When thinking about buying a new home, a lot of people ponder whether they should buy an existing home or build a new one. There are benefits to either option. It may be difficult to find an existing home in the location you want, with the amenities you dream of and within your budget. Read further to see the pros and cons of both building and buying, to determine which is the better option for you!
Pros of Building New
The main benefit to building a new home is that you can customize as much as you want within your budget. You get to decide the areas of your home that are important enough to spend a little extra money. Also, with Tanner Built Homes, all of our floorplans can be customized to fit your needs. Need to add an extra bedroom or bathroom? We can do it! Below are the top benefits of building your dream home:
- New homes are built to current code and energy efficiency.
- Everything in your home is new. You will not have to worry about repairs or remodel for a long time! Plus, Tanner Built Homes comes with a 10-year structural warranty, a 3 -year Mechanical Warranty, and a 1-year workmanship warranty.
- Amenities. The options are endless with finishes and features in a new home!
Cons of Building New
As a custom home contractor, we are partial to building new homes, but we do recognize that it is not for everyone. Below are a few cons to building a new home that may help determine if building a new home is a fit for you:
- There are a lot of decisions to make. From the beginning of the process, you will be making decisions about color, finish, location etc. This can be overwhelming for some clients.
- Prices are not negotiable. As builders, our prices reflect the cost of building materials. Unlike buying an existing home, our prices are not flexible.
- Waiting. There is about a 9-month waiting period from the time that you first meet with us. Permits and your loan have to be obtained, and then we can begin construction. The construction process usually takes us around 6 months. This time can be trying for some clients because you will have to find temporary housing but trust us it is well worth it when you get the keys to your dream home!
Pros of Buying Existing
Buying an existing home can be a much simpler process. Read below to see the benefits of buying an existing home:
- You get to move in sooner. Once the house is closed on it is yours! There is no waiting for construction to be finished.
- Negotiation. You can put in an offer lower than what the asking price is, and it might be accepted.
- You can upgrade over time. If you buy a home that needs a little bit of work, you can upgrade things over time as you have the money for them.
Cons of Buying Existing
When buying an existing home there are a lot of things to consider. Someone has lived there in the past and you have no idea how well they took care of the home. Below are a few cons of buying an existing home:
- An existing home might need some repairs. Chances are the sellers have fixed a few things around the home and made it look nice and pretty, but there could be items that need repair or replacement that you cannot see. You should expect repair costs when buying an existing home.
- Competition. If you are looking at a great home in a great area, there will be other people putting offers in on that home. If you choose to offer less than the asking price, there might be someone who offers more, and your offer can be declined.
- Efficiency. Older homes may not be built to today’s standards. The roof or windows could leak, air conditioning units might not be as efficient, these are items that you might not be expecting.
When deciding if you want to build new or buy existing, ask yourself the following questions:
- How long can I wait?
- Am I good at making decisions?
- Am I willing to compromise on my list of dream features?
- How much can I afford if a buy vs if I build?
- Which option will benefit me the most if I choose to resell in the future?
If after reading this you decide building would be the best option for you, reach out to us to get the process started! We now have access to over 30,000 plans! We would love the opportunity to be your builder.