Buying vs. Building a Home

​Growing up, we always dream of working hard to get our dream home. Having a home is one of the best investments a person can make in his lifetime. The hanging question now lies around the thought of the differences between buying or building a home. What are the advantages and disadvantages? Find out now.

Buying a Home
The two main advantages of purchasing a home that’s already been built are their cost and convenience. If you’re cutting your budget short, but you already found your dream home in the form of an existing house being held for sale, then do not hesitate and ask how much it will cost. For sure it will be less expensive because the house is second-hand.

As for convenience, you will not stress over tiny details of hiring workers because the house is already established. If you want to modify the style a bit, you can do a minor renovation for a lower price. There are also existing papers. Ask the owners to transfer the name in the title to yours for tax purposes. 

As a disadvantage, if you plan to buy an existing house, you have to look meticulously for the house with the best location and the likes. It can be tiring.

Building a Home
One of the major disadvantages of building your home is the cost. Aside from the house itself, you have to purchase the land first if you don’t have yet. A lot can cost you a fortune, especially when it is in a commercial place. Then, the building of the house itself. To make sure if the house can stand for long, you will need to buy high-quality materials at a high price. Additionally, you have to hire the workers and process your papers for tax filing.

However, as the biggest advantage, it is your own. You know your house well because of the blueprints; you will feel at ease because it is yours. You made your investment of a lifetime, and you can pass the title from generation to generation.

Moreover, a new home can be healthy for you because you avoided the old materials of an existing home, which can be risky for you.

Whichever decision you make, whether you buy or build a home, always make sure that you secure home insurance to protect you and your family in your home

At Old Bay Insurance Agency, Inc., we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (410) 777-5390 or Click Here to request a free quote.