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The pros and cons of purchasing an existing home instead of building

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The pros and cons of purchasing an existing home instead of building

The pros and cons of purchasing an existing home instead of building

When it’s time to take the plunge into home ownership, there’s a big decision to make. Should you purchase an existing home or build a new one?

Each option has its pros and cons, and the answer isn’t always black and white. It depends on your specific needs and wants, your budget, and the current state of the housing market.

Here’s a closer look at the pros and cons of purchasing vs building a home.

Purchasing an Existing Home

The Pros: For starters, it’s often less expensive than building a new home from scratch, and you may get more bang for your buck in square footage and lot size. Additionally, you can often move into an existing home much sooner than building one.

The Cons: You may have to deal with outdated features and finishes. And if the home is in need of major repairs or updates, you could be facing a hefty bill (not to mention the hassle of coordinating the work).

Building a New Home

The Pros: You’ll be able to customize every aspect of your home, from the floor plan to the finishes. And since you’ll be the first owner, you won’t have to deal with any wear and tear (or previous owner’s taste).

The Cons: For one, it’s often more expensive than purchasing an existing home. The process can take several months (or longer), so you may have to live in temporary housing during construction. And if you’re not careful, you could end up with cost overruns or construction delays.