When you're ready to buy a home, you may be torn between purchasing an existing one or building from scratch. It makes sense to build your own home with the help of seasoned home builders instead of competing for an existing one in a seller's market. Plus, there are over 733,000 employers in the United States construction industry, according to Zippia, so finding one for your project won't be hard. However, if time is of the essence, you may be better suited to buying an existing home. Here's our homeowner's guide for building new vs. buying used.

1. Financial Considerations

For most buyers, selecting an existing home is more straightforward. You know precisely what the costs will be after the transaction. Most first or second-time buyers typically don't have much money to work with, so existing homes are a much easier option. Purchasing from home builders may result in paying much more than you originally planned. Closing costs are typically the seller's responsibility, but since builders seldom cover them, the overall costs can increase by tens of thousands of dollars. Besides the considerably higher closing costs, a custom build attracts more financial obligations by nature.

2. Location

In most big cities, you'd have to buy an existing home to live close to downtown. Most of the housing and land in a developed city and the adjacent suburbs are spoken for except for a few high-end condo towers and occasional new residential developments.

3. Timeline

Whether you want an existing or a new home from home builders, you should consider how long it would take to move in. The mere fact that you have a contract doesn't guarantee that the construction of your new house will be finished by the time of purchase. Waiting for the walls to go up while you try to imagine what it'll look like once construction is finished can be a struggle. On the contrary, you don't have to guess what your home will be with an existing home. As soon as all of your paperwork is completed, your mortgage is closed, and the previous tenants have left, you may move in.

When you finally get to the point where you can take the leap to buy a home, you'll likely encounter the dilemma of building new or buying used. Carefully weigh your options before deciding to ensure you make the right one. If you need help, contact us today at Shawn Forth Homes to book a consultation.