Deciding whether to buy or build a home can be challenging. In Kelowna’s real estate market, it’s often difficult to find a property that fits both your needs and budget. With increased demand from out-of-town buyers, Okanagan real estate prices have surged. Cities like Kelowna no longer feel as small as lifelong residents remember—it’s clear that the Okanagan’s best-kept secret is out. For those still eager to claim their piece of paradise in Kelowna, the decision between buying or building remains a common dilemma.
In this article, we’ll explore the pros and cons of both options to help you make the best financial choice. Follow along below to learn more.
Pros and Cons of Buying an Existing Home
Buying an existing home comes with several advantages that cannot be achieved by building. The first is a quick transitional period into your new home. When you’re buying new, you have the opportunity to move in as soon as the deal closes. In many cases, the time it takes to close a transaction is between 30 and 45 days. This is substantially shorter than the duration it would take for a new home to be constructed. For those who are on a tight timeline, buying an existing home is usually the right way to go.
What’s more, there is freedom to negotiate prices. As a buyer, you can negotiate the cost of the home with the seller. This can help you reach your homeownership goals without breaking the bank. However, the amount you can negotiate will depend on the state of the home and the current market conditions. If the market is favouring buyers, purchasing a pre-built home could get you everything you want at a fraction of the cost.
While cost-efficiency and quick turnaround times are excellent advantages, there are some downsides to buying an existing home. One of the biggest problems that homebuyers face when purchasing an existing home is the cost of hidden problems. Even if you get a home inspection, there can sometimes be hidden issues that the inspector missed. This can end up being costly and negate any savings you capitalized on by purchasing an existing home.
Another big downside to buying an existing home is that you will likely have to compromise on some of your wishes. Finding a home that ticks all of your boxes is not an easy feat. This often results in the buyer having to settle on certain aspects of the home.
Why You Should Consider Custom Home Development Kelowna
The biggest reason why so many people choose custom home development Kelowna is because of the opportunities for customization. When building your own home, you are able to personalize every detail from the hardware of your doors to the style of cabinetry. Even if you’re building within a subdivision, developers will often allow the buyer to select their finishes.
Another perk to building is that there is little maintenance to be done in the first 5-10 years that you move in. Since new homes are constructed in accordance with the latest building codes and new technology, you won’t have to worry about replacing major household systems or making costly repairs. This also results in less energy consumption. Moreover, homeowners of custom-built homes will get to enjoy the newness of their build. There’s no better feeling than knowing that you are the first person to live in the house.
Despite the advantages, building a new home also has its disadvantages. The primary downside is the wait. It often takes a minimum of 7 months from the start of construction to build the average home. However, this period doesn’t include the time it takes to plan and get approval from the various governing bodies. Plus, you’ll have to pay to live elsewhere during the early stages of your home build. This could mean paying for a mortgage in addition to the costs of construction for an extended period of time.
Additionally, there isn’t much room for negotiation on price when building a home. Costs can quickly go over budget in the event of material or labour shortages. Furthermore, some buyers find that building a house is overly stressful. From purchasing land and choosing a home design to staying strict with your budget, a lot of time and effort is required.
Contact us Today
The Okanagan is a great place to buy or build. If you’re toying between custom home development Kelowna and purchasing an existing home, contact us today. We’d be happy to help you craft the perfect home for your needs. Be sure to check out our social media page for current and past projects we’ve worked on. We look forward to working with you!
