It’s no secret that the cost of buying a home has increased in recent years. So which is better, buying a new-to-you home or building from scratch?
New-to-you home buying
If the thought of having to look at paint swatches and choosing grout color makes you cringe, think twice about building new. There are so many decisions to be made in the process of building a home, and some people find it a more viable option to move into an existing home that has already been through the tedious construction process. This is why turnkey homes appeal to so many; many of us like to walk into a move-in-ready residence and instantly feel at home. Be aware that the better the existing cosmetic and structural condition of the home, the higher the price point you may end up paying. Good things take time, but building a house may take longer than you have for your current living situation. The term
“move-in ready” comes in to play here. If the time it will take to close on the home is long enough for you to wait, you may want to consider buying existing.
Building your dream home
A new build with equally-as-new appliances and systems in place is typically going to be more energy efficient than its existing home counterpart with older, less efficient appliances and technology. Even things like more efficient insulation and windows make a home less expensive to heat and cool than older versions. This may translate into a higher price tag upfront, with lower utility bills over time. A new build usually requires less maintenance early on because everything from the foundation to the appliances is brand new. While this leaves more funds for other expenses, don’t forget that you’ll be paying current prices for all the materials that go into building a new home.
We’re here for you
Whether you buy or build, TFCU has the home loan for you and your family. Our team of loan officers are ready to help you every step of the way. To get started, visit the Home Loans section on TinkerFCU.org. From there, you can check rates, schedule an appointment with a loan officer or go ahead and apply for your dream home’s financing.
About the author
Jessica Teszlewicz is a Financial Educator at Tinker Federal Credit Union. Jessica earned her bachelor’s degree in Secondary Education from New Mexico State University, where the fire for education was ignited and fueled an 11-year career in public education. She joined TFCU in 2022. Learn more about TFCU’s Financial Education team here.