If you are looking at real estate trends in 2014 you will see the question posed above almost everywhere you read about the housing and real estate markets. To buy or to build? This is a very realistic concern in light of things that have been happening for the past few years.
Let’s take a look at that now as you pose the question of “should I build or buy”? We’ll begin with the idea of building a property. Whether you want to construct a commercial building or a home, now is a great time to do so. Not only are contractors ready and eager for work of all kind, but the industry in general is “greener” than it has been in years.
Many real estate and building experts are indicating that green is the way of the future, and that is great news to anyone who wants a home free of chemicals, low quality materials, or in a way that harms the environment. However, money expert The Motley Fool blog also reminds people that building a home also translates to tremendous long term savings from energy efficient design, materials, and household systems.
So, if you are asking “should I build or buy”? One thing to consider is that it may be more time consuming and costly to build, but it has a lot of benefits over the long term.
What about just buying a home? You probably know that it is still a major “buyer’s market” because of the financial problems that have occurred since 2008. Mortgage rates are low (though it is tougher than ever to get approved for a mortgage) and a lot of homes are priced at more reasonable and realistic amounts.
What is the answer to the question of “should I build or buy” in 2014? Generally, it is that either is a good idea!
DiLallo, Mathew. Should You Build or Buy Your Dream Home? Motley Fool. 2013. http://www.fool.com/investing/general/2013/10/30/to-build-or-to-buy-existing-one-hidden-benefit-to.aspx#.Us2Cj7T4XfM