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Buying vs Building: Which is right for you?

There are a few key considerations when you're thinking about buying or building.

Whether the economy is booming or whether we’re going through a recession, there are some important keys to keep in mind when you’re debating building a new home or buying and renovating an existing home. Regardless of the state of the economy, focusing on where to raise your family and making sound financial decisions should be your utmost concerns.

Recently, we have experienced an increase in foreclosures, short sales and auctions due to the economic downturn. Should you take advantage of these opportunities? Or should you get to work on building your dream home?

If you are looking at a home that is a bargain that meets the criteria you set in terms of its location, schools, size and style, then by all means take advantage of the opportunity.

However, as you consider a bargain housing buy–remember to do your due diligence. Take the time necessary to make a well informed decision. Don’t let potential savings blind you to the reality of the situation.

With that thought in mind, there are some advantages to building a house in this economic environment as well. You can find contractors and subcontractors that are willing to provide their services at a reduced cost. Material costs are cheaper during a recession. And the land hasn’t been this cheap in some time. If you are looking in subdivisions or rural areas, you may be surprised by some of the bargains available.

So when you consider the market, there are many good options on the table. If you are comfortable moving into a new area or you aren’t overly concerned with the style or amenities in a home, then looking at the existing market may make sense. If you are focused on a particular area and want to add a personal touch to the plan of your home, then getting started on a custom home may make the most sense.

To learn more about custom home building and related topics in the Nashville and Middle Tennessee area, please call David Patton Construction at (615) 859-0240, or visit us online at www.davidpattonconstruction.com.