You have set aside extra money, decided where to settle down, and are ready to begin the process of owning your dream home. There is just one big decision left to make before you can start the process – do you buy or build? This isn’t an easy “heads or tails” decision. There are many factors to consider. That is what my husband and I were faced with about a year ago. We have three young children and had outgrown the space we were in. We knew what we wanted but could not find it in the housing market so after much deliberation decided to break ground and build. We learned many things along the way so if you are stuck in the decision-making rut, I am here to offer my best advice and point you in the right direction. There is no right or wrong path, and it is different for everyone.
The first question to ask yourself is – how much time do you have to move into your home? Building a house takes time sweet time so if you are relocating and need to move quickly or are on a tight deadline, buying may be the better option. Most homes on the market are move-in ready and located in established neighborhoods. There is sometimes room for price negotiation that can make buying a lower priced option as well. All of this can eliminate a lot of stress, so for some it is worth compromising exactly what you had in mind with layout or location for ease and convenience.
However, on the flip side, especially in today’s market you could land in a bidding war. Another thing to consider when buying is there could be the potential for home repairs, especially if the house is dated. Older homes are generally less energy efficient and in need of updates. It can also be very difficult to find the exact floor plan you desire.
That is what it came down to for my husband and me. Since it was important to us that our children each have their own room, we needed a four-bedroom house. When we were able to find a four-bedroom home on the market it was either out of our budget, needed too many updates, or didn’t have the layout that aligned with our wants and needs. Anyone else ever been there? It can be extremely frustrating!
This was going to be the home we raised our kids in… the rooms they would do homework in, invite friends over to, decorate for the holidays, grow up and learn about life in… and we weren’t willing to compromise what we wanted. Nor did we want to spend these precious years with them doing constant renovations.
Everyone is at a different stage in life, but for us the answer to build became clearer. The pros far outweighed the cons, and the entire process took a little less than a year. This included planning, selecting a builder and the building itself. If patience and decision-making are something you struggle with, beware, building may not be for you. There are so many decisions that must be made, in a quick manner. It is not uncommon for it to take longer, and cost more than originally budgeted for, so this is also something to consider. Trust me, I am not trying to talk you out of building, but I do want you to be prepared for the process.
Here we are now, having just moved into our new home. The planning, decisions, waiting and patience were well worth it! We customized our home to the layout we wanted within our budget, and now we can focus on things that make us happy like landscape our new yard, add personal touches to our new space and make lasting memories as a family! And of course, share our experience with you. Stay tuned for next month’s blog as we start tackling some of the most important decisions, we found ourselves making while building our new home.
