Page 108 - South Mississippi Living - March, 2019

HOME pros and cons
TO BUILD or TO BUY? story by Kelsey Sunderman-Foster
Purchasing a home is one of the single largest investments that a person will make in their lifetime. That being the case, it’s important to weigh the pros and cons before deciding whether buying a home or building one is right for you.
“Most buyers end up buying an existing home,” says Sherry Owen, owner and broker of Owen & Co., LLC Real Estate. “The convenience of being able to move in right away is compelling enough for many people to choose an existing home over a build. This is especially true for buyers on a tight schedule, such as those relocating for a new job or whose children will be starting at a new school.”
While building can certainly be a lengthy process, some buyers find it worth it to build
a home that is exactly what
they want rather than settle
for a home that isn’t perfect. From finding land to selecting a builder, designing the home and choosing materials, the building process isn’t an easy one, but
homeowners who choose to build are almost always satisfied with their results.
“Other pros to building are that new homes are more efficient, especially with the new energy codes, insulation, air filtration, wind rated windows and a warranty,” said Owen. “Even though the up front costs of building can be higher, owners often have more significant profits with the resale of a new home. In addition, a new home requires fewer repairs and less maintenance, which can save money and time. You’ll also have a warranty with a new home, so if something should go wrong, you may still be covered.”
Speaking of cost, it is important to consider the financial implications of buying or building. Mortgages are significantly easier to attain
than construction loans, and
many times buying can be the more economical option. “Prices for existing homes may still be favorable due to the aftermath of the financial crisis and housing bust that significantly lowered real estate prices across the nation,” says Owen. “Another reason an existing home may be a better option is if you would like to be
in a established neighborhood near work, school or friends and family.”
108 SOUTH MISSISSIPPI Living • March 2019
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