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Build or Buy?

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Have you considered building your own home but are unsure about the decision? The thought of building your dream home can be exciting and stressful all at once. Let's weigh some pros and cons of buying a home versus building your own.

Building your home means that you can have the customizations you've dreamed of. You know, the one with the floor plan uniquely suited to your needs or the kitchen just right for you. You can choose the paint color, tiles, lighting fixtures, flooring, and even the light switches when you build! Your home is the canvas, and you're the artist.

That being said, building your home can be time-consuming. Not only do you have to stay in your previous home while your other home is built, you have to check in with the builders, contractors, and architects throughout the process. If you're not terribly detail-oriented, you might not be interested in choosing small details like light switches, but someone will have to.

All these aspects of building a home considered, buying a home definitely has its benefits as well. When you buy a home, it's ready for you to move in. You don't have to worry about any significant delays in your move-in timeline due to construction setbacks. Purchasing is especially ideal for you if you're looking to move out of a situation where you're not building equity in your living situation. If you're renting and think you're ready to buy or build, buying a home ready to move into rather than waiting for your home to be built will serve you better in the long run.

The convenience of purchasing a home can be a double-edged sword. While a home might be ready to move into, that would also mean that it's not built to your specifications. If you purchase, you may run into older wiring, smaller bathrooms, or other quirks specific to the previous homeowner. You'll have to make some renovations if you would like to make any upgrades to these older homes. Depending on the renovations you're looking for, you might be able to do them while living in your home, but you might have to move out while those remodels are completed.

All these things considered, what do you think? Is building or buying right for you? Regardless of your choice, if you're ready to get to work on building or buying a home, the expert P1FCU mortgage team is ready to help you. Complete your mortgage application or schedule an appointment with our mortgage loan officers in minutes on our home loans page.

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This is for educational purposes only and not financial advice.