To Build or to Buy Your New Home… That is the Question

It’s time to have your own home… in a market like Denver’s, there are plenty of wide open spaces to build and classic homes to make your own. But how to decide… Here are some of the pros and cons of both buying and building your future home.

build or buy a home

Building a Home-

The Pros:

  1. Customization – When building a home, you are beginning with a blank canvas that can be filled however you choose. From the windows to the moldings to the doorknobs, you can customize every tiny aspect of your new home.
  2. Location – New homes are often built in up-and-coming locations with high demand for new real estate, but building also means that you have more of a say in where you live. From the countryside to the foothills to the suburbs, buying a plot of land and building gives you the opportunity to choose the perfect location for your family.

The Cons:

  1. The Cost – Depending on the customizations and location you choose for your new home, the cost can start to add up.
  2. The Wait – You want your builder to be thorough and accurate during construction, which means that building a home will likely be a long process. A new home typically takes 7 months to be ready for move-in.

 

Buying a Home-

The Pros:

  1. Convenience –  Even when you factor in the time for financing, searching, offers, and closing, the process of buying a home can be relatively short. From the moment you decide to look to the moment you move in can only be a few short months. This means buying has the advantage of a conveniently quick move-in when compared to building a home.
  2. The Selection – When buying a home, you have the opportunity to compare and contrast many

The Cons:

  1. Renovations – Depending on your budget and the current market, it may be necessary to buy a home that needs some fixing up. After moving in, it may take weeks or even months to get your home to where you want it to be—which also adds an extra cost.

Whether you decide to build or buy, one of the most important steps to prepare is discussing all of your options with your partner. A good first step is calculating your potential mortgage costs to give yourself a better understanding of the financial aspect of finding a new home. After that, you’re only a few steps away from moving into the home of your dreams.  


 
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