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Should I Build or Buy?

First PREMIER Bank

 

Time and money are just two of th emany factors to think about when deciding if you should buy an existing house or build new. To help you choose what makes the most sense for your family and financial situation, we listed some of the perks and challenges of building and buying. Don't hesitate to talk to your mortgage banker. First PREMIER Mortgage Bankers have helped dozens of people through the build or buying process.

Buying an Existing Home

Perks

  • The house is move-in ready, and you aren't waiting on it to be built. If you are on a time crunch, buying a house could be a more convenient option.
  • With an existing home, you can keep your shopping to a certain price range.
  • You typically move into established neighborhoods with mature trees and developed landscaping.

 

Challenges

  • There is a greater potential that the house could need costly updates or reapirs.
  • You may not find an existing house that has everything you want or need.
  • You run the risk of getting into bidding wars with others who want the same house. This can create extra stress and increase the purchase price.
Building a New Home

Perks

  • Building a house gives you an opportunity to design the space for your family. You get to build it to fit your needs and with finishes and floorplans you want.
  • Generally, you void the need for immediate renovations and repairs.
  • Everything in the home is brand new and you are the first to live in it.

 

Challenges

  • The time to build a home can depend on factors you can't control, such as materials and contractor availability.
  • Estimated costs from builders could end up being mroe than you anticipate due to many factors.
  • You will have additional expenses like landscaping, window treatments and appliances.

Disclosure:

For informational purposes only.