Should I Buy or Build? – Pros & Cons to Building vs. Buying in ABQ, New Mexico
NM Homies Real Estate – Helping you buy and sell in ABQ, New Mexico
When buying a house, you are flooded with options… one of those being to either buy an existing home or build your own home. There is no right or wrong answer, at the end of the day it’s what you feel is best for you and your family. But let’s look into the pros and cons of constructing your own home vs buying a home to bring you some facts that can help you in your decision-making.
Pros of building a home
Usually, when people say they are building a home we think they have this extravagant or “boujee lifestyle”… It’s true that building some homes can be expensive to build but if you can find a builder that knows exactly what they are doing and can stick to a budget there is no reason for you to be stuck in an overly expensive home.
Some of the pros of building your own home are…
- It’s brand new
- Avoid the bidding process
- Move-in ready
- Can build with better technology
- Newer homes are energy efficient
- Build a more modern home
- Current on codes
- A fresh start
Let’s not forget that some homebuilders offer financing incentives and they offer warranties on just about anything.
Cons of Building a Home
- It takes more time to build
- You are likely renting while waiting
- Choosing a contractor can be difficult
- Overwhelm with custom options
- Less built-up character to the home
- Likely in an underdeveloped neighborhood
Now let’s look into the cons of buying a home. Buying a home oftentimes is the choice many homeowners decide to do based on many different reasons. Some families might be short on time, have a stricter budget, or want a home in a specific area.
Pros of Buying a Home
- Lower costs
- Quicker timeline on moving in
- More location opportunities
- Character & charm of a pre-owned home
- History in the home
- Ability to renovate to your taste
But, just like anything, there are also cons to buying a home
Cons of Buying a Home
- Inspection issues
- More wear & tear on the home
- Layout is definite
- Remodeling/upgrade costs
- Location is definite
If you have any questions about this information or need advice on homes, contact us at 505-883-9400.