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Acquiring your dream home goes down to two options: do you buy an existing house or build one from the ground up? The former is more convenient than the latter, while the latter offers more customization according to your preferences.
It’s better to finalize which suits you and your family before talking to construction firms in Toronto to help with making that major decision. That’s why we’ve outlined the benefits of each to help you acquire your dream home!
Time
An existing house or unit is already constructed and waiting for new lessees or homeowners. Depending on whether the previous owners agree, how fast your family packs their things, and the quality of your movers, you can move into your new house within three to four months.
If time is of the essence and your family likes the layout of the pre-built home, buying an existing home is the best option.
However, if it’s always been your dream to design a house from scratch with specific room sizes and features, it may be better to build a house. Be sure this plan does not interfere with any major family or life event, as it will take significantly longer to see this through. Apart from the three- to four-month period of moving out and moving in, you’ll have to take into account these additional steps:
- Purchasing a vacant piece of land that’s the right size for your dream home.
- Securing the necessary permits for construction.
- Canvassing for the right developers from a variety of construction firms.
- Finding the right engineer who can accommodate your plans and improve upon them.
- Financing the labour and materials.
- Checking construction regularly for progress reports.
These tasks may add between six to twelve months more. However, it may be well worth the wait if your dream house is built according to your exact requirements.
Cost
The convenience of cost is also more evident in buying a pre-existing house than building one from scratch. If you have the money to make a full payment, negotiations with the sellers will be short, and you can move within less than a year. If you’re taking out a mortgage, one of the few additional expenses is the installment and interest per month.
However, building from the ground up includes tracking your construction expenses, including labour and materials. This does not even involve the possibility of simultaneously tracking your loan payment if you go into debt to finance construction. If, for instance, the construction team needs more materials or extra time to complete a particular area, you need to account for how much more to set aside. Sometimes, it will feel like feeding money to a black hole that keeps taking without any visible results.
Customization
What you see is what you get with existing homes and units. The floor area is set and cannot be added to anymore. Your family has to make do even if the space does not exactly match your needs.
Sometimes a living room is a living room and a work area.
Sometimes, there’s only one bathroom for all bedrooms.
Sometimes the garage doubles as a garage and a workout area.
A house or unit you buy off the market has very limited customizability.
Now for all the hassle building a house from scratch puts you through, where it shines is the customization it affords homeowners. Want to create a separate work area from the living room, another bathroom for the other upstairs bedrooms, and a gym area inside your house? Those are totally doable with the help of professional construction firms!
Final Thoughts
The choice of buying a house off the market or constructing one from scratch is up to your threshold for time, cost, and customization. Some may find the home of their dreams already pre-built and ready for occupancy, while others may prefer building a house according to their family’s specific needs. Whichever the reason, ensure you and your family choose what’s best for you and your new home!
Work with one of the best construction firms in Toronto by contacting Contempo Renovation Solutions Inc. right now! We’re a full-service construction company that offers quality craftsmanship and design for your upcoming residential project.