Buying a Home vs. Building a Home: The Pros & Cons of Each

Thu, Apr 21, 2022 at 4:37PM

Buying a Home vs. Building a Home: The Pros & Cons of Each

You may be conflicted about whether to buy or build your home. The answer is different in every situation. By looking at the advantages and drawbacks of each option, you can decide which one is right for you. Read on for the pros and cons of each!

Buying Ormond Beach Homes

You’ll find a fairly simple and straightforward process when you decide to buy a home. You can work with a real estate agent to help you find a home that suits your needs. 

The Pros

There are several benefits to buying a traditional home. Here is a list of reasons to consider buying:

  • You can move in right away
  • The lending process is simpler
  • You can make renovations on your schedule

There is also the added benefit of having access to many home options. Even when the market slows, you’ll still have several different homes to consider buying. 

The Cons

There are also drawbacks to buying a pre-existing home, and you should make yourself aware of them: 

  • You might find yourself in a declining neighborhood
  • It could be hard to find the right house that meets all of your needs
  • You might face a competitive bidding war

An older home will also be less energy-efficient. You might have to make upgrades to prevent energy loss in your home.

Building a Custom Dream Home

You can also work with a contractor that builds Ormond Beach homes. For example, Fretwell Homes builds in the Briargate at Hunter’s Ridge community, but they also build on private lots.

The Pros

There are some very important reasons to consider having your home custom built. These benefits may far outweigh any disadvantages that may come with the process:

  • Create your own design
  • Choose your location
  • Design an energy-efficient home

A benefit that’s not commonly considered is that toxic substances aren’t used in new construction. Materials—such as asbestos or lead paint—are common in older homes but are not used today.

The Cons

There are a few drawbacks to building a custom home that should be carefully considered. Even if these factors don’t affect your decision, you should be aware of them:

  • You will have to have your construction loan converted into a traditional mortgage
  • The construction usually costs more than expected
  • It will take longer to build your home

It’s also important to note that you will have to clear your plot of land. Preparing the property for new construction may be as complicated as building your home.

You can learn more about building versus buying a home by doing your research. Learning about your local real estate market and the regulations for new construction in your county can also help you determine whether to buy or build. And if you decide to build custom or buy an existing plan, make Fretwell Homes your go-to choice. You won't regret it!

Bookmark & Share

User Comments

Be the first to comment on this post below!

America's Choice
FPL BuildSmart