Buy or Build? How Do You Choose?

sorenagilkinson
Oct 17, 2024
3 min read

You have saved and you have been dreaming of the day where you get to be a home-owner, but you are not sure whether it is better to buy or build. You have a Realtor® that you have been talking to so you are up on the market but looking online, you really haven't seen anything that fits most of your needs. Maybe the look of the home doesn't appeal to you or there isn't the land you are looking for, or maybe what you want is out of budget. A house on the market will never offer 100% of what you want - and most times, we can't get 100% of what we want, so we have to be able to compromise and take what is most important. People also feel that if they can't get as close to 100% of what they want from a house on the market that they can create 100% of what they want in a new build. As a Realtor® currently going through the building process, I can simply attest that even building your dream home is not going to get you 100% of what you want, especially when there is a budget in play - just like in a purchase. Our situation is unique as our building process is adding nearly 1,500 sq ft to our existing shoe-box sized home, which we purchased 21 years ago, and have been living in through this process. Our story also has many details, which will make for a good book, but a really long blog post, so I will simply add highlights. Here are some things that you will need to consider:

What is your timeframe? Do you need a home now or can you wait 12+ months to move into a new home?
Could you buy a starter home and upgrade or build later?
If you decide to build, do you have land to build it on? If not, that will be part of your purchase. Are utilities in place or do they need added?
What is your current living situation? Are you renting or still living at home?
If you are renting, can you afford to pay rent along with your existing bills and to pay for a construction mortgage? You will also have property taxes, school taxes, etc.
Do you feel that building is cheaper than buying? Have you priced a new build out?
Do you have a list of contractors as well as an architect if you chose to build?
How are you at making decisions? Building comes with MANY decisions.
How are you with finances and budgets? Are you willing to cut items from the budget if you have to?
Helping along with the build can save some costs. Do you have the ability to offer sweat-equity during the process?

In either instance, the decision is the biggest one you will make in your life. Real estate is your biggest asset will only increase in value over it's lifetime as long as it is maintained. I have many details that I can share from applying for the mortgage, to hiring an architect and contractor, as well as what we have dealt with throughout the process. Give me a call and let's chat!

-Sorena

Sorena Gilkinson

Lic. Associate Real Estate Broker

ERA Team VP Real Estate

4478 W. Lake Rd., Mayville, NY 14757

C: 716-269-4129 | sorenagerateamvp@gmail.com

O: 716-413-0200