Are you moving to a new place and this time, unlike other times, you plan to settle? If you are planning to settle down in this new place you will either have to rent an apartment or move into your own house. Most times, people rent an apartment while they try to make arrangements for a permanent place to stay. That permanent place to stay is usually either bought or built and you, like other people in your shoes, will be trying to decide whether to buy a house and renovate it or to build a new house. Here are some advantages and disadvantages of buying or building a house for times when you can’t decide what to do.
The price for an average family house can cost more or less depending on the size of the house that you are buying or the location of the house. If you want to settle down in an urban area, you will spend more money to buy a house compared to if you are settling in a rural area. Other things that will affect the cost of the house are the size of the house, amenities that are present in the house, year of build, etc. However, if you want to build a new house, it will cost way more than buying one already built, especially with lumber prices recently. The average cost of building a house is in the USA is around $289,000. Building a new house offers more value for your money, you get to design the house the way you want it. Both the interior and exterior parts of the house are just the way you want them, unlike buying a house where you have to pay for some amenities that you do not need because you like the house. However, if you find a house that is exactly the specification of your dream house, then buying it already built is the best option.
When you buy a house, some of the things in the house like the furniture, appliances, equipment, etc might need some maintenance because they have been used for some time. Some of these things might have even gone bad due to lack of maintenance and need to be changed. These things will incur additional costs for you after paying for the house. You will need to spend more money to fix everything that needs to be fixed. Also, some things in the house might need to be changed because they are outdated or you do not like the available ones. Things like the air conditioning, the furnace, the roof, the plumbing, and electrical system, etc. However, this cost can be avoided if you build the house yourself because you will have already bought all the amenities that you need.
If you are buying a house, you get to buy the existing landscaping with the house. The presence of plants or trees in a house increases the property of the house and also helps you save cost on cooling because houses that have trees are usually cooler than the ones that do not. However, if you are building a house, you will have to plant the trees and wait for them to be fully grown. You will also have to spend money to plant and take care of the new landscaping. Depending on your preference, there are online platforms that can help you find the best house to buy or land to build the house. These platforms save you the stress of having to go from one place to another searching for a house or land, they do all the hard work for you and all you have to do is select your choice. LotShop is just one example of these platforms. You can find land in LotShop by just selecting certain filters and you will get the best options that you can select from.
Most of the things that you will find in an old home will be old things and these things will not be energy efficient. They will be wasting a lot of energy and these will get you bigger bills. If you build a house, most of the equipment to be installed in the house will be energy efficient. Living in an energy-efficient house makes you more comfortable and will cost you less on your energy bills.
Buying a house, you can check online to see the price of which similar houses were sold, you can then consider if the price of houses are increasing or decreasing and get a price that you can use in your negotiation but if you want to build your house, you cannot ascertain if the value of the house will appreciate or depreciate after building.
Whether you are building a house or buying to renovate, it feels very comfortable to be living in a house of your own. You do not have to worry about paying rent every year. Building a house or buying one to renovate both have their advantages and disadvantages, you just need to weigh your options and make a choice.