In a previous post, we talked about the pros and cons of building your home from scratch. It’s a great option for those who want a fully customized home to fit every family member’s wants and needs and those who aren’t too concerned about sticking to a strict budget. If you’re on a rather strict budget, on the other hand, there is another option you could consider and that is buying a house that’s already built and lived in. Here are the pros and cons of buying a house instead of building one.
Pros
- Ready for move-in - don’t have anywhere else to go after your current house sells? Buying a house might be the better option for you since most homes on the market today are in a move-in-ready condition which means you won’t need to wait for any repair or renovation to finish before you can live in it.
- More affordable - one thing that many people love about buying a house instead of building one is how much more affordable it is. You won’t need to pay for extra costs like repairs and renovations when you buy a home. If you’re taking out a loan for it, you might also be asked for a lower down payment and have a lower interest rate as well since most lenders consider this to be less risky than building one.
- Better location choices - if location is a big deciding factor for finding your new home, you’ll have a better chance of finding one in the area you prefer when you buy instead of build. Most of the good spots are already taken with homes already built on them. Newer lots where you can build from scratch are often located in areas away from urban centers, CBDs, and the like, making buying a house more advantageous.
- Landscaping already in place - buying a house that comes with a garden means having a mature landscape so you don’t have to worry about starting one from scratch. All you have to do now is water the plants regularly so they don’t die.
Cons
- Maintenance issues - the thing about buying a house that another family had already lived in is that you may not really know something needs repairing/replacing until it breaks. Even then, you might run into issues like outdated plumbing and HVAC systems which can really put a huge dent in your budget.
- Stressful house hunting and buying process - is there anything more frustrating than going on countless open houses, finally finding a house that you like, putting in an offer, getting outbid by another buyer, or getting declined by the owner for whatever reason? The whole process of buying a house is more complicated and can get more stressful compared to building one.
Still not ready to make the decision? This article shows the pros and cons of building a house from the ground up. Check it out and see if it’s something that might suit you better.