NHC-National Housing Corporation

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Buy or Build a Home

The decision to build or buy a home is a matter of personal choice that is based on what a person, couple or family is looking for in a home. It depends on the parish you want to live in. There are a lot of people (and especially younger people) who like to have a new home because they want different things than their parents wanted in a house. Personal style and taste comes into play a great deal when it comes to deciding if it is better to build or to buy. If you like more traditional amenities, chances are that there are many existing homes out there that would best suit your needs. If you like more modern features, it may be difficult to find a home that fits your style, and building a home from scratch may be your best option. Many younger buyers don't want living rooms and they don't want dining rooms. They would rather have a media room and trying to find a house that has the things they look for could be difficult. If you are particularly interested in having a state of the art home with the latest technology or having a more energy-efficient, environment=friendly home, building may appeal to you as well.

You should also consider whether or not you want to make home improvements. If you want to make renovations on an existing home that you have purchased, you will either need to pay the money up front, take out a home improvement loan or tap into your home's equity in order to pay for the repairs and renovations. If you are building your house from scratch, you can purchase "upgrades" that you can either pay upfront or add on to your monthly mortgage payments.

Another thing you should consider is how soon you want to be moved in. In some higher-priced area, the turnaround time for buying a home is very quick and you can be all settled in as little as six to nine months. If you are building a house, the process will take much longer. Not only is the actual process of building a house is a lengthy one, but there are often long waiting lists for builders.
Many people have the idea that if they build a home from scratch, they will have a maintenance-free house. This may not always be the case. There are.maintenance expenses, even in a brand new house. You are going to have some items that come up periodically that you have to take care of and you have got to be concerned with, are you going to fix it or if you are going to pay somebody else to do it. Are you going to be the person to take care of a swimming pool or cut the lawn and hedges, or are you going to pay someone else to do that? If so, then there is the time and expense of doing so. Even though it's not terribly expensive today, it's something that you haven't had and then there are just basic costs.