Custom Homes vs Existing HomesApril 15, 2013
Buying a home is a huge decision that requires careful thought and consideration before any purchase is made. There are two options to choose from when it comes to purchasing residential real estate; custom built homes or existing homes. And while there are pros and cons and headaches and smiles with both options, it is ultimately up to the buyer to weigh the options and make the right choice as to which route to take. Below is a brief overview of both options.
Pros and Cons of Purchasing an Existing Home
An existing home refers to homes already built; the home was previously owned and lived in.
- You may be able to get the home at a great price
- Existing homes are usually move-in ready
- Older homes tend to possess a certain charming historic quality
- An existing home may consist of outdated building materials
- Older homes are not usually energy efficient
- The property is sold as is
Pros and Cons of Building a Custom Built Home
Custom built homes are houses that are designed and built uniquely. A custom home is built according to the wants and needs of the homebuyer with the aid of a team of qualified and accredited home builders.
- You will get everything you want in your dream home
- Up to date and innovative building materials
- Newly built homes are more energy efficient
- Everything is up to code, new and safe
- The cost to build a custom home may be higher than purchasing one already existing
- Huge time investment; visiting with contractors and house site
- May take up to a year to move into your new home
Above all else, these two factors need to be considered with both options, location and budget. Whatever option you decide to take, existing or custom built, location is a huge factor to consider. You have to be happy with the neighborhood and overall location of your potential home to be satisfied. The other factor to consider is budget. You have to determine the overall budget that you are willing to have to put into your existing or custom home and stick with it in order not to occur debt.