Buying vs. Building a Home?

September 13, 2020

Finding the ideal home is generally a series of decisions. Where do you want to live? What do you need nearby? Should you rent or buy, and how much money are you able to put down for your home? Another item that should be considered relatively early on is whether or not you want to invest in a home built from scratch or an existing structure. This will radically impact other aspects of your search. Here are some of the top factors that you and your real estate agent in Victoria, BC, should weigh before making these important decisions.

 

So, what are some of the reasons that you may want to opt for a new construction property? Probably the biggest reason to consider here is the fact that you’ll be able to truly make a property fit your exact vision. You may desire to live in a certain community, but none of the available listings fit your needs in terms of space/amenities, or your desires in terms of aesthetics. Building something from the ground-up is great in that you get to set the pace in terms of exactly what you want. If you want to make permanent roots, this is something worth considering. You also have the benefit of being able to install new components in the construction, meaning more efficiency and delayed payments for repairs.

 

Flipping things to the other end, arguably the biggest benefit of buying an existing property is the price. On average, a new construction property is going to cost you as much as 20% more as a comparable existing one. This may make the difference between you being able to reasonably afford a given home or not. However, there are other benefits worth considering. Say that you need to move to a new area quickly because of a job. Construction takes time, and there’s always the potential for delays. Buying an existing property ultimately lets you set up a new home base as soon as possible.

 

There isn’t a right or wrong answer here. It’s largely about what you value most out of a home. Do you prefer having convenience or customization? This is the decision that will play the largest role if your budget isn’t a factor. If you build a new construction home, though, look at the rest of the neighborhood. You may not want something that clashes with the nearby properties.

 

There are some outside factors that may contribute to whether an existing home or new construction option is the best fit for your needs. For example, if there’s a new development in your area, you may be able to buy in quickly and get a new construction home without some of the headaches involved. In other cases, there may be a motivated seller you can get a deal with for an existing home. Whatever the case, in order to get the information you need, you’ll need to work with the best realtor in Victoria, BC. 

If you are ready to take advantage of our real estate expertise, then reach out to our team today.