Buying Homes that are For Sale Vs Building Your Own Home

People in the market for a home in Etobicoke face two choices: to purchase an already existing home or to build their dream home scratch. The fact that the home they wind up with will likely be the single largest investment they ever make adds gravity to the decision and means that due consideration needs to be given to both choices. There are myriad factors that go into making the right decision including location, how that location dovetails with one’s lifestyle, property taxes, the condition of existing Etobicoke homes for sale and whether the buyer views the home as a place they’re likely to spend the rest of their days, or simply as an investment that will be flipped in a few years.

Building a New Home Vs Existing Etobicoke Homes for Sale

Let’s look first at the pros and cons of purchasing an existing home. One factor above all else accounts for why so many home buyers default to purchasing someone else’s house: it’s convenient. The number of steps involved from decision to buy to moving in are minimal. That said, here are some other pros and cons of buying an existing house:

Pros of Buying Homes

• With existing Etobicoke homes for sale there is no waiting to move in, no need to find an architect and go through a lengthy and expensive design process, no need to search for an appropriate lot and no interviewing contractors or haggling with tradespeople.
• Existing homes, especially older ones, tend to be made of more durable, natural materials. Wooden wall joists instead of metal, genuine hardwood instead of veneers, marble, granite, slate and more.
• It’s true that they don’t build them like they used to. They also don’t design them like they used to. Many older homes have quirky but charming idiosyncrasies the likes of which have been eliminated from new home designs.
• Existing homes have also had time to grow into and mesh with their surroundings whereas newly built homes often look as though they were dropped from orbit onto a lot that didn’t ask for them.

Cons of Buying Homes

• This may seem a bit selfish and self-centred and maybe it is but the fact is when you buy someone else’s home you’re going to have to retrofit your dreams to their dream house. While this is no doubt a luxury problem it’s something to consider, especially if you can afford to build your own dream home from scratch.
• This may come as a shock but not everyone who sells an older home is completely forthcoming about its shortcomings. Yes, we know. It’s shocking to think that anyone would try and deceive anyone else but it does happen.
• Older homes require more in the way of maintenance than new homes. Older roofs need replacing, older furnaces need more maintenance, older wiring may be faulty. It all adds up.
• Today’s smart homes are energy efficient state of the art marvels of convenience. Old homes, not so much. If you want to enjoy the kind of 21st century lifestyle you see others partaking in you’ll need to do some serious renovations on the older home.

As you can buying an existing home comes with as many potential downsides as it does upsides. Let’s take a look now at the notion of building a home from scratch.

Building Your Dream Home from Scratch

There’s no doubt that building a home from scratch is less convenient than purchasing an existing home. There’s also no denying that when all is said and done you’re likely to wind up with exactly what you want. Here are some of the other pros and cons of building a home from the ground up.

Pros of Building Your Dream Home from Scratch

• Your new home will have new everything. From the roof to the foundation everything will have that new house smell. With older homes things tend to start breaking down the day you move in. Not so with a brand new home.
• You won’t have to invest in remodelling; maybe ever. With existing homes buyers tend to start drawing up the list of things they want to change before they even sign the purchase agreement. There’s none of that with a brand new home.
• As long as you adhere to zoning regulations and building codes you can make your home look exactly the way you want it to look from the start. Your home can be a truly unique, one of a kind creation rather than a cookie cutter box indistinguishable from all the rest.
• A brand new home will also be blissfully free of pests and other hazards. No termites, no mold colonies in the basement, no squirrels in the attic or raccoons in the chimney like you may find with existing Etobicoke homes for sale.

Cons of Building Your Dream Home from Scratch

• It’s often far more expensive to purchase a lot and build from the ground up. Labour costs alone these days are astronomical. And if there’s an existing home on your lot that needs to be removed to make way for your new house that’s many tens of thousands of pounds added to the bill.
• Chances are good that construction will not wrap when you want, need and expect it to. Many who build new homes find themselves moving back in with mum and dad while they wait for construction delays to be worked out.
• There’s always the chance that after you move in you’ll begin to realize your perfect design isn’t all you thought it would be. Now you’ve got a one-of-a-kind house you’re not happy with and that buyers seeking Etobicoke homes for sale may be reluctant to purchase from you.

The Bottom Line

There’s a lot to consider when it comes time to finding the perfect nest. Your first concern will be deciding if you want to build a dream house from the foundation up or look at existing Etobicoke homes for sale. Whichever route you choose the most important thing will be finding a home that expresses your tastes and dovetails with your lifestyle needs.