Spring is underway and there are some early signs that point to the start of a housing market recovery. Houses are priced perfectly to sell, rents are on the rise and mortgage rates are at pretty low levels. All of these factors contribute to the increase in the positivity that has been spreading among sellers, brokers and buyers. There are a number of vital decisions that are involved in purchasing a home. One of the most difficult decisions is whether you should buy an existing home or build a custom home from scratch. There are some advantages and disadvantages of each strategy, which we are going to take a closer look at here in this article.
Pros and Cons of Building a Custom Home
The main advantage of building a new home is that it can easily be built according to your individual specifications. The custom homes can be made according to the vision of the buyers and can also be changed as the building process progresses. There are a lot of options related to custom homes as well – you can start from the ground up, or you can get a pre designed home, have it built in a development and make changes as you see fit. If you choose the latter, it may end up costing less, and your energy costs could be lower as well.
There are also some disadvantages of building a new home, whether you’re building a custom home or a predesigned home. When you purchase a new home, you can’t move in right away – it could take months for the job to be finished. Searching for the home builders is yet another responsibility, even though you can find some of the best Ocala home builders who can supply you with everything that you want out of your custom built home. You have to search for the architects and the builders. The construction costs are also noteworthy. Since the contractors have been hit hard due to the housing downturn, there are many that are offering discounts on construction. However, such costs can rise easily and the initial estimates are rarely the actual ones.
Pros and Cons of Buying an Existing Home
The case against purchasing an existing home is considered to be quite weak according to a number of different experts. The only true benefit of building a new home is that it offers you the chanceto personalize it. All other factors may indicate that purchasing an existing home is a better financial choice. New home sales have been at record low levels partly becausemany builders don’t qualify for construction loans. Keep in mind though, that an existing home could have additional costs related to repairs that may need to be performed in order to make the home livable according to state and local codes.
Hence, if you’re wondering about whether or not you should choose a custom home or buy an existing home, you should take the above mentioned factors into account. If you’re considering purchasing a custom home, you may want to seek outadvice from Ocala custom home builders.
This article was written by Lauren Taylor Drew, who has experience in home building and real estate. Ms. Drew has written for various real estate blogs and is active on a number of forums and communities related to real estate.