If you’re considering making a move because your family is expanding, or alternatively, you’ve become an empty nester, then you might be weighing the pros and cons between purchasing an already-existing residence, or starting from scratch and build. Before you make any decision, though, there are some important criteria to keep in mind.
First, your time frame can play a key role in deciding whether to build or buy. Typically, the building of a brand new home can take up to a year (or longer), pending a long list of variables, such as weather, labor, and the availability of needed supplies. Conversely, going the route of an already existing home could be much faster. This is particularly the case if the sellers of the home you are purchasing have already moved out.
Another big factor is cost. While any home – new or otherwise – can require you to take out a sizeable loan, when you buy an existing home, you are usually just dealing with one single mortgage.
If, however, you are building a home from square one, you may find that you’ll have to secure a construction loan for the time in which the home is being built. Then, once it is completed, you will typically need to convert that loan over into a mortgage, which will represent the amount that you still owe.
The question of whether to build or buy can be fraught with many variables. But, if you’re ready to make your next move, we can help. We’ll sit down with you and get a thorough understanding of exactly what you’re looking for in a home, as well as where you would like your next residence to be. Give us a call when you’re ready to start the process.