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Buy or Build?

It’s time to search for a new home! Do you buy or build?

There are clear advantages and disadvantages to both. Making this decision is about finding your family’s unique needs, priorities and goals!

Buying an existing home

When you purchase an existing home, you’re adopting a history. People have lived in the home before you, made memories (and possibly created damage!), and changed original features.

However, most existing homes are move-in ready. There’s no need to wait for months (or sometimes years!) for construction to complete. You may have to search to find the home that works best for your family in terms of features, space, number of bedrooms/bathrooms, land size, etc. It may take time to stumble onto the right fit. Or you may have to settle for a floor plan or lot size that you’re not crazy about. But once you decide, the process from signing paperwork to moving in is fairly quick. This convenience is one of the main reasons that most people choose to buy rather than build.

And buying a home often means you get the benefit of existing landscaping. There’s no need to plan out your landscaping, plant shrubs, or wait for a lawn or trees to grow.

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Building a new home

If you decide to build a new home, you’re starting with a fresh canvas. You get to decide what features to include or change, and how to make this new space best suit your family. This benefit of customization can sway some prospective buyers into deciding to build.

While the upfront costs of building a home may be higher, you’re also assured that no immediate repairs or renovations will need to be done. There won’t suddenly be a hot water heater or water line that is aged and needs to be replaced. Also, new homes tend to be more efficient and up-to-date on current codes, which could save you thousands on utilities.

However, building can be a time-intensive process. Finding the land (which may not be near an existing urban area) and the right builder can be a hurdle. If you choose to go with an existing developer, it may be somewhat easier but it can limit your options especially in terms of location.

Ultimately, the choice to buy or build can be an incredibly personal one. There’s several factors at play: time frame, school districts, desired neighborhood, budget, etc. If you’re unsure of your local options, consult your Colorado realtor. They can assist in finding developers, and help you make the choice that’s right for you.

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