Buying New, Building New, or Renovating: What’s the Difference?
Owning a home - It's one thing that many of us wish to strive for, but with so many options, how can we possibly choose what's best? Should we take time and renovate a cheaper home, buy something we like, or build from the ground up?
More...
While weighing up your choices can certainly be challenging, there is a way to make the process easier. In this article, we are going to discuss the difference between these three options so that you can choose what's right for you.
Let's get started.
Cost
One of the main differences between buying, building, and renovating a home is the cost of each. While they are all going to be expensive, prices will vary depending on what you choose.
For instance, while renovating an older home can be cheaper initially, you can only estimate what the cost of the repairs will be. Building also has this issue, as there are many hidden expenses along the way, such as contractor payments, material costs, and even applying for permits/licenses.
Time
When comparing all three options, building is going to take the longest time. It can be months or even an entire year until everything is finished. While renovations can also be extensive, you have the option to stop/start at your own free will.
Buying a home like these homes for sale in Chandler AZ, will be the quickest choice. Yes, there are still settlement periods that need to be taken into account, but once approved, you should be able to move in relatively soon.
Effort
In terms of personal effort, renovating is going to take the most out of you. Yes, building your home is extensive, but you will have contractors to do most of the work for you. DIYing your home improvements is extremely popular, as you can save money and reap the rewards of your progress. Check out these home improvement projects under $50 if you need some inspiration.
Maintenance
While all homes require maintenance, building a home is going to need less than buying new or renovating. This is because you know exactly how everything is being built, and there are no hidden issues. While there will still be things that may occur, they will be further down the track and won't require immediate fixing unless your home was built incorrectly in the first place.
Sustainability
If you want to move into a sustainable home, building it yourself or moving into something new is the only way to do it. Older houses aren't made with energy-efficiency in mind and can even contain certain hazardous elements.
If you were to build your home from scratch, you have the option to choose eco-friendly building materials, install solar power, and even use water from your own rain tanks.
Final Thoughts
When comparing the above, it's certainly evident that buying, building, or renovating a property each have their own benefits. However, when deciding what is best for you, it really depends on what outcome you want.
Buying a home is quicker but comes with restrictions. Building takes time, but you can create your dream home, and renovating requires effort but is more affordable.
