A house is the most expensive investment for many people. Whether to build a new house or to purchase a pre-occupied house is often a subject for discussion among aspiring homeowners. Each of the two options comes with a set of advantages and disadvantages.
In this post, we investigate the two sides of the coin. We will answer this question by examining the advantages and the disadvantages that come with either of the two options. Keep reading let us look at the advantages and the disadvantages associated with the two options. To get started, we look at the first option, which is to build a new house.
The case of building a new home
Yes, a new home it is here. We are talking about putting up a house from the scratch and barely renovating an existing structure. Different advantages come with the option of purchasing a new property.
The pros of building a home include:
- You do not have to worry about competition: When it comes to purchasing a property, whether pre-occupied or a new property, you are competing against other buyers. Consider that thousands of people are in the search for a property and chances are high you are competing to purchase the same property. Therefore, the home seller sets the price high in order to attract a price that is almost double the cost of building a house.
- Get a Custom Property: Buying a pre-occupied property limits you when it comes to finding a living space that suits your tastes and preferences. If you choose to build a new property, you enjoy the privilege of putting up a custom living space.
- No repairs to worry about: if you have settled on purchasing a pre-occupied property, chances are that you need to do some repairs before moving in. With building your home, there are no repairs to worry about, and if there are, the cost of repairing is relatively cheaper.
- New homes come with energy efficient features: For those who choose to put up a new property, you can include as much energy efficient solutions as you wish. This is unlike purchasing a used property when you have to struggle with customization of the property later.
Cons of putting up a new home
- It takes longer time to complete before you settle on building a new home, consider that this can take an average of seven months to complete the construction project.
- Requires sacrifices in terms of time: You need project management skills, or you have the option of hiring a certified project manager. This means more stress for the homebuilder.
The advantages of purchasing a pre-occupied property
- Quicker way to home ownership compared to building a new property: if you opt to build a property, you will require up to seven months completing putting up the house. Purchasing, you can close the deal in a week’s time, meaning you become a homeowner faster.
- Less stressful in terms of project management.
When buying an existing property you do not struggle with the project management bit. You simply book for home viewing, where you check the features to confirm the property meets some of your requirements, and then arrange for financing.
- You can negotiate the buying price: when it comes to purchasing a pre-occupied property, you can hire a real estate agent to help in negotiating the buying price.
Cons of Buying pre-occupied property
- You may not get a property with all features you need: There is limited possibilities of customizing your living space.
- May require kitchen or bathroom remodeling and paying for cost of repairs: A pre-occupied property will require a set of renovations to suit the requirements of new occupants in
- Inherited property ownership wrangles: In some instances, buyers of used properties may have to deal with endless ownership issues. This is why it is important you check the property history to ascertain no challenges are existing.
Now, you know the advantages and the disadvantages of buying a pre-occupied property and building a completely new home. Talk to Build4Uinc.com for property building and renovation of pre-occupied property.