Spring has sprung and moving season is upon us! Planning to move this year? Trying to decide whether it makes more sense for your family to build a new home or buy an existing home? This can be a difficult decision to make with pro’s and con’s to each, but we can help guide you.
In this article, attorney Ben Weaver of 23 Legal explores the pros and cons of both building and buying so that you can make an informed decision. We’ll look at the cost, the time involved, and the potential benefits of each option. If it’s time to make a move and you’re to get started, keep reading…
Should I Build a New Home or Buy an Existing Home?
The average cost of constructing a custom home this year is $466,000. On the other hand, it costs $359,000 on average to purchase one. The difference is a staggering $107,000. With the current economic downturn, the market seems to favor home buyers more than builders. However, the cost is just one variable, and there are several factors to consider when making your choice. Let’s look at some of the advantages and disadvantages of building a home vs. buying a pre-existing one.
- Personalization: One of the best advantages of building a custom home is that you have complete control over the design and features of your home. You can work with an architect or builder to create a home that perfectly suits your needs and preferences. Not only is the house tailored to your needs, but it is also a reflection of your personal style.
- Quality: If you are getting your home built, the builder will typically use high-quality materials and workmanship, resulting in a home that is built to last. Since everything is new, you will not have costly repairs a few years later. You can also avoid shabby DIY repairs the old owners may have done, reducing the need for repairs and maintenance soon.
- Energy efficiency: Newly built homes have an advantage when it comes to efficiency. Better and more energy-efficient electronics and technologies are available that you can install and incorporate. As a result, you reduce your utility bills and create a more sustainable abode for yourself.
- Location: If you are particular about a specific location or the kind of view you want, only a custom-built home can offer you that. You can pinpoint and choose the location where you want your dream home to be. You don’t have the privilege of choice when buying a home.
- Cost: Building a custom home is expensive, especially if you want to use high-end features or materials. You may also have to pay for permits, inspections, and other fees that can add to the overall cost of your home.
- Time: when buying a home, you can move in quickly. However, building a home takes time. It can even take years, depending on the complexity of the design and the availability of materials and labor. It means that you can’t move into a new place as quickly.
- Stress: Building a home requires effort and work and can be very stressful. If you’re unfamiliar with the process of building, everything will look daunting – from getting permits to choosing materials and navigating the overall legal landscape of real estate. You will need to work closely with your builder or architect to ensure that your vision is realized.
- Resale value: Custom homes may not have the same resale value as homes in established neighborhoods or developments. This is because the design and style may not appeal to everyone, and the cost of a custom-built home may be higher than the average home in the area.
- Cost: Buying an existing home can be more cost-effective than building a custom home. The overall cost of a pre-built home can be lower, and you can often negotiate the price with the seller.
- Time: Buying an existing home and moving into it can be a quicker process than building a custom home. You can usually move into your new home within a few weeks or months, rather than waiting several months or years for construction to be completed.
- Established Neighborhoods: Existing homes are often located in established neighborhoods or developments, which can have amenities such as schools, parks, and shopping centers. It can be appealing to families or individuals who want a sense of community and convenience.
- Resale value: Established neighborhoods often have a track record of holding their value over time, which can be important for homeowners who are looking to sell their property in the future.
- Personalization: Buying an existing home means that you may not be able to find a property that perfectly matches your needs and preferences. You may have to make some compromises on features or layout.
- Quality: The quality of an existing home can vary depending on its age and maintenance history. You may need to invest in repairs or upgrades to ensure that the home meets your standards. Getting a home inspection done beforehand can help identify any major repairs required and you can get them sorted before moving in.
- Energy efficiency: Older homes are not as energy-efficient as new homes, owing to older technology and inefficient appliances. Your utility bills may consequently be higher.
- Limited location options: When buying an existing home, you are limited to the homes available on the market in your preferred area. It can mean that you have to compromise on location or neighborhood, and any specific preferences.
Clearly, a custom-built home is perfect for people looking for a unique home tailored to their individual needs, style, and preferences. However, you will have to consider your budget and the timeline, which will usually be significantly different compared to buying a house that already exists. Buying an existing home is quick and easier, but you may have to settle and forego items on your home wishlist.
All in all, the goal is to find your family’s dream home with ease and no regrets! In order to ensure the best outcome, it’s vital to work with the right real estate attorney – regardless of which option you choose. For people looking to build a custom home, attorneys can help you with the paperwork, permits, licenses, zoning laws, property law, insurance and so forth. If you’re simply looking to buy a pre-existing home, a real estate lawyer can negotiate the best deals for you given the property’s condition, arrange home inspections, review contracts, and deal with any hiccups you might face.
“We were selling a house long distance, after moving out of state before the sale. Ben made things extremely easy to do and saved us a lot of time and money by not needing us to be there in person. He even met with us via Zoom on a Saturday to make sure we understood everything that was going on. Highly responsive. Would definitely work with them again.” – Client Testimonial
Investing your time and money into a real estate transaction like this is a major life millstone not to be taken lightly! Set yourself up for success and smooth sailing by connecting with Ben Weaver at 23 Legal today. With raving 5-star reviews, have peace of mind knowing we’re the best real estate law firm in Illinois. Whether you need help with real estate documents or negotiating a deal, Ben is the right person for the job!
Moving season is here! Looking to build or buy a home?
Home sweet home looks different for everyone, let’s find yours!
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Why Choose 23 Legal
23 Legal offers Real Estate and Estate Planning legal services to individuals, families, community associations and small business owners throughout Chicagoland. We know how intimidating “the law” can be. In fact, when most people think of law offices, they think of stuffy leather chairs, huge wooden desks and pompous lawyers who charge outrageous fees. That’s not us! We believe in 1-to-1; the same lawyer should work with you all the way through. Whether you have an estate planning issue, family trust concern, or you have a legal problem in regard to a new home, business, real estate or remodel, you need a lawyer who cares. That’s where Ben comes in! We are great listeners; more than that, we are lawyers who believe that our clients always come first.