Should you build your own home?
When it comes time to find your dream home, many people struggle to decide between buying and building. While many people favor the idea of simply buying an existing home, there are some benefits that come from building your home from the ground up. Let’s look at some of the major pros and cons associated with building a new home.
1) Less Competition
In the current real estate market, homes are being purchased at an alarmingly fast rate. This makes for some serious competition between buyers. However, when you choose to build your own home, you are eliminating any kind of competition.
Another pro to building your own home is that you can customize it however you please. From the layout to the types of finishes you will use on the cabinetry, you will have a say on every detail of your home.
Finally, another major benefit of building your home from scratch is knowing that you won’t need major repairs any time soon. Because new homes are built according to the most updated building codes, there is less chance of being faced with a major maintenance issue.
One of the major drawbacks to building a new home is that you cannot move in right away. Because it takes an average of seven months to build a home, you will have to wait a significant amount of time before you can get settled.
When you buy an existing home, there is some flexibility with costs. Because you often have the chance to negotiate your closing costs, there’s a chance that you can save some money. However, when you build your own home, there is very little flexibility when it comes to cost. Additionally, depending on the features you want to add to your new home, you might spend more than you originally budgeted for.
These are some of the pros and cons associated with building your own home. Whether you buy or build, it’s important that your home is protected by the proper insurance. To find the right coverage to address your needs, contact the experts at Stromsoe Insurance Agency in Murrieta, California. Our team is always ready to assist you with your insurance needs.
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