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To Build or to Buy

Many times when faced with the thought of relocating, the potential mover is faced with this thought: should they build a residence or buy one? There are advantages to both; let's look at the following quick summary below and hopefully it can help you with this tough decision:

To Build

 

  • You can make it exactly how you want.
  • You can cover more of your own costs (X amount on the kitchen, X on the living room…)
  • It will be brand new; you are the first owner.

 

Not to Build

 

  • It involves a lot of extra people (contractors, city officials, builder, electricity/gas/waterline engineers, etc).
  • Time frame doesn’t just depend on you; it depends on all of the other extra people and beware that there may be a line.
  • Closing cost, what closing cost? You are building it, so you pay it all. (Advice normally given to home builders states to save a cushion of 10-20% of your overall expected building cost, for any changes, delays, etc)
  • Risk: If anything falls through, you are left without a residence and with a lot of legal/money tie ups.

 

To Buy

 

  • You can look at many homes first before deciding; sometimes it's nice to go with what was someone else’s vision. What you see is what you get.
  • Some one intelligent, professional, and knowledgeable could be there to help you (a realtor).
  • If you don’t like something, maybe fixing it can be included in the closing costs before you sign on the deal.
  • You can set a time frame: all must be done by X day or the deal falls through
  • If one home seems too expensive, go to the next one; you are shopping for the best deal or fit for you.

 

Not To Buy

 

  • What if you buy and later on down the road, something breaks (waterline, gas line…)? If you have a guarantee all is fine, but if not…?
  • Again price; what if you are doing a bid and have your heart set on a certain home and someone out bids you?
  • If you use a realtor, you have to pay (although you might save a lot less then paying all that other extra people that come with building).

 


 

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