You’ve grown out of your current space and are ready for a new home and ask yourself—should I build or buy?
Is the home of your dreams a charming cottage with vintage charm? Or perhaps it is a sleek contemporary home with finishes and designs from your Pinterest board. That’s just one of the choices you’ll have to make when choosing to build or buy a home. Other considerations include cost, timeframe, needs, and risks.
Pros of Building a New Home
- Ability to customize every feature and design in your new home
- Implement cost-saving and energy efficient appliances and windows from day one
- Warranties on appliances and the home itself
Cons of Building a New Home
- From the time you purchase the piece of land until you physically move in to your completed home it could be 6-7 months
- Decisions, decisions, decisions—you’ll have to be intimately involved every step of the way making choices on large scale items like exterior color to mundane items such as outlet covers
- In all likelihood the resale value of your home will be less than your entire cost basis of land, materials, and labor
Pros of Buying a Home
- It usually takes 2-3 months from the time your offer gets accepted until you move in
- Buying a home is more budget-friendly than building a new construction
- You can make upgrades and renovations, while maintaining the charm and character of an older home
Cons of Buying a Home
- There can be more upkeep, maintenance, and major costs (a new roof, for example)
- Depending on the year the home was built, energy efficient appliances and windows might not be included
- More compromises on your must-haves
Whether you choose to build a home or purchase a home and make renovations, Diamond Hill Builders can work with you to customize for your family’s tastes and needs. If you’re on the New Hampshire Seacoast, Portsmouth, Kensington, Exeter, or Stratham contact us today for a free quote.