The home-buying process involves several important choices, one of the very first decisions buyers need to make is whether to shop for an existing home or build a new one.
Each path has its advantages and disadvantages. Gumtree takes a look at both sides.
Buying an Existing Home
The two main advantages of buying an existing home are convenience and cost. Once you are pre-approved by your lender, you can shop around, pick out a home, and make an offer.
If you go through a qualified Real Estate Agent, they can help to streamline the process by showing you relevant properties, guiding you through negotiations, and assisting with the paperwork. Depending on the circumstances, you can usually move in within a month or two of your offer being accepted.
The challenge comes in when you don’t find a home in the area of your choice that ticks all the boxes of what your lifestyle requires. In this case, you may have to spend additional money on remodelling, repairs, decorating, and/or landscaping. These additional expenses should be factored into the overall price, especially when choosing among various properties or comparing the cost of building your own house.
Building a New Home
The main advantage of building a new home is that you are much more likely to get exactly what you want. It also provides the opportunity to create a more efficient home that meets new energy codes and standards for heating, ventilation, and cooling, plus insulation, and air filtration. Better efficiency is good for the environment and can save you money on your utility bills each month.
There are, however, also a number of challenges that can come with the new build process. Not only do you have to find the land, which may not be in an existing neighbourhood, you will also have to factor in the time to find a reputable architect or builder, get plans approved by the council and choose every element of the new structure.
Joining an existing new development may streamline the process, though it may limit your degree of choice. You also need to worry about systems, such as whether the land gives you access to municipal water and sewage, or requires a well and septic system, along with any environmental and other permits.
Now that you’ve got the knowledge, it’s time to shop! Head to gumtree.co.za or your Gumtree app (click for Apple & Android) and don’t forget to use your location settings to find local job information close to home.