When you are looking to find a forever home, you may be questioning whether you should buy land and build, or a house that has already been built. There is no right or wrong answer, it all depends on your situation and weighing some of the pros and cons.

There could be many factors weighing into what is the best route for you, which is why you should answer some questions before pulling the trigger on whether to build or buy an existing house.

Let’s pick apart each real quick, so you have an idea of what you should be considering.

Buying Land

Chances are if you can afford a home in decent shape, you can also afford a small piece of land at a fair price. Depending on your budget, that could allow you to build a nice house on the land. 

If the market stinks in the area that you are looking for a home in, this may be your best option. You don’t want to settle for something that won’t fit your needs or style. Consider what is available and weigh it up against building. If you go the building route, you’ll also need to find a plot of land. 

Buying a home that needs upgrading could be costly. Before you go buying it may be smart to have a contractor come to give you quotes so you can truly see the ending cost of buying a home already built. If it exceeds your budget, you may be better off building new. 

Buying a House

The most important thing to consider is the all-in cost. Use a house payment calculator and as was mentioned, get a quote from a contractor to see how much updates are going to cost you. Don’t forget about fees like closing costs, as well.

If the house is on the older side, make sure to grill the realtor on items that typically need replacing like wiring and the roof. You should be aware of when you should expect to endure those costs in the future.

Lastly, make sure you have a vision for the house you are buying. If you don’t, it’s probably not a good fit. If you don’t have the vision to make it your own or the home you dream of, don’t buy it. 

The Choice is Ultimately Yours

Everyone’s situation is different. Whether you should buy an existing home or build a new one, solely depends on that. If you are financially stable for either, then it comes down to the best situation after evaluating everything that was touched on in this article.

While building would be nice, there could be a home available that you could move into right away and not have to spend time waiting. Again, you just have to make sure it’s in good shape and financially it favors you to buy it rather than building something.

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