One of the most fulfilling parts of being an adult is getting to the point where you can finally purchase your own home. It is something that every adult longs to achieve in their lifetime, and you should be proud of reaching this stage.
But now that you can, the possibilities can seem intimidating. One of the big decisions you have to make is deciding whether you will be purchasing a built property or putting up your home from scratch.
While you are scoping out the houses and quality lots for sale in your preferred locations, here are some advantages for each that you should consider to help you decide on the right route for you.
The Pros of Building a House
These are the benefits you enjoy from choosing to build your own property.
You can fully customise your home
The most apparent advantage of buying an empty lot is that you get to decide exactly what your home looks like. From the conception of ideas to the actual building of the house, you can take pride in the fact that it includes your personal touches. You also get to decide the materials used for every nook and cranny of the property.
If you are the kind of person who prefers to have heavy involvement in design and building, then this option could be best for you. It broadens your options and gives you free rein in the decision-making process.
It usually saves more energy
Along with the ability to customise and design your home as you wish, building a home also enables you to choose the newest technologies to be used in it. With energy-saving technologies becoming more affordable, it is also easier to get your hands on them.
Today, you may not even have to make that conscious decision to go greener. Latest technologies and materials are usually more sustainable than older ones, so your home is already being built to be more energy-efficient than other existing homes.
There is currently less competition in the market
In today’s housing market, there are many more buyers than homes for sale. This means that prices for homes have shot up significantly. CBS News reports that one in five first-time homebuyers even had to purchase homes beyond their set budget.
Knowing the stiff competition for purchasing homes today, buying an empty lot instead removes all these worries. You will not have to struggle to find a home for a reasonable price, too, as you aren’t competing with home buyers in that space.
The Pros of Buying a House
Are you still on the fence? Here are some advantages of opting to buy a house instead.
It takes less time before moving in
Your current situation may be making the move to a new house urgent, such as relocating for a job or studying in a new school. Moving to a house is obviously preferable because there is less waiting and there are fewer preparations.
If you are moving from an old house, you can have your furniture moved to the new one to furnish it in time for you to start school or work. You will not have to worry about the added concern of renting a home in the area while waiting for your house to be built.
It usually costs you less money
Moving into a home incurs you fewer expenses than all the requirements involved in building one. It is also easier to make price negotiations about a house and lot rather than empty land.
One way to make sure that you are saving money by buying a property is to calculate the expenses, including your mortgage costs. Then, compare it to the price of purchasing land.
Additionally, if you are moving out of your old home into a new one, you will not have to worry too much about furnishing the house since you can bring your furnishings with you or choose a home that has been fully furnished already.
It has good earning potential
A secondary property is a great opportunity to earn passive income. If you buy a house instead of building one, you can turn it into a rental property. Put off selling your old home so that you can use your newly acquired house as an investment by listing it for rent for long-term or short-term tenants.
Ultimately, the final decision is dependent on your current lifestyle and financial situation. A careful review of where you are in your life definitely makes it much clearer which path is best.