When it comes to buying a home or building one, some consumers choose the latter. Building a home allows them to design their house to their particular needs and specifications. In addition, it gives consumers more control over the building products that are used, how green their home will be and the custom rooms and features the property will exhibit, according to U.S. News and World Report.

However, for all the benefits building a home can bring, there are still other factors individuals should consider that may influence their decision.

Cost

Consumers who buy an existing home sign on to a mortgage, purchase property insurance and cover closing costs and fees. When it comes to building a house, there are additional costs consumers should weigh, such as the price of purchasing the property the house will sit on. In addition, there may also be contractor fees and the costs of zoning permits, the news source explains. There are other costs that new homeowners will take on, such as purchasing appliances, furniture and making upgrades. In cases where consumers are considering purchasing a home, they may save money on appliances that are being left behind, such as refrigerators or ovens, and making small upgrades themselves.

Individuals should weigh the pros and cons of different costs to make sure they are staying within their budgets and making the right financial decision for their circumstances.

Size

Many individuals opt to build homes when they want a particular number of bedrooms or bonus rooms. However, it’s important not to overlook existing homes that have spaces that can be converted, such as basements and attics, especially if they are more affordable. In addition, bathrooms, kitchens and bedrooms can also be renovated for size.

Timing

Consumers who are going back and forth about buying an existing home or building a new one should also take time into account. The process to build a home may take longer than finding an existing home, so individuals should factor in their own timeline for moving. Consumers who are on a time crunch may also want to contact a real estate agent to look at homes in the area to see if any properties meet their needs. Buyers should also take the time it may take to renovate or make upgrades to an existing home into account. When on the fence about building or buying, exploring all available options can help consumers make more informed decisions.

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