you want in a home. You’ll have to compromise somewhere. It won’t have enough bathrooms, the kitchen will need to be remodeled, or you need an extra bedroom. You’ll have work to do.
- You’ll have to replace old things. Especially if you buy in the Newburyport area, lots of these houses are old. Some of them will need the electrical brought up to code. Some of them have kitchens that haven’t been re-done since 1960. You’ll move in and a few months later the hot water boiler will quit, or the skylights will start leaking. Have some extra money set aside for these things!
- You’ll spend more money long-term because older homes are not necessarily going to be energy efficient. Older homes come with higher costs for utilities like heat and A/C, which can drive up your electricity costs year-round.
If you have questions about building a custom home, or doing remodeling to an existing home, get in touch!