If you’re at the point of purchasing a home, you’re probably deciding whether to build or buy. In the past, this wasn’t an option people could consider. Building was far too expensive. Particularly custom builds which were almost completely exclusive to the rich & famous. Now the market has opened up, and everyone looking to buy a new house can get a piece of the action. But is it worth building a new property? Let’s break it down with some good old pros and cons.

Buying New

Pros

The biggest pro of buying a new home is that you don’t have to wait. You can buy the home one week and move in the next. You also know what you’re getting because it’s right there in front of you on the street. As soon as you get a viewing, you know exactly what you’re purchasing. As well as this, you can guarantee that the price won’t change. What you agree to pay is how much the home will cost.

Cons

Then again, there are certainly some negatives to consider when buying a new home. First, there’s the cost and don’t for a second think the advertised price is how much the house is worth in value. It probably isn’t, but it’s how much supply and demand dictates the house is worth. So, it’s how much you’ll need to pay if you want it.

There may also be the issue with quality that you want to consider. A lot of new home builders are cuttings costs by using cheaper materials. Whether that affects the overall quality of the home is debatable and yet something to consider.

Custom Build

Pros

There’s a lot of freedom to a custom build. You’ll get to choose how much you want to spend, how big you want it to be and where you want to build. If there’s land for sale, you can buy it and build on it without much thought or consideration. That means you could get a prime piece of property in an area that is being actively developed. You won’t have to pay a fortune for it either. Typically building a home will on average turn out to be a lot cheaper than buying one new. A final pro is that you’ll be able to get a house that isn’t currently on the market. It’s not on the market because it’s your dream home. The only way to get it and make sure it’s perfect is to build it yourself.

Cons

Although, you will have to wait for the home to be completed before you can move in. The cost can also balloon, particularly if you get carried away with this opportunity. Custom builds can also be difficult to get a mortgage on, and this can make them tricky to resell.

So where does that leave us? It really depends on what you want. If you want a brand new home straight away and don’t mind paying a little extra, buy one. On the other hand, if you have a set idea of what you want your home to be, build it yourself. You won’t be disappointed with the result.