Buying vs. Building – Factors to Consider

When it comes to finding a new home, retirees have plenty of options to consider. One option is to purchase an already-built home, which offers the advantage of immediate availability. On the other hand, retirees can also choose to build their own homes, allowing them to customize every aspect to their liking.

Deciding between buying or building ultimately boils down to personal preference, and there is no right or wrong answer. However, it is important to take into account a few key factors before making a decision. Factors such as budget, location, desired features, and timeline should all be carefully considered to ensure that the chosen option aligns perfectly with individual needs and preferences. Be sure to give yourself ample time to carefully consider the advantages and disadvantages before making a decision that aligns with your personal values. Here are a few factors to take into account.

Time Factor

This factor deserves your utmost attention – building a home is a time-consuming process. It entails purchasing land, hiring architects, obtaining permits, and contracting construction crews. Typically, it can take six months to a year to complete. Conversely, when purchasing an already existing house, you can move in almost immediately, or as soon as escrow closes.

Design of the House

When building your own home, you are in charge of all the designs. You get to customize your home and make it unique. Buying a home does not give you this option. However, keep in mind; that you can always remodel your existing home according to your preferences. Many active adult communities feature this option where you can add your unique touch to your home by working with the builder.

Energy Efficiency of the House

Building your own home ensures that every part of your home is energy-efficient. This is a problem for many active adults as they cannot afford to have high energy bills. If you buy a ready-made home, and if it is older, the cost of electricity may be too high for you to cope. Many active lifestyle communities, such as the Trilogy series by Shea Homes feature energy-efficient homes.

Level of Involvement

The choice of buying and building also depends on how much you wish to be involved in the entire process. If buying an existing home, you only have to work with a realtor and select the home you like. If building a home, the responsibility is more. You have to be involved in all the major details, as well as, the minute details of your home.

Finances

Buying or building costs money. Whatever type of home you dream of will have to be put aside as your budget has to be considered. Buying a home is easier in this way, as you provide your realtor with a price range you can afford. Building a home is different as you can never estimate the amount you will spend. Most often, you may end up paying more than you planned for your new home.

You have to consider these factors before you build or buy a home. ActiveAdultLiving.com® is a website that offers you a choice to do both. Visit our website and select your community today.