As you've probably seen from other Canadian personal finance blogs, ProBlogger is hosting a top 5 list competition. The best top 5 list will receive a prize of $1001 USD.
As I have been on the home shopping frenzy the past month or so, I've come to conclusions on the benefits of both building a new home or buying an existing home. This article however will discuss my Top 5 Reasons Why Building is Better than Buying.
5. The option of pre-wiring your home for your (nerdy) needs.
- With all the new gadgetry out these days, it great to get those wires out of sight and into wall sockets. You can pre-wire your home during the construction phase for surround sound, cable, satellite, Ethernet, alarm systems.. etc.
4. New construction materials and standards
- With construction standards improving all the time, you get the latest and greatest like new plumbing, siding, windows, electrical, air exchanges.. etc. With older homes, you'll have to consider replacing the above mentioned.
3. Get to watch and learn exactly how your home is built.
- I'm the type of person that if I'm going to spend a lot of money on something, I want to know everything about it… like my wife (just kidding honey). :) Seriously though, when you build, you can watch the materials that they use, exactly how they put everything together.
2. Usually less expensive than purchasing a similar existing home
- As I am frugal, I'm always on the lookout for a good deal. New homes usually cost less than a similar existing home. Providing that the home is built in a decent area of town, when the neighborhood establishes itself, the home should appreciate to market values around the area.
1. Get EXACTLY what you want
- The top reason why I think building new is better than buying is that you get to pick and choose exactly what you want in a home. 2 Story/Ranch/Bungalow? Hardwood/laminate/carpet? Green/purple/yellow? Kitchen cabinet style? Light fixture/pot lights? You can pick and choose to your own taste.
Next week, I'll post about my rationale of why buying an existing home is better than building new. :)
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