So you want a new house in Winter Park, but you can’t make up your mind about building a new home or buying an existing home. While there is no definitive wrong answer for this, it is essential to review the advantages and disadvantages of each option before making your final decision.
Winter Park, also known as Lakota Winter Park, is famous for its beautiful winter mountain views and family-centric lifestyles such as skiing, biking, and mountain climbing.
Desiring to move to this beautiful place is a good thing. So we’ve put together a list of pros and cons for both building a new home and buying an existing one to help you take your next step.
Building a New Home
- Adjustable Expenses: By building a new home, you can easily select the price range that fits your budget. You get to decide if you’ll like high-end flooring or a more elaborate kitchen. It’s your budget and your decision.
- Design Flexibility: By choosing to build a new home, you get to make it precisely to your taste. The materials, layout, color, etc., You’re in charge of every aspect of the home, and you can ensure it’s precisely what you desire in a house.
- Higher Resale Cost: Since you’re building a new home, you’re most likely the first person to live in it, and so, it will have less wear and tear. This will result in a higher profit of your real estate investment later.
- Understanding: As you build a new home, you will know firsthand the age of all the features and appliances, the architecture, the quality of the building and materials, etc. This information will enable you to diagnose future issues better and maintain the house the best way you can.
- Over-Budget Risk: When you build a home, you risk the possibility of going over your budget if you’re not cautious. Compared to when you buy a house, you already know the cost. Working with reputable builders and developers and being mindful is the best way to get around this problem and prevent it from happening.
- Upfront Cost: Building a new home requires a significant initial investment and upfront cost. Special financing is not uncommon in this situation.
- Longer Timeframe: To build a house can take anywhere from a few months to years if you’re not careful. When making a new home, ensure you hire reputable builders who are professional and known for keeping to time.
Read Also: 10 Things To Do In Winter Park This Summer
Buying an Existing Home
- Convenience: By purchasing an existing home, you have a higher chance of moving in within a month or two. However, finding the perfect house might take some time, depending on what and where you’re looking. Once you’ve had an offer accepted, it won’t take much time for you to settle in.
- Cost: After you’re approved for financing, you’ll know your budget and be able to simplify the process and buy a house within your budget. Once a purchase price is agreed upon, it becomes easier to plan financially to acquire your new home.
- Landscaping: Though this depends on the previous owner, there’s a high probability that some landscaping might already be established around your home, saving you effort, time, and money.
- Remodeling Costs: This solely depends on the state of your home when you bought it, but the odds are at some point, you might be interested in making some changes. A new home buyer, big or small, should be aware of this and consider the cost of remodeling later.
- Not Perfect: Unluckily, you might not get exactly what you want unless you get fortunate when buying an existing house. Buyers of existing homes often have to compromise.
- Underlying Issues: Whether it’s cracks in the foundation or plumbing, buying a home often comes with unforeseen circumstances later down the line. This depends on how old and highly-maintained your home has been; however, there’s a probability there could be some existing issues that might require your attention in the future.
Building Vs. Buying A Home: Who Wins?
In this article about building a new home or buying an existing one, you’ve seen their pros and cons. Again, if you have the financial capacity to construct a house and want all the features you desire in a home, building a new one seems to be a better option. However, buying is the right choice if you have a tighter budget and are ready to make sacrifices.