In 2022, the United States experienced a rise in demand for housing. As 2023 is ending and 2024 is quickly approaching, housing market predictions say that housing prices will soon be going down. This will hopefully make home ownership a little more affordable when in conjunction with higher pay rates and availability.
You may be wondering whether it will be better to build a home or buy an existing one. To assist in that decision, we will be discussing the benefits and disadvantages of each option.
Existing Homes
One of the biggest benefits of purchasing an existing home is cost. This budget-friendly option is perfect for those who would like to move in on a shorter timeline and generally have established communities. Interest rates are also significantly lower when purchasing an existing home.
Existing homes also have some drawbacks, though these are not necessarily a deal breaker. The ability for customization in your home will be limited to the existing building layout. There may be potentially hidden issues and needed repairs for older homes. It is highly recommended to have a detailed inspection completed before making a final offer. Depending on the home's condition, you may also want to factor in maintenance and renovation costs.
Building a Home
Building a custom home can be an amazing experience. The ability to fully customize will open a wide variety of energy-efficient designs with the latest technology. With everything being new, you will know that repairs and renovations will be unnecessary. You will also have more control over the process of what materials will be used.
Of course, building an original home that perfectly fits your family will cost much more than an existing home – sometimes two to three times more. Construction loans often have higher interest rates, adding to this cost. Another drawback is the potential stress caused by long turnaround times, construction delays, and even supply shortages.
Other Considerations
Regardless of which route you wish to take, it’s important to consider where you would like your home. If you choose to build, is there land available? Zoning restrictions? What future developments are in progress over the next few years? This can be important if you want a rural area that won’t be so rural in the next ten to twenty years. What are your future needs? For older people, you may want to consider how many levels your house needs to be. Discussing factors like family size, work opportunities, and lifestyle preferences are all necessary considerations to take.
Whether you build or buy, know that Towne Storage has the right size unit for any transition into your homeownership. Visit us today at townestorage.com to find a great move-in special!