A home is the largest investment that you will ever make. That is why buyers expel so much energy in searching for the perfect house before they finally make the decision to purchase one. Finding a home can take months or years or sometimes just a few short days, it truly depends on what it is that you are looking for.
Purchasing a Home
The location of your home, the current market trends and the price are some of the biggest factors that you will consider before signing the contract of purchase. Some areas have high property taxes and this is something that one needs to consider. When you buy a home that is already built it is convenient and cost effective. Most lenders will provide you with mortgage pre-approval, so you know exactly what your price range is and you can shop around, find something suitable and then submit an offer.
Real estate agents can help with the purchase process by helping buyers to find properties that meet their guidelines including budget and the location. Agents are useful for negotiating a good deal and then helping to place a suitable offer. The closing process is generally handled by a lawyer with the legal transfer of title after payment of the agreed upon purchase price.
Purchasing an existing home includes many important steps including initial financing, viewing countless homes, submitting offers, completing a home inspection and the process of closing. The ability for buyers to move into a home quickly is one of the main reasons that home buyers purchase existing homes. In the case of relocation of buyers to a new job and school for their children, being able to be at “home” quickly is a very important factor.
Most often it is less expensive to purchase a home that already exists. The buyer of an existing home can also choose the established neighbourhood that they want to reside in. This could be near family, friends, work and schools with a completed yard with grass, shrubs and trees.
Building a Home
If you purchase an existing home the chances are not very good that you will find everything on your wish list in that home. You may not really like the floor plan and find yourself dreaming of an ensuite and bigger bedroom. When you build your own home, you have the ability to choose the floor plan you want and include all of the amenities you want.
Building a home means that you need to find and purchase land to build a suitable house. You will also need to find a reputable architect and builder and then decide on each and every element that your home will contain from flooring to roofing and everything in between. If you purchase a new home to be built in a development it could involve a building scheme, meaning that there are only a few different designs to choose from.
You will also need to purchase land that is connected to water and there is also a need for sewer hook-up or a septic system that meets current code.
When you build your own home you will get exactly what it is that you want in a home from a large master bedroom to a private deck with an outdoor kitchen. Your new home will meet current codes with better energy efficiency and the most up-to-date appliances, ventilation, heating, cooling, insulation, electrical and plumbing installations. Better efficiency is so much better for the environment and will save you plenty of money on utility bills every month.
Nowadays, a new home will not contain any materials that could be toxic like lead paint, asbestos and mold. Although the upfront costs of building a new home can be higher you can quickly recoup your investment with less money spent on energy costs and repairs. You will also have a new home warranty for the first couple of years to protect you if anything goes wrong. When you have your own home built for you it is something that you can take pride in because it is something that you have personally created. You will be the first family to live in that home and the first people to walk on the carpet or flush the toilets. Building your own home means that you will have a deeper emotional connection to it.