Should You Buy or Build? That is the Question!

Take a drive through Vienna and what do you see?  On almost every street, there’s another house being built!  Home buyers are purchasing older properties, tearing down the existing house and rebuilding a custom home.  This trend doesn’t appear to be slowing down in any manner.  In fact, the new home permits filed with the Town of Vienna in 2012 have increased 21% from the previous year, and almost doubled since 2010!

If you are in the market for a new home, what is best for you?  Is it better to buy an existing home or build a brand new one?  This is a very personal decision and depends on several factors regarding your family’s wants, needs and resources.

Let’s discuss both scenarios.

Purchasing An Existing Home:

Pros:
Generally, this is a more convenient and less expensive route for home buyers.  Often deeper discounts can be offered on existing homes as opposed to new construction.  You will not have significant add on costs, such as landscaping, to make the house complete.  The process of buying an existing home is usually quicker and less stressful than building a custom home.

Cons:
On the downside, when buying a resale, the home probably won’t have everything you desire.  Because the home may be older, its amenities might be dated with older appliances and out of fashion décor.  Maintenance and/or renovations could be necessary.

Building Your Own Custom Home:

Pros:
This is truly the only way you can get exactly what you want.  From the floor plan to all of the finishing touches, you get to choose it all!  By designing the home around your lifestyle, you include what is most important to your family.  With the newest appliances and latest energy efficient building materials, you also benefit from the most up-to-date technology available today.

Cons:
Of course, all of these benefits come at a cost.  Generally, it is more expensive to build a home.  The cost of the land and construction can be pricey.  Also, one of the most difficult hurdles is finding the right lot.  In Vienna, the land or “tear down” properties go fast, so it’s critical to have a responsive realtor that can react quickly as soon as a desirable property hits the market.

Lastly, building is a significant commitment of your personal time and finances.  The process can range from several months to over a year.  During this time you are responsible for making numerous decisions on every aspect of your new home.  Most likely, you will also need alternative living accommodations until your home is ready.

There is no right or wrong answer; it depends on your current situation – financial, time constraints and long term goals.

If you would like additional information on buying or building a home, just give The Albrittain Group a call at 703-966-1253 or visit our website at www.AlbrittainGroup.com.