Buying vs. Building: 4 Tips for Making Your Decision

Most people will agree to disagree on the age-old question of whether to build a new home or purchase an existing one while searching for your dream place. Being such a personal decision, this is only natural.

If you’re still on the fence, what you need to know is that there are advantages and disadvantages to both choices. Down below, we have five simple suggestions that will help you figure out what the best path is for you and your family

Seek Out Professional Help

Seek Out Professional Help
Source: Guzman Construction

Before you get started, do some research and consult with builders, architects, and real estate agents about your decision. These professionals will have all the knowledge and perspective to assist you in weighing out your options and coming to a well-informed decision.

Local architects or a Calgary luxury home builder could lend you their design and construction know-how, while real estate agents can offer insights that will help you understand the home-buying (and owning) process. Working with experts will help you make decisions that are in line with your vision and goals and also help keep those stress levels to a minimum.

Assess Your Needs and Wants

Next, you need to think about what you really need and want before throwing yourself into the real estate market or hunting for land. Consider things like location, size, layout, and other important features you want in a home.

Are you drawn to the charm of an established neighbourhood community, or do you see yourself building your own little haven from the ground up? Do you have extremely particular needs and tastes, or do you think you could find your dream in an already existing home? Getting clear on what you’re looking for is the first step to making the right decision

Crunch the Numbers

We all know the reality that, in real estate particularly, money talks. Before doing anything else, take a long, hard look at your financial situation to figure out which choice best suits your spending plan and long-term financial objectives.

Buying an existing home might save money upfront and speed up the move-in process, but it could end up being more expensive in the long term if you plan on doing a lot of home remodelling or come across unexpected maintenance. On the other hand, building your own home can be more expensive and take longer, but it also offers near unlimited customisation.

Consider the Time Investment

Consider the Time Investment
Source: MoveZen Property Management

Finally, remember that time is a valuable resource, and building and purchasing a home each require a certain amount of it.

If you’re in some kind of time-crunch, then understand that buying an existing house usually allows you to move in sooner and offers a much quicker turnaround. However, it can take some time to find the perfect place in a crowded market.

On the other side, navigating the planning, permitting, and construction process while building a new house calls for a lot of time, and even more patience.

Terrill Welch
Terrill Welch
Meet Terrill Welch, your home transformation expert, offering sage advice on creating blissful backyards, serene bedrooms, and securing your sanctuary with expertise in home improvement and security.

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