To Buy or Build: Which Home Ownership Option Is Right for You?

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You’ve reached that exciting point in your life when you’re ready to bid farewell to renting and enter the world of home ownership. Throughout the process, you’ll be swamped with important decisions that need to be made. The first one: Should you buy or build a home? There’s a lot to think about, including cost, time, and personal preferences. Here’s what you should consider before deciding whether to buy or build.

Should you build?

The most obvious and arguably the most important advantage to building is that it will be designed around your individual preferences. A custom home is made to meet your tastes and can even be changed throughout the building process, according to U.S. News & World Report. In other words, your house will be exactly what you make it.

You could also consider tract homes, which are typically built in similar styles with few variations. The homes are new and still allow for some customization, although not as much. These are usually the homes you see in developments and suburbs. The benefit? Because tract homes are typically made in a similar style, it’s cheaper for a contractor to build them. You’ll get the benefit of a new home, but it will cost less than a custom home.