If you’re currently on the market for homes for sale in Mooresville, NC, you’ve likely thought about how you could change a particular property to match your personal style. If the homes you’ve seen so far don’t exactly match your idea of a “dream home,” then you might be entertaining the thought of just building one from the ground up instead of buying.
To help you figure out whether it’s better to buy or build a house in Mooresville, we’ve prepared a list of pros and cons for each option.
Building a home
The pros
- Building a home gives you a level of customization that you wouldn’t have when you purchase one. You’ll be able to tailor the home to your specific needs, and you won’t be limited to a particular location.
- You won’t need to deal with competing buyers.
- Everything in your home will be new, so you won’t need to worry about encountering major problems, at least for the first several years.
- When you decide to sell your home in the future, you’ll have a larger pool of prospective buyers. The home you’re selling is built with a newer structure, which is always a major advantage.
The cons
- You’ll need to wait some time before you actually move into your newly built home. According to recent data from the US Census Bureau, it’ll take about seven months to complete a new construction single-family home.
- Miscommunication, delays, unexpected costs, and incorrect custom orders are some of the issues you might face when working with contractors. Be sure to vet a couple of options so you can get a better understanding of their approach and timeline.
- Even if you already have a set budget at the start of construction, there will always be a few unexpected expenses that can add up to the figure you initially planned for.
- More customization means you’ll also have to make more important decisions. This can be taxing especially for those who are already busy with work and family.
Buying a home
The pros
- You get more options if you’re eying a particular neighborhood or area, as it might be easier to look for existing homes than vacant lots.
- With a resale, you may use real estate data to your advantage to negotiate a better price. For example, if you find a comparable property in the area with a lower price, you can cite that price to justify a lower offer.
- You can move into an existing home much earlier compared to building a new home.
- Instead of focusing all of your resources on a single major project, you can use your budget on making upgrades and renovations on an existing home.
The cons
- Depending on the age of the home, you might need to spend on repairs sooner than expected.
- You may be up against some competition when you’re buying an existing home, especially in hot seller’s markets where homes typically get an average of about four offers.
- You’ll have to be ready to compromise when you’re trying to find an ideal home that meets your budget.
It’s important to remember that both options require plenty of costs, and come with their own unique problems. But the results will be worth it as long as you plan ahead and make well-informed decisions.
Thinking about building a house in North Carolina or searching for homes for sale in Mooresville, NC? Get in touch with Jennifer King today at 828.713.1196, or send an email to JenKingRealtor(at)gmail(dotted)com.