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Buying Vs. Building Your Own Home

By Tabitha Naylor

Owning a home is one of the most important investments and achievements for any family. There's often years of planning and dreaming that go into the eventual purchase. Those with the resources might consider two options: Buying an existing home, or building one from the ground up. The best way to weigh these choices is to look at both options and review the pros and cons. From there, you will be able to make an informed choice that fits your budget and needs.

Building Your Own Home

When you choose to build your own home, you are entering a partnership with a professional, experienced builder to create a home that is suited specifically to your needs. Depending on your budget, you will be able to customize features about your home to suit your needs. Building a home from the ground up can take anywhere from a few months to several years, depending on the size of the home and possible delays in getting permits.

The Pros of Building Your Own Home

  • Control - When you build your own home, you have the power over what does and doesn't get included into the blueprint.
  • Knowledge - While you are overseeing your home being built, you will learn new things about home construction that might be useful in the future when you need to do repairs or remodeling.
  • Expert Advice - You will have all of the expertise that you need from the professionals that will be building your new home.

The Cons of Building Your Own Home

  • Time - Building a new home could take years to complete, especially with larger homes. Therefore, not only are you paying for your new home to be built, but you are also paying to stay somewhere in the meantime.
  • Stress - Home building can put a lot of stress on you throughout the construction process. There are potential complications with money, time, mistakes, permits or other hiccups that may come completely out of left field.

Buying an Existing Home

Buying a home in Southern California means going through the whole buying experience, from looking to listing, pairing with a buying agent, and viewing homes. Depending on how urgently you need to move, the process might take a few weeks or a few months.

Pros of Buying an Existing Home

  • Looking Around - You have the option of looking at many different homes until you find "the one" that has what you are looking for.
  • Taking Your Time - Assuming you aren't dealing with circumstances that require you to find a home in short order, you have the ability to take as long as you would like to look for the right home.

Cons of Buying an Existing Home

  • Concessions - When you are looking to buy a home in Southern California, you might have to make concessions for those things that you don't find in the homes listed. This might cost you a little more money than you had expected, thus throwing you off budget.
  • Stress (again!) - Finding the right home at the right price can be a little difficult, especially when you are up against other buyers.
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