Is it better to buy or to build your own home?

chi bebe: What are the benefits of buying versus building your own home?
Is buying or building your own home more financially smart? How about other factors?

Answers and Views:

Answer by akc1106
When you buy a home you build equity every year. Paying rent only lines the landlords pockets. There are absolutely no benefits to renting. Interest rates are still at record lows (despite what the media will have you believe) and it’s still a good time to buy. Besides that, you get a tax write off. Nothing can beat that.

Answer by Reginald Whitcomb
When you purchase a home, you can basically move right in for all intents and purposes; but it may not be EXACTLY what you are looking for in a home.

When you build your own home, it can be to your specific desires and needs as far as design, space, and look & feel go. However, you also must use a construction loan to build, then transfer to a mortgage once it’s finished.

There’s obviously a lot more to it than just that, but other than one is customized to your exacting specifications and the other is just what is available to you in your market area, there aren’t many other benefits that would make one outweigh the other.

Answer by daniel r
with building you also get a builders warranty in addition to the house of your dreams. builders can also offer incentives that make it financially possible to buy more for less $ . ask a local realtor for advice on local builders and how the market is on preowned homes. there can be good deals there as well.
I am a realtor in the north dalls tx area. email me if i can help

Answer by feisty_kitty68
People like new, so they enjoy having a home built for them. The benefits of it include choosing your own flooring, paints, etc. Having a brand new home, doesn’t necessarily mean having a well built home. Even with a new home, they send people through to fix flaws in the home before closing. You walk through, and they take notes of every little thing to repair.

The benefit of buying a resale home is that you get more for your dollar. Ie…Sq footage. Plus, a lot of the bugs have been worked out of the home.