A house hunt is associated with a lot of different factors. Most people consider location, price, market trends, condition of the property, property taxes, and other such factors before taking on the plunge of a new home.
One more important decision that buyers need to make is whether to buy an existing home or build one from the ground up. There are pros and cons of each and as one of the leading home builders in London, we thought of discussing them here.
So, if you are planning to get a new home, consider these factors if you are wondering whether to buy one or build one.
Why Would You Want to Buy an Existing Home?
As mentioned, buying an existing home has its advantages and disadvantages. Here are some of them:
Buying an existing home is truly convenient and ideal for the ones looking to move immediately, such as those who are relocating from a different state or country. You can just shop around, select a property, and make an offer.
Even though the buying process involves a lot of steps such as financing, viewing homes, selecting, inspecting, making offers, and closing, a qualified real estate agent should be able to streamline the process and depending on the circumstances, you can move into your property within two or three months. So, that is far more convenient than building a home from the ground up, which not only takes a lot of time and money but is also a very elaborate process involving a lot of legal and technical procedures.
In many cases, buying an existing home is cheaper than building one. Once you choose a home, you can use a mortgage calculator to better estimate the price of that property based on the current interest rates.
Another reason to opt for an existing home would be if you are looking for a particular established neighbourhood to live in. You might be looking to live there due to proximity to the workplace, school, or friends/family. An existing home will probably be built in a town, so you can live close to it, if that you are looking to do.
Buying an existing home will probably also come with mature landscaping so you can avoid the hassles and hard work of starting a lawn, planting shrubs, etc.
Disadvantages of Buying an Existing Home
The primary disadvantage of buying an existing home is that you will not get exactly what you want. You may get what you need (the essential features) but not all of them would be the way you want it. For example, you may not like the floor plan of a property or the bedrooms of a property is not the exact way you want it. There might be only one bathroom or the kitchen might be too small.
Older homes, in particular, have obsolete functionalities and are not suited for most modern buyers. So, if you do not find exactly what you are looking for, you’ll have to spend extra on refurbishing and renovating, like appointing house extension builders in London, thus adding to the total costs.
Why Would You Want to Build a New Home?
Building a home has the main advantage that you can get exactly what you want and how you want it, in your new home.
More Environmentally Friendly
Building a new home can be better for you in many aspects. An old house may contain asbestos, lead paint, or mould, which can be extremely harmful to your health. When you build a new home, you can choose to build it with specific materials to make it more environmentally friendly.
Older homes or even homes built by large developers often use terms such as ‘best eco homes’ to promote the properties. While in reality, they can cut corners and provide you with homes that are not really energy efficient.
When you build a new home, you can choose to design houses more carefully, install appliances and choose more eco-friendly materials.
Building a new home involves a lot of hard work and several intricate processes such as finding a plot, employing an architect, bringing in project managers, managing the cash flow, etc. However, it will provide you with the level of satisfaction that an old home can’t.
You will get exactly what you want, where you want, and how you want it if you choose to build a home. For instance, you can have an elaborate plan for your attic, and you can materialize that by appointing some experienced Loft specialists in London. It’s like a dream come true for most people.
Disadvantages of Building a New Home
There are two main downsides to building a new home – higher costs and a longer timeframe. The costs involved in building a home is almost always greater than buying an existing one, and you have to manage your finances carefully and diligently.
Maintaining good communication with your builders is a way to save both time and money. Also, make sure that you are happy and satisfied with the design or specifications before the build begins. Changing your mind about specifications is not a good way to get things done either for the builder or you. It will only involve more time and money.
These are the key factors to consider when you are wondering whether to buy an existing home or build one. As you can see, there are pros and cons to each and it’s only after you evaluate your personal preferences and finances, that you should decide which one to opt for.
As one of the leading home builders in London, we are always there to answer any query that you might have or assist in any building or repair works that you might need. So, you can always connect with us for anything related to home building or house refurbishment in London and we will be more than happy to help you.