Should You Build or Buy a Home Right Now?

One of the most common questions that real estate agents get is whether or not someone should buy or build their home. With such a complicated life purchase, it is a great question and should be considered before signing any contract. There are positives and negatives to both, and you should be aware of them.

The State of the Housing Market

Predicting the temperament of the housing market is tricky. So many different factors can affect people’s decision to buy their first home. Career opportunities in certain states may spark vast migration, leaving some areas desolate and others fruitful. You might be competing with people who have the cash on hand immediately.

No matter the situation, you can always prepare for the future. Talk with a potential real estate agent and get their view on the situation. Talk to more than one person to get a more objective idea of what you should do. You may not be able to control the housing market, but you can plan according to its ebbs and flows.

What Building Looks Like Right Now

Building a home costs land, materials, and workers. While you can open up new possibilities for styles with a custom home, there is a lot more thought and effort that goes into building than buying. However, you get exactly what you want and can communicate with builders in the moment.

You can also add features that you want without having to renovate a different building. However, with as high of a price as you will pay, it might deter you from making the decision. But if you go the building route, there is a lot more to be grateful for—particularly if you plan on staying there for a long time.

It Depends on You!

Ultimately, the decision on whether to build or to buy comes down to your preferences. Do you have a lot of specific desires for your home? Are you planning on laying roots where you build? If these factors describe you, you’re probably going to want to build.

Are you expecting to move after several years of staying in the home? Are you and your spouse not picky about features and designs, and just want a great place to raise your family? Then you should look into buying off the market. The choice is basically up to you!

Making a choice like this requires a lot of thought. Start by writing a pros and cons list. Do your research and make sure you talk with your family about the decision. This way, you can make sure to make the right decision for yourself and your family.

Read this next: Real Estate Markets That You May Be Overlooking

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