Deciding between an existing property and a custom build home is a big decision, whether you are buying a home for the first time or you already have some experience.
Many home buyers exclude custom build homes when viewing options because of financial reasons. Fortunately, there are several construction mortgages that you will help you build your dream home. On the other hand, for existing properties, there is a list of loans and mortgages available, regardless if it’s your first experience in real estate or you have owned several homes before.
Buying a home is a big step. That’s why it’s necessary to consider all the options and factors before deciding. Luckily for you, we’ve put a list of the advantages and disadvantages of both custom and ready-built homes.
Custom Build Homes :
- The opportunity to design your ideal home
One of the top perks of building your own home is the freedom to customize and modify it in any way you want. Taking the time to design every room with the help of professionals is the dream of many people. It also gives you the chance to decide on what type of property you want: a duplex, a townhouse, or something else.
- Building a modern home
Constructing a home from scratch means you can implement and add whatever you want. Technology is part of all modern homes, from energy serving appliances to automatic blinds and highly efficient alarm systems. Planting technological devices from the beginning is always easier than adding them to a ready-built property.
- Saving money
What’s special about custom-built homes is that they are more energy-efficient than old properties. Many modern homes are built with solar panels and energy-saving appliances that will help you benefit from natural sources of energy and lower your electricity bills throughout the year.
- A chain-free property
If you buy a custom home, you’ll be the first person to live there; therefore, you won’t have to think about chains. You’ll be able to move in once you complete the construction, and you don’t have to worry about whether the seller found another place or no.
- An insured home
Custom-built homes come with warranties that last from 10 years to 23 years, depending on your policy. It will save a lot of trouble, and you won’t have to worry about any maintenance when you move in.
- It’s time-consuming
One thing you should keep in mind if you decide to build a custom home is that it will take a lot of time. To convert your design to a perfect completed home, you’ll need a long period. Additionally, they will be delays in the construction all the time, and your move-in date will be pushed back under several circumstances. For instance, if the weather is stormy or even inconvenient, builders won’t work for safety issues. These delays are not only time consuming, but they can cost you money as you will have to extend the payment of your current home and the storage units you are using.
- It might cost you more money
In many cases, custom homes are cheaper than ready-built ones. However, they can be some additional costs that you didn’t expect. Any extra features or details that you’ll add to your house require building materials and furnishings that will send your budget over the top.
- The process can be overwhelming and stressful.
The freedom to design and build your home from scratch can be an advantage and a disadvantage at the same time. Spending time and effort thinking about every single detail of the construction may not seem appealing to everyone. If you want your move-in process to be quicker and more manageable, you should consider buying an existing home that is already completed.
- Location :
Ready-built homes are existing properties already set in a community or a neighborhood, which makes it easier to resell them when you move out. Generally speaking, old homes are closer to the city, and all the amenities, which is an essential factor for potential buyers. On the other hand, custom-built homes are usually part of new developments outside the city and far from popular areas.
- The chance for modification and personalization
Even though existing homes are already designed and built, certain things can be customized and modified to fit the owner’s needs. Many people prefer transforming a ready-built home to add their stamp to it. A fresh kitchen paint or an artsy doorknob can go a long way in making you feel at home!
- You buy what you see
Many people prefer an existing home because they can view and explore all the rooms before buying the property. Although you’ll have to carry out a thorough inspection and survey before removing in, you won’t have to wait to see the finished final product.
- A unique character and presence
Despite the charm and modernity of new homes, ready-built properties have a unique character that can’t be matched. The beauty of old houses is simply in the little details of the windows and on the ceilings.
- Property chain
Unfortunately, when buying an existing home, you won’t be the first to live in it, and you will have to wait for the seller to move somewhere else. It’s something that puts off many new homebuyers as it makes the process more stressful and full of uncertainty.
- They consume more energy
Ready-built homes are less energy-efficient in comparison to modern homes. You should expect to have higher monthly bills.
- Expensive renovations
Despite the fun and creativity that comes with renovating a home, it may cost you a lot. Every addition or extension means additional expenses. On the other hand, with a custom home, you will decide from the beginning all the details and features so you won’t have to renovate in the future.
- More maintenance
An essential factor to consider when buying an older home is maintenance. Old properties require more work and care. You need to sustain your home by fixing all the holes in the roof and repainting the rooms every once in a while.