Let’s take a quick look at the pros and cons of building a new house versus buying an existing house in 2020.
Building from the ground up can take months, then again, the average time to close on a house is a month, and a lot of folks spend 3 to 6 months looking for the right one on top of that. You get to customize paint colors, the layout of the house, sinks, lighting and door knobs – why not? It’s also a lot less competitive when you’re building new. However, because it takes so long to build – upwards of seven months – you will likely have a gap in residence where you may have to cover rent for the time that it takes to build.
On the flip side, buying a house that’s already built and in move-in-ready can take as little as 20 days to close, sometimes a little less with the right loan product and team in place. Yes, it can be more competitive, especially in a city like Nashville, to find the right fit for your needs, for your budget. But, there’s a lot more room for negotiation with regard to closing costs and price on the open market vs with a new home builder.
Buying an existing home can also be a lot less stressful. What you see is what you get for the most part. When building, you do get to customize the experience, then again, you kinda have to customize the experience to make it right. So having an agent to help navigate that process, to make sure things are being done properly, just like when you buy an existing home is crucial to getting you the most our of your expectations.
So, should you build vs buy? Well, give me a call, let’s talk about Nashville, the surrounding neighborhoods, and what’s available right now for you.