Purchasing an Existing Home

Many home owners believe that purchasing an existing home is the fastest, cheapest and easiest means of acquiring real estate. While this may be true for investment properties such as rentals, those who plan on living in the home may find they have to renovate, create additions to the home, and upgrade internal systems such as plumbing, electrical or address foundation issues shortly after the purchase. When you add the cost of renovations, additions and/or upgrades, it may not be cheaper than a custom home. In addition, you will have to decide where and how to live during these renovations, which adds additional cost and stress to the process.

Purchasing a Custom Home

If you are planning to purchase a home as a rental, a custom home is likely too expensive and time consuming. However, if you are looking for your dream home or your “forever home,” building a custom home may be the perfect option.

As your dream home, you can customize every detail and every aspect of your new home. You can choose everything from the number of bedrooms and bathrooms and how high the ceilings are, to the types of tile and flooring used in each room. You can choose the kitchen design, whether or not you want an open concept, and even the details in the landscaping. Other benefits of choosing a custom home over an existing home include being the first person or family to live in the home, having every aspect catered to your needs and wants and working within your set budget. Unfortunately, in most cases, a custom home can be more costly and time consuming than purchasing an existing home, especially if the existing home you are considering does not require additions or renovations.

Before choosing a custom home or a pre-existing home, decide what your ultimate goal is as well as your long and short term plans. Do you intend to live in the home or rent it out? What is your budget? Are there specific features you need or want that are difficult to find in a pre-existing home? Will you need to do renovations if you purchase an existing home?

If you are trying to decide whether to purchase an existing home or create a custom built home, we are here to help. Give us a call at 604-968-3076 for more information.