Should We Build a New Home or Buy an Existing One?

When building, everything is new. You pick out the materials, floor plan, decorating etc. Repairs and maintenance will less likely be needed plus there is usually a warrantee. You can take advantage of newer technology, newer materials, and modern floor plans. Energy bills can be saved on by creating a more energy efficient home. Property taxes will probably be less during the first year. New subdivisions have better streets and utilities and are less prone to outages from storms. New homes have newer materials and conform to newer building codes. Some insurance companies offer lower insurance rates for newer homes. Finally there is the “Pride of Ownership” which occurs from a home that you “helped create”. There are disadvantages. It may be hard to find a good or convenient location to build. It is becoming harder to find land to build a custom home. It may cost more to build a new home, and extra fees may be incurred such as building permits, utility tap fees, survey costs and construction loan fees. Sometimes, it may take longer to build than what you expected (weather delays, supply delays). You will need to make more decisions and it will take more of your free time.
An existing home is ready to move in sooner. You know exactly what the home will look like and feel like. It usually costs less to buy then to build a new home. You may need to do less work to finish the home (landscaping, decorating, window coverings). You’ll have fewer decisions to make, but you will have less control over what the home is like. An older home may have more repair and maintenance expenses. You may not know the quality of materials and workmanship that went into the home (Insulation? Windows? Efficient furnace and A/C?). Changes may have to be made to suit your tastes, such as redecorating or remodeling. Insurance rates may be higher. Older homes may be less convenient for modern lifestyles (fewer bathrooms, not wired for technology, inconvenient floor plans, lack of closets). Cost of utilities may be higher for an older home. More at : http://www.luxury-home.ca/Articles/Building-vs-buying.htm