uying a home is a decision that is taken after much thought and deliberation. Finances have to be mobilized. Whether you decide to take a loan or use your own savings depends on your financial planning. If you are making a joint decision with a spouse or partner, there will be endless debates affecting your choice of whether to go in for constructing a house or buying a residential property to live in. Having school going children will also influence the neighborhood in which you would like to live. Whether you can wait for a house to be constructed or whether you need a home immediately will also have a bearing on your choice.
Loans and their repayment schedules vary, if it is needed for a new construction or for buying a resale home. Construction can make sense if there is a chance that you will be living in the area for a long time. However, if it is a well established neighborhood or locality there might not be new plots to construct on unless dilapidated property is demolished to make way for a new home. Make a few trips with the real estate agent and check out the resale homes. Assess the costs involved in renovating if need be. Also, sit down with a construction contractor and work out the costs involved in a new construction, including the cost of the land. As costs are likely to escalate towards completion of a new home, factor in a percentage increase on the original cost. This will take care of escalation in prices of raw material and new household fittings and furnishings.
Resale homes may be in good condition where you do not have to pay much for renovations. The charm of a tree lined driveway and a landscaped garden may be available for the asking. If you want a period home, a resale home may have a rafter construction with wooden beams and a tiled roof. Decorative mantle pieces over wood burning fireplaces and wooden floorboards may be what you are looking for in a house. Kitchens with a furnace stove and quaint stone counter tops may add to the appeal. Nevertheless, do think whether you would be able to easily clean and maintain a house like this. Such homes may also have plumbing problems. Newly constructed homes, on the other hand, can be modern with the latest amenities giving it a futuristic look. You can plan the positioning of the rooms according to the needs of the family. Easy to maintain, you know what has gone into constructing it. Since material used for insulation and wiring will be of the latest technology the home will be more energy efficient than a resale home.