There are few things more exciting in life than buying a home. For many people the purchase of a house is the culmination of their dream or a testament to their independence and success; to others, a house is a symbol of hope and family. However you feel about starting your home buying venture, you are likely struggling with two choices: purchasing an existing house or investing in new home construction. Both options will result in you in a house and happy, but each has specific requirements and consequences that you must consider. There are at least three factors that can and should influence your buying decision.
The primary concern is your budget. If you have a budget below a certain threshold, you will likely find it challenging to purchase a brand new stick-built home. Typically, new construction runs upwards of $200,000, but that is not to say it is impossible to build new on a tight budget, depending on the size of the home and its location.
If you are looking to purchase in the city or popular suburbs, you might be hard-pressed to find affordable vacant land for new home construction. However, if you are willing to move a little beyond city limits or even embrace the country lifestyle, you will probably find plenty of property for a new build.
New construction takes time. Depending on the circumstances and finances, a new home can take six months or more to complete. Some people do not have that much time because they are moving for work or some other immediate reason. If immediacy is your concern, then an existing home purchase is likely the best option.
New home construction provides the advantage of customization, but it takes time and some locations can make construction difficult, if not impossible. An existing home offers the quickest option for moving but lacks the personal touches of a new build. Ultimately the decision is yours.