Should You Buy a House or Build One?

Before signing any contracts or putting down any money, the majority of homebuyers end up spending a lot of time and effort either searching for or designing "the perfect home.

A house hunt typically takes into account factors such as price, market trends, location, property taxes, homeowners association fees, and the condition of the property. Additionally, every buyer typically has a wish list that includes both wants and needs (the features the buyer would like to have but could do without if necessary). While there are a lot of important choices to make during the home-buying process, one of the first ones that must be made is whether to buy an existing house or build a new one. There are benefits and drawbacks to each route. Here is a gander at the two sides. Buying a Pre-Owned House There are two main advantages to purchasing a pre-owned house: cost and ease of use You can search for a home, select one, and make an offer once your lender has pre-approved you.

By assisting you with the paperwork, assisting you in finding suitable properties, and guiding you through negotiations, a qualified real estate agent can simplify the process. Depending on the circumstances, you may be able to move in within a month or two after your offer is accepted and the transaction is closed.

Even though there are many steps involved, such as financing, viewing homes, making offers, getting home inspections, and closing, many people prefer to buy an existing home rather than a new one because they can move right in. Schedules and Costs Buying a home that is ready to move into may be especially important for buyers who are working a tight schedule, like those who are moving for a new job or whose children are starting a new school.

Then there's the expense. According to data compiled by the National Association of Home Builders, purchasing an existing home is cheaper in many (but not all) instances.  Use a mortgage calculator to get a better idea of the total cost of purchasing that home based on current interest rates once you've found a potential existing home. After the financial crisis and housing bust, which significantly lowered national real estate prices, prices for existing homes may still be quite favorable depending on your target real estate market.