Build New or Buy Existing? Your First Home

July 5, 2022

When it comes to envisioning your first house, it’s natural to think about the variety of different ways you could acquire your dream home.

Maybe you’ve always wanted to build your own home from scratch, or perhaps you’re more interested in finding an existing property that you can put your own personal touch on.

Of course, there are pros and cons to both approaches—it really depends on what’s important to you and what you’re looking for in a home.

Here are some things to keep in mind as you decide whether to build or buy your first home.

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Pros of Buying an Existing House

When you buy an existing house, the greatest thing about it is that the hard work has already been done for you. You don’t have to worry about going through the building process—all you have to do is acquire a loan, conduct site visits, and vet your candidates!

Well, not literally, you’ll still have a lot to do to secure a house. But buying an existing home means you don’t have to spend time or money on permits and other construction-related red tape, saving you a lot of time and mental strain in the long run.

Buying an existing house also grants you more options in terms of location. If you’re looking for a particular neighbourhood or school district, it may be easier to find an existing house that meets your needs rather than trying to build in your desired area.

Furthermore, buying an existing home can also be more affordable than building a new one from scratch (but not always). If you’re working with a limited budget and a short time, you may find that it is more feasible to buy an existing property rather than build a new one.

Pros of Building Your Own House

Building your own house allows you to design a space that is entirely yours. You can pick out your favourite features, floor plan, and fixtures to create a home that perfectly suits your needs and taste.

Additionally, when you build your own house, you can add whatever features you want (within reason), which means you get to customise the furnishing and items in your home the way you want.

Another pro of building your home is that you can instal energy-efficient appliances and materials from the get-go. This can help you save money on your energy bills in the long run, as well as do your part to help the environment.

Finally, nothing beats the feeling of knowing you built your own house from the ground up! There’s a certain satisfaction that comes with being able to say, “I built that.” And with the help of Archipro or a professional home builder, you can make your dream home a reality.

Cons of Buying an Existing House

Buying Real Estate Properties Overseas
Young and lovely couple choosing a new house to buy, looking on the projects with a sales manager in the office of real estate agency

There are also some drawbacks to buying an existing house.

For one thing, you may not be able to find a property that perfectly suits your idealised home. You may have to compromise on location, size, or material to find something that’s within your price range.

Another downside of buying an existing house is that, well, it’s old. Over the years, the property may have passed through several owners, meaning that it’s not going to be endowed with that signature newness of a brand new home.

This also means that you may have to deal with things like mould, pests, and other issues that come with an older property. The seller will most likely deal with these problems beforehand, but the onus is on you to make sure that the property is up to your standards before you buy it.

Renovation costs may also be present. If you’re buying an older property, you’ll likely have to put some money into renovating and updating the space. This can include anything from painting and re-carpeting to gutting the kitchen or bathroom.

And finally, you should be aware that there are many hidden costs associated with buying an existing house, such as real estate agent fees, home inspection fees, and so on. These costs can add up quickly, so be sure to factor them into your budget before you start house-hunting.

Cons of Building Your Own House

Building a Second Storey

Building your own house isn’t all rainbows and butterflies, either. You’ll have to prepare to expend a whole lot of effort before your house becomes a reality.

For starters, building your own house is a time-consuming process, taking anywhere from six months to a year to construct.

You’ll also be responsible for hiring and managing your own team of contractors, from the architect to the engineers. Hidden costs such as permits, architect fees, and so on could also put a dent in your budget, meaning you’ll have to prepare for contingencies in case emergencies arise.

Finally, building your own house also means that the onus is on you. If the construction process doesn’t go the way you like it, you can’t simply abandon it. You have probably spent thousands of dollars on the project at this point, so you’ll need to face these dilemmas head-on.

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