Building vs Buying

Finally, all your hard work has paid off! You are financially ready for a new home. But now you’ve got to make a big decision - To build or to buy, that is the question. This year, lots of Virginians just like you have been asking that very same question. We’re here to guide you through the building and buying process and how the recession has changed the game, so you know the facts before you make that decision.

It may seem like a risky time to make such a huge investment, but in actuality, there has never been a better time to build. Fixed mortgage and construction loan interest rates are at historic lows and can only go up from here. The recession has created less demand for building lots, which means more choices, so you can find the perfect location to fit your families lifestyle and needs. That also means that prices have reached a plateau and are starting to actually decrease. 


While prices and interest rates are on the decline, innovative technology seems to be growing exponentially. Now is the perfect time to take advantage of improvements in the design and construction of new houses as well as the use of green building materials that contribute to cleaner air, noise reduction and energy-efficiency. That means your home is more comfortable, healthy and you save more money on your utility bills every month.

Pros of Building:

• Maximum choices
• Customize your home to fit your lifestyle
• You can ensure maximum energy-efficiency
• Less maintenance from the get-go

Cons of Building:

• More expensive
• Fewer location choices
• More time before you can enjoy your new home
• Financing can be complicated

Pros of Buying:

• You don’t have to wait
• Easier to finance
• More options for less money
• Flexibility of price

Cons of Buying:

• Settling for other people’s choices
• There could be problems with the foundation, electrical wiring, or pluming that you may not know about before you buy
• Repair and maintenance costs can add up fast