Buying a home is no small feat. The home buying process is one of the most stressful and rewarding experiences in a homeowner’s life. The Harvard Joint Center for Housing Studies has predicted that millennials will form 23 million new households over the next 10 years. There are so many questions that you ask during the process: do you want a house in the country or a more residential area? Do you want a starter home or a multigenerational home that will last for years? One of the more common debates homeowners are engaging in now is: do we buy a premade home or look into homesites on which to build a new home?
Buying vs. Building: The Great Debate
The biggest issue to take into consideration when you’re trying to decide whether to buy or build a home is whether or not you’re ready to take on the strain of new construction. Therea are a multitude of single family homes and urban townhomes for sale that are great for building memories. However, there is also something to be said for new construction homes that have never been lived in and hold the virgin potential of being nobody’s but yours.
Buying a New Home
When you buy, you have the potential to save up over time and decide if you want to live in a luxury home or if you prefer to keep things a little more rural. You can explore a water-side community and decide if it’s the right place for you. Around 30% of people buying new homes are first time home buyers and it can sometimes be hard to build a new home if you’ve never even bought a home before. The average first-time homebuyer is 32 years old, and they earn a household income of $75,000. That’s not a lot of extra room for considering homesites for custom homes.
Building a New Home
On the other hand, the joy of building a new home has the potential to far surpass the new home buyer’s joy. According to the National Association of Realtors, about 34% of those who purchased new homes wanted to avoid renovations and problems with plumbing or electricity. That could potentially be a lot of people who had a dream to build their own home but didn’t have the money or the guts to finish the job. While buying a home is a great option for people who just need to buy a house, building from scratch can really test your patience and remind you that everything happens in time. Purchasing homesites can be so satisfying because it can be the start of a dream for you and your family.
Which Is Best to Choose?
There’s no one perfect way to decide whether to build or buy your first new house. Just remember: 12% of buyers chose a multi-generational home, to take care of aging parents, because of children, and because of cost. So whether you’ll be taking care of your parents for the rest of their lives or providing them with somewhere to put their feet up, you want to make sure you’re making the best decision for you, and your wallet.