Building v. Buying Your Next Home

Posted on: in [ Budgeting, Mortgage, Savings ]

Building v. Buying Your Next Home

With decisions on everything from the number of bedrooms, to the color of the kitchen sink, choosing your ideal home is exciting adventure! The biggest decision however is whether you want to build or buy your next home. With benefits on both sides of the fence, State Bank is here to help you choose the best option for you and your family.

Buying Your Home

Currently the most common option, purchasing an existing home allows buyers to find their ideal house without the added time and cost of construction. With realtors primed to help you find your ideal match, the ease of a move-in ready property is a time saver to say the least. Homes that have been built years before offer a unique charm and character that only comes with age.

                Con’s

  • You can’t customize the house to choose every detail.
  • Potential for renovations and repairs due to aging or damages.
  • The layout of the home cannot be changed unless additional renovations are made.

Pro’s

  • Less costly than building a new home.
  • Neighborhoods are typically more established, offering rooted communities.
  • Move-in upon closing of the home – no months of construction to wait on.
  • Easy pre-approval process for designated mortgage amount.

Building Your Home

Typically for families that are looking to expand their living space, the option of building your home offers the unique capability of crafting your ideal living environment. With endless available features, finishes, and add-on’s your home can truly become a one-of-a-kind. 

                Con’s

  • Traditionally costs more than purchasing an existing home.
  • Added time to plan, build, and finish the home creates a longer waiting period.
  • Weather, permits, and zoning can halt the construction throughout the build.

Pro’s

  • You can build the home to your exact preference and specifications.
  • Improved efficiency when it comes to appliances and other household items.
  • Lower risk for immediate repairs or health risks due to aging of the home.
  • Potentially better price point for resale value.

Whether you’re looking to construct the home of your dreams, or searching for an existing home with the perfect amount of charm, State Bank is here to help. We’ll work with you to get a pre-approved mortgage to begin the search for your ideal home or build site. Stop by and get started today!

 

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