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When to consider building a home instead of buying
Have you ever thought about building a home instead of purchasing a pre-built property? While many people consider buying instead of building, new home construction can have some big benefits. It’s not the solution for everybody, but it can present an opportunity to the right person. Here are some situations when you might want to think about building your new home!
You want increased personalization and control
If you’re someone who has strong opinions about how your home should look and what it should have, building a home might be a good choice for you. Often, one of the hardest parts about buying a pre-built house is finding a property that meets all your needs and wants. The exact combination of the right number of bedrooms, property size, layout, and materials you want to see might not be present in any homes you view. Building your own house means you can be in charge of those parts right from the start. You’re literally building from the ground up, so you can have your say and be involved throughout the whole process. Plus, it’s nice to have a home that is personalized to you. It makes it easier to feel like it’s truly yours, and this emotional investment can make you feel the comfort and love for your house right away.
You want to know what you’re getting
When you move into a pre-owned home, you can never be one hundred per cent certain what you’re getting. Of course, assuming you had a home inspection done, you can be pretty sure your new home will be safe. Beyond safety, though, most homes have some quirks you will only discover once you move in. There might be a light switch that doesn’t control anything, for example, or a sink that takes a long time to produce hot water. You could also find that within a few months of moving in, your dishwasher breaks down or your furnace quits on you. These are all little irritants that you might have to face in a pre-built home.
Building a home means everything is new, and as the first owner, you know exactly what you’re getting into. You can avoid any unpleasant surprises, and you can be sure your appliances will be in top condition. This might help reduce some of the stress of owning a home.
You want to have more say in location and price
Building a home means you can put down roots anywhere — within reason, of course. Sometimes, you might find a pre-built home you love, but you’re not a fan of its location or price. If you decide to build, you can pick the area you want to settle. This will depend on your preferences and needs in terms of transit, access to amenities, and space. Your location will also impact price, since certain areas are much more expensive than others. Building a home means you have larger control over price, because you can decide on things like size and materials. Location and budget are two of the most important parts of buying a home, so it’s handy to have more involvement in these aspects.
Potential for high return on investment
You have the potential to build a home with a high value. Depending on where you build, and how you maintain your home, by the time you’re ready to sell you could be sitting on a valuable asset. New homes in great shape are high in demand, because buyers love knowing their future property will function well with no issues. Older homes are often less valuable, largely due to their risk of damage and extensive repair costs. Building a high-value home in 2023 means it will likely attract several buyers if you maintain its condition.
Before you start…
Building a home is a great option for some people, but it’s still very important to understand everything that goes into the process. Interest rates, lender options, and construction mortgages are a different game than buying a pre-owned house. You should be sure to review the pros and cons of building a home before you commit to the experience. You can read more about new home construction as a whole here.
If you think building a home is a good path for you, you can reach out to a mortgage broker to get things started. We can discuss your next steps, and chat with you about potential mortgage products and lenders. We’re here to help you secure the perfect mortgage for your home!
If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.