Published July 18, 2022
Building a Home vs. Buying a Home: Pros & Cons
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When the time comes to move, the most difficult part is always buying the right house. Finding the perfect home is a truly Herculean task, which is why so many people consider the idea of building their dream home instead. Of course, it takes a lot longer to build a house from the ground up than it does to just buy one that's already standing. The question home buyers need to ask themselves: "Is it worth it?" While building your own home has plenty of bonuses, buying a home has its advantages as well. Before you make a decision on whether to build or to buy, you should carefully consider the pros and cons of each. Keep reading for an analysis of the pros and cons of building vs. buying a house in Minnesota.
Pros of Building
You Can Create Your Dream Home - The most obvious, alluring benefit of building a house in Minnesota is that you can design and construct your dream home. From the floorplan to the number of bedrooms, the materials used for the counters to the color of the siding, every aspect of your new home will be hand-picked by you.
Choose Your Own Location - Buying a house limits you to pre-existing builds, and finding one in a desirable location may be difficult. If you choose to build your own house, you can buy a plot of land exactly where you want it to be.
Nothing to Fix - While buying a house may lead to the discovery of many unanticipated problems, a home that you build will not come with a damaged roof or leaking pipes. This will save you from having to perform expensive maintenance and repairs.
Cons of Building
The Cost - The most problematic con of building a house in Minnesota is that it's going to be expensive. Aside from the usual mortgage, you'll need to obtain a land loan and a construction loan, and that's just to get started. Depending on how large and luxurious you want your new house to be, you could end up paying significantly more to build than you would to buy.
It Takes a Long Time - Houses don't get built in a day. Even if there are no major setbacks, the construction of your new house to the point where you can safely move in is bound to take months. If you need to move to a new home in Minnesota and start a new job ASAP, building simply might not be a viable option.
It's Much More Involved - While buying a house might not be simple, it's a lot easier than building one. If you want your new house to look exactly the way you want, you're going to need to deal directly with several different contractors, in addition to obtaining several different loans, which is going to eat up a ton of time that you might not have.
Pros of Buying
A Simpler Process - There are actually quite a few steps to the home buying process but it's a lot easier than building a home from scratch. If you buy a home, once you've paid the seller, all you have to do is move in; you don't have to wait for months or even years for your home to be completed.
Save Money - Buying a house in Minnesota might just be the biggest investment in your life, but it won't cost as much as building will. Although there are many fees associated with the home buying process, building a home requires expensive and difficult-to-obtain land and construction loans that home buyers won't have to worry about.
Urban Access - If you work downtown in the Twin Cities, good luck building a home that's a short commute away. Because of expansive urban development, building a home anywhere near a big city is difficult, so if convenient access to downtown is a must, you should probably buy an existing home that's nearby.
Cons of Buying
"Perfect" is Hard to Find - If you're lucky, you'll find a home in Minnesota that meets all your needs but it's unlikely to be the perfect house you've always dreamed of. You're almost certainly going to have to compromise on something, whether it's the size of the yard or the number of bedrooms, in order to buy a house that works for you.
You Might Inherit Big Problems - Even if you conduct a home inspection to ensure a house is in good condition before you buy, costly issues could easily arise in the next few years. You could find out you need a new roof or a new driveway shortly after moving in, and have to shell out thousands more dollars on top of your mortgage.
Competition is Stressful - If you build a home, once you've purchased the plot of land, it's yours. Buying a home is a much more competitive market, and you might find yourself engaged in stressful bidding wars with other interested parties every time you try to make an offer on a home.
Want Help to Find the Right Home in Minnesota?
The next time you move, you'll have to decide whether you want to keep things simple and buy an existing home or if you want to build your dream house from scratch. If you decide to buy, you'll want help from an experienced local real estate team. Contact Chris Fritch Team with eXp Realty today for the best assistance with buying a home in the greater Twin Cities metro!
You Can Create Your Dream Home - The most obvious, alluring benefit of building a house in Minnesota is that you can design and construct your dream home. From the floorplan to the number of bedrooms, the materials used for the counters to the color of the siding, every aspect of your new home will be hand-picked by you.
Choose Your Own Location - Buying a house limits you to pre-existing builds, and finding one in a desirable location may be difficult. If you choose to build your own house, you can buy a plot of land exactly where you want it to be.
Nothing to Fix - While buying a house may lead to the discovery of many unanticipated problems, a home that you build will not come with a damaged roof or leaking pipes. This will save you from having to perform expensive maintenance and repairs.
The Cost - The most problematic con of building a house in Minnesota is that it's going to be expensive. Aside from the usual mortgage, you'll need to obtain a land loan and a construction loan, and that's just to get started. Depending on how large and luxurious you want your new house to be, you could end up paying significantly more to build than you would to buy.
It Takes a Long Time - Houses don't get built in a day. Even if there are no major setbacks, the construction of your new house to the point where you can safely move in is bound to take months. If you need to move to a new home in Minnesota and start a new job ASAP, building simply might not be a viable option.
It's Much More Involved - While buying a house might not be simple, it's a lot easier than building one. If you want your new house to look exactly the way you want, you're going to need to deal directly with several different contractors, in addition to obtaining several different loans, which is going to eat up a ton of time that you might not have.
A Simpler Process - There are actually quite a few steps to the home buying process but it's a lot easier than building a home from scratch. If you buy a home, once you've paid the seller, all you have to do is move in; you don't have to wait for months or even years for your home to be completed.
Save Money - Buying a house in Minnesota might just be the biggest investment in your life, but it won't cost as much as building will. Although there are many fees associated with the home buying process, building a home requires expensive and difficult-to-obtain land and construction loans that home buyers won't have to worry about.
Urban Access - If you work downtown in the Twin Cities, good luck building a home that's a short commute away. Because of expansive urban development, building a home anywhere near a big city is difficult, so if convenient access to downtown is a must, you should probably buy an existing home that's nearby.
"Perfect" is Hard to Find - If you're lucky, you'll find a home in Minnesota that meets all your needs but it's unlikely to be the perfect house you've always dreamed of. You're almost certainly going to have to compromise on something, whether it's the size of the yard or the number of bedrooms, in order to buy a house that works for you.
You Might Inherit Big Problems - Even if you conduct a home inspection to ensure a house is in good condition before you buy, costly issues could easily arise in the next few years. You could find out you need a new roof or a new driveway shortly after moving in, and have to shell out thousands more dollars on top of your mortgage.
Competition is Stressful - If you build a home, once you've purchased the plot of land, it's yours. Buying a home is a much more competitive market, and you might find yourself engaged in stressful bidding wars with other interested parties every time you try to make an offer on a home.
