Buy a Home For Sale or Build a New House?

“Home is where love resides, memories are created, friends always belong, and laughter never ends.”

On the verge of moving into a new place to live or for a commercial complex, there’s always a crucial decision to make. It’s an age-old riddle of should I buy a home for sale or build a new house? 

If the question seems fascinating or have you got an actual decision to make? Either way, let’s dive right into finding the answers.

Buy a Home For Sale

We might consider buying a home for sale for a variety of reasons. Be it at finding a stunning building for sale at an affordable price or your time constraint in getting a place ready to move into. 

We found two kinds of home for sale. They are newly pre-built ones or old houses which may have seen multiple owners. 

The house buying process would incorporate:

• Finalizing the budget
• Finalizing the requirements
• Finding a real estate agent or online property portal like Ghar Sansar Nepal
• Striking a good deal with the property owner upon finding the right house.

Advantages of Buying a Home for Sale

1) Ability to move in quickly

As they are pre-built and ready for a new owner, you can move in quickly. This would save you the crucial time of waiting for the construction of a new house. 

2) Finding a friendly community

The plots are likely to be preoccupied in areas with friendly communities. This leaves one with no option but to buy a new house. We can assure you, this decision would definitely help you live a harmonious life.

3) Proper garden and vegetation

The older home for sale would most probably have some gardens and few trees in place. You can have the pleasure of a mature garden right after moving into it.

4) Freedom to stay within the budget

There won't be any risk for you to go out of budget, even if it's on the tighter side while buying a home for sale. Just letting the real estate agent know about the budget you possess would do the job.

Disadvantages of Buying a Home For Sale

1) Hassle in finding a perfect house

Any forthcoming homeowner would have some preferences in place. We can categorize it into primary and secondary needs. Primary needs would make up things you absolutely need. Simultaneously, secondary needs would make up things you prefer having but could adjust without it. 

To find that perfect house that suits your primary and secondary needs would be a hassle for sure. Lack of flexibility to implement your choices would also be eminent for you, eventually.

2) Hard to strike a winning deal

Many competitors can be in place trying to strike a deal for the same property. This could upsurge the price beyond the actual value. 

Also, for two parties to settle for a fair deal, is a highly unlikely scenario in most cases. They would share a different outlook on that same particular property. This may lead you to overpay for the deal.

3) House is likely to be an older building

Despite the ease of buying a house, the experience can quickly turn sour because of older buildings. With older buildings, there also comes the risk of the use of harmful paints and below-par quality materials. 

4) Less flexibility to adjust floor plan

The older house would have certain floor plans in place. They may have designed it to fit with their needs, which particularly may not go well with you.

The sizes of rooms, their directional placement, and the numbers of restrooms are the harder part to renovate. It may also be completely irreversible in some scenarios. 

5) You are buying someone’s problem

There must be a reason for someone to sell his/her house. Be it finances or issues with the design and material used in the house. 

So you must always know you are trying to buy someone’s problem.

Build a New House

It's a beautiful feeling to craft a blank canvas that exactly fits your imagination and needs. To build a new house is exactly the same experience. 

One may decide to build a house after an unsuccessful attempt to buy the house in the first place. Also, the flexibility to build a house as per need can be the only reason to walk this route.

House building process would Incorporate:

• Buying a suitable plot
• Finding the right design for your house
• Finding a contractor 
• Waiting period until the house is ready.

Advantage of building a new house

1) Right land decision

You can exactly choose your land location based upon the distance to work, transportation facility, nearby health services, and many more factors.  

2) Full control over customization

The preference for color, floor plan, directional alignment, materials to be used certainly differ among individuals. While building a house, we would have absolute control over these aspects. Also, we can adjust how luxuriously you would approach the home building process according to your budget. 

3) Smart home implementation

With technological advancement, there is a possibility for the electronic devices in your houses like TV, air conditioner, heater, washing machines, security, and camera system to communicate with each other and control remotely using smartphones. They can automatically adjust to Home conditions like changes in temperature and lighting and make some decisions on their own(i.e. turning the lights on/off, changing the temperature of the air conditioner e.t.c). The smart home is the term coined for a house integrated with smart devices.

While building a new house, you will have the freedom to create a smart home. This would make your house energy-efficient and provide you with much-needed luxury. 

4) Minimal maintenance needs

We build new houses by implementing the latest construction norms and new technology. This assures no major repair and maintenance for the foreseeable future.

5) Newness and freshness

Everything would be new and fresh in the built house. This would guarantee emotional fulfillment for you and your loved ones. If smaller kids are present, newly built houses would assure better hygiene.

Disadvantage of building a new house

1) Longer waiting period

It can take six months up to a year for the construction of a new house. This way, you would have to go through a long wait during the construction period. It would also be harder on your budget if you got to pay for rent during the waiting period. 

2) Can go out of Budget

If a fixed-price contract is not in place with the builder, the cost may go out of your budget during the construction. This may force you to take unpleasant decisions like lowering the quality of the materials for covering the budget aspect.

3) Noisy and messy surroundings

The construction noise and mess of material while building a house would definitely not be pleasant. These frequent noises can affect the quality of life of neighbors.

Which is cost-effective: Buy a Home For Sale or Build a New House?

On some occasions, you may find great deals while buying a home for sale. Maybe on other occasions, you can find builders who would agree to build houses at sublime prices. 

But generally, older home for sale are cheaper to buy because of the wear and tear it has gone through. 

Also, inflation causes the cost of materials to rise during the construction period itself while building a new house. 

So we can conclude that it's more cost-effective to buy a home for sale than to build them.

Conclusion

We have compiled the pros and cons of both buying a home for sale and building a new house. Now we leave it up to you to decide what best suits your needs.

With our effort, your query on “should I buy a home for sale or build a new house” is expected to be answered to a greater degree. Thank you!!!