Should you build or buy your next home?

Custom-building your home can be a tempting idea, but there are pros and cons to both building new and buying an existing property. Here's some advice to help you decide what's best for you.

Building a new house can be attainable.

• The expensive part is the actual materials, so looking into building in an area that offers affordable, local products can help keep down costs.
• If you are knowledgeable in construction, you can also save some money by doing painting and other building work yourself.

• You can custom-design your new home just the way you want it.
• You will move into a home where everything is brand new and avoid the headache of inefficient appliances or expensive repairs.
• You won't have to live with the tastes of a previous owner.

• Costs might exceed the original budget.
• Everything may not go perfectly; there could be delays or problems with construction.
• It can take as long as four to six months to build your home.
• Due to cost, you may be forced to limit yourself to the style or upgrades in your home.
• You may have to move into another place while your new home is being built. This means more money for rent and storage of your belongings.
• Building and moving can be stressful.

• You will be able to move in more quickly than if you build a house.
• Landscaping and window coverings may already be included.
• If there are changes and upgrades you want to make, you can do them as you can afford them.
• You will already know the floor plan and the layout of the home without having to imagine the size and appearance.
• There is usually a lot of variety in existing homes on the market.

• Some of the flaws of the home may not be noticeable until after you move.
• The cost of any remodels or upgrades may be high.
• You are stuck with the general layout of the home.