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According to a recent survey, about twice as many people would buy a brand-new abode instead of an existing home. And it's easy to see why! New construction offers home buyers many benefits. But like most things in life, there are trade-offs. With that in mind, here are the advantages and disadvantages of building your own abode. Pro: Customization Building a home from scratch requires an enormous investment of time, money, and energy. The main reason some buyers choose to build is that they want their dream home. In other words, they want to make all the decisions to ensure that everything is just right. Although the process can be frustrating and time consuming, it often ends with a satisfied homeowner. By comparison, when you purchase someone else's property, you can add your own personal touches, but it will never truly be your vision. Customization also gives you the ability to add money-saving features to your home for a lot less. For example, you might put in energy-efficient windows, extra insulation, and under-floor heating. If you were to add any of the aforementioned to an existing structure, it would be a big, expensive production. Con: The Price With all other things being equal, it's generally cheaper to buy a pre-owned property. According to the latest numbers, the median price for an existing home was $197,400, versus $268,900 for a brand-new abode. Those numbers are in line with industry averages, which give an average price premium of 20 to 30 percent for new construction. It is also important to note that costs can be considerably higher if there are construction delays. Pro: Less Maintenance There is a much greater chance that an older abode will require regular maintenance and repair than a brand-new one. This is especially true if the systems within the structure -- such as the plumbing, electrical, and HVAC systems -- are old, outdated, or have seen better days. There may also be structural issues with a pre-owned property that affect the foundation, ceilings, walls, and roof. This is rarely the case with new construction. Con: Smaller Lot Although it is not always the case, unused abodes are typically built on smaller lots than pre-owned ones. This goes double if the existing property was put up 30 or more years ago when large lots were cheaper and more plentiful. Of course, it is still possible to build a domicile with a big backyard. But you may have to purchase a double lot to get the extra space! Pro: No Changes When you move into an existing abode, odds are you'll want to make some minor alterations. Perhaps you want to repaint the master bedroom or change the wallpaper in one of the guestrooms. With new construction, all of the work is already done! Con: Neighborhood If you have your heart set on a specific city or town, it may take time to get all the permits and licenses you need to build a new property. In some cases, the community may not want houses going up in certain areas, and you may have to select another locale. Although it is often more expensive, new construction is the only option for people who refuse to compromise on their dream home. To learn more about their options for new construction, Birmingham, AL residents should visit http://www.kadcohomes.com/.
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