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To buy or to build a home: That is the question

Luxury house on the water's edge - boat and trees.

Your home is one of – if not the – biggest investments you will ever make in your life. It’s one that is going to take a lot of thought and consideration. As you look through homes for sale there’s going to be a question on your mind: “should I just build a home instead of buying one?” There are pros and cons to both choices.

Buying an existing home

When buying an existing home, the two key advantages are convenience and cost. After getting pre-approved by a lender and putting together a budget you can check out all the different Smith Mountain Lake real estate properties and put down an offer when you find the home you want.

While the process of buying an existing home can involve a number of steps, including viewing homes and acquiring financing among other things, there’s no doubt that it’s convenient. You can move in as soon as the deal goes through and that’s more than enough for many people to choose buying an existing home over building from scratch.

Cost is another important factor. It’s almost always cheaper to buy a home than to build one. The downside, of course, is that you give up customization. You could renovate the home and extend it, but your options are limited. For some people, that is a fair tradeoff for being able to settle into an established neighborhood that has all the amenities they need (such as schools) immediately.

Building a Home

Building a new home for yourself isn’t as convenient as buying an existing home. You’ll have to find the land first and then consider the costs – in terms of time and money – of finding and hiring an architect and builder. There are a lot of considerations when choosing land too; such as whether you’ll have access to water and sewage systems and the permits required to build on the land.

The main advantage is being able to get the home of your dreams. There are other advantages as well, including the fact that new homes are more efficient. They have the latest insulation, air filtration, and HVAC systems around. This improved efficiency is good for your wallet and the environment as a whole.

Another perk is that new homes are literally healthier than existing builds. They won’t have the health hazards and toxic materials that could be in an existing home. Take the time to install energy efficient appliances and better wiring to create a sustainable home that will last you for your entire life.

Whether you buy or build a home depends on you and your circumstances. If you need to move as soon as possible and want to move into an established neighborhood then you should buy an existing home.

If you’ve got the time and money – and want a house that is uniquely yours – then consider investing in a new build.

Let me help you make the right choice. If you’re looking to buy an existing property, I’ve got a number of great listings for Smith Mountain Lake waterfront homes for sale. Give me a call today at 540.493.1690 or email me at Jane(at)JaneAtTheLake(dotted)com.