In today’s rapidly changing real estate market, many people in Wisconsin looking to get into a new home face the question, “Do I want to buy a house that’s already built or do I want to build it myself?
To answer this question, we have to understand the key pros and cons of buying vs. building your home in Wisconsin. Knowing the benefits and obstacles to both helps you to make the decision that is best for you and your families needs and desires.
Here are the pros and cons of each option:
Building Your Home
1.) You Can Customize It Exactly the Way You Want It
When you build your own home, you get to say whether you want laminate or wood floors. You specify the size of your bathroom. The result is that your home turns out to be exactly what you wanted. When you buy, on the other hand, you usually have to compromise. The closet may be smaller than you had hoped for, and there isn’t much you can do about it yourself. So, building your own home comes with the huge advantage of customization.
2.) Built with Up-to-date Technologies and Materials
Another benefit to building is that you can construct your house with the most modern technologies and current materials. When you build your home, you get the benefit of selecting modern appliances and building materials to better future proof your home. You also have the option to pick the best products that have ever been available when constructing your own house which may be safer, more eco-friendly, and more efficient than older materials.
3.) Less Maintenance And Repairs
Additionally, since building means that your home will be completely new, it will last longer than one already built. Consider, for example, two houses. Each has a 20 year roof. You build one this year. Someone else built the other one 10 years ago. The roof will need to be replaced 10 years sooner on the house built 10 years ago than on the one you build this year. And such is the case with the appliances, the heating unit, siding, carpeting, landscaping, etc.
1.) Can Be More Expensive
One major con with building rather than buying, however, is that is can be much more expensive. Not only do you have to buy the materials to build the house, but you also have to find and buy the land to build it on. Additionally, appliances and other important things usually come with a house that you buy. When building, you have to purchase all these items in addition to the land and materials. Therefore, building can be a rather expensive endeavor.
2.) Long Time to Finish and Move In
The other con with building a house is that it can take a long time to finish and to ultimately move in. When buying a home, after you finish doing the paperwork, you can simply move in. But when building, you have to wait until the home is finished which can take several months.
Buying Your Home
1.) Less Expensive
The biggest pro to buying your home instead of building it yourself is that it can be much less expensive. It will usually come with the necessary appliances and heating unit. The land is part of the package as well. So, overall, it ends up being a better financial decision to buy rather than to build.
2.) Less Stressful than Building
Another huge pro to buying as opposed to building is that it can be much less stressful. A lot of things can happen during building that set the process back and create stress. And even though contractors can underestimate the time it takes to finish a predetermined project, factors outside of the contractors’ hands can slow it down as well. The weather or a natural disaster, for example. So, buying a home can be less stressful than building one yourself.
3.) Already Established Neighborhoods
When you buy a house that’s already built, you know what type of neighborhood you are moving into. You can see what type of community it is by examining the surrounding area. When building in a new area, however, you don’t get any guarantees on what the community around your home is going to be like in, say, the next five years. So, buying instead of building is sometimes a safer way to predict what the area surrounding your home will be like years after you move into it.
1.) You May Not Get Exactly What You Want
The con, however, of buying a home instead of building one is that you don’t always get what you want, and you may have to settle. If you always wanted a huge bathtub but buy a home that has only a shower because you like everything else about the house, then you will be giving up something you want. This is almost always the case when buying since no two people want the same thing. Whoever built it did it the way they wanted. And will have to decide if accepting the parts of the house you don’t like is worth it for the parts of the house you do like.
2.) Repairs Come Sooner Than Later
Another con about buying rather than building is that you will have to spend money on repairs sooner if you buy than if you build. The reason is that when you build, you build with new materials that have their lifetime in front of them. But when you buy, you get something that has already been sitting there, sometimes for years. Buying a home that is eight years old, for example, with a 10 year heating unit means you will need to spend roughly another $6,000 in two years on the house to replace the unit rather than in 10 years.
Understanding the advantages and disadvantages to both is the best way to come to the decision of whether to build or buy your home. If you need help deciding which option would be best for you, please contact us for more information.