Is It Better to Buy a Home or Build a New One?

Owning property is a great investment that has the potential to stretch across generations, but many people aren't sure whether to buy a home or build their own. Here are the pros and cons of building a new home or buying an existing property.

When buying an existing home, it's possible to remodel and redesign some aspects of the house. However, unless buyers can invest a significant amount of money after buying costs, it's impossible to completely alter the structural properties and design of the home. For full customization of home plans, including features such as room size and layout, building a new home offers the most flexibility.

According to the United States Census Bureau, it takes seven months on average to build a new home. This often doesn't account for planning time, surveying, deciding which land to purchase, and designing. Alternatively, buyers can look into new construction homes that a builder may already have under construction. These move-in ready homes can cut months out of the new construction process. It is important to make sure that you are working with a reputable builder who has the systems and experience to build a quality home on time.

Homes that have been on the market for a few decades may have a unique charm, but often require a great deal of renovation. On the other hand, new homes are built to be up-to-date on building codes and modern technology. They are generally more energy-efficient for this reason, as well.

Both existing homes and custom builds can have expenses outside of the initial costs. Existing homes may require renovations that weren't obvious during the inspection.

In general, purchasing a home, whether existing or building a brand new one, requires careful consideration for all home buyers. For more information about a new home or condo in one of our beautiful communities in Greater Detroit, call Robertson Homes at (248) 505-0686 today.