The battle between buying and owning a house remains a mystery to many potential homeowners. That is why it is crucial to research the best housing plan for you before making any conclusion.
It is relatable that no path to owning a home works for everybody. Even though buying a home has its throwbacks, there are essential benefits to purchasing an existing home over building a new one. Below, we explore 7 reasons you should consider buying an already-built home rather than constructing a new one.
7 Reasons for Purchasing an Existing Home
Building a brand-new home requires a minimum of 6 months, with a swift construction plan. Most likely, you are looking forward to a one-year or more duration before settling in.
On the other hand, an already-built home allows you to move in right away. Hence you won’t have to pay rent as you pump money towards the construction process.
2. Home in your preferred location
An existing home is better if you want to be in a particular established neighbourhood, near work, school, family, or friends. The odds are that you will find mature landscaping, so you won’t have to worry about customizing your surrounding by either starting a lawn or planting trees. It is also possible to choose your dream house at your preferred location. If you prefer living near urban centres, your best bet will be picking an existing house since most of the land, if not all, has been built upon.
3. Low cost
Surprisingly, building a new home is more costly than purchasing an already-built one. The high cost of building is due to the consistent rise of land prices, hidden charges, and building materials. Moreover, the increased construction cost is also associated with land and construction loans. The importance of buying a house instead is that you have options for choosing a home plan within your budget.
4. Developed surrounding
For an existing home, you will find that the neighbourhood already has the infrastructure and amenities in place. The structure and landscaping have already been established and matured; this includes shopping centres, schools, hospitals, public hospitals, and so on. While purchasing a house, you can choose a place within your preferred environment.
5. Benefits of new home warranty
Like all warrants, a home warranty protects against expenses, unforeseen repairs, and replacements. Real estate companies provide home warranty coverage for their buildings. Therefore, you’ll save any extra coins you were to spend in case any repair or appliance replacement is required.
With an already-established building, you can get advice on the existing property structures- like uncertainty about the structural aspects. The associated real estate agency can inspect poor workmanship and blemishes for quality. In case of any compromises, it is cost-effective to renovate the property giving it a fresh modern feel to your taste.
7. Schedules and convenience
A move-in ready home is the better option if you are on a tight schedule, such as relocating for work. Although the purchasing process involves numerous steps, such as house viewing, inspections, financing, and closing, the convenience of moving in right off the bat is convincing enough
Buying an existing home will elevate you from stress and save you time too. Even though it might compromise choosing the home styles, an experienced real estate agent will help you select a suitable home for your taste and preferences.