To buy or build a home, that is the question

Moving doesn’t have to be riddled with growing pains — big changes can be exciting with Utah’s large variety of home styles. When deciding on your next abode, KSL Homes is here to help make that decision a comfortable one.  

If you’re choosing between buying versus building new, we show some of the trade-offs that may sway your decision one way or the other. Whatever the case, it’s good to know any limitations or flexibilities when deciding. 

New builds

Maybe you want more square footage or a larger yard to accommodate hyper kiddos (human and fur babies alike). New builds in Utah can be a good option, especially if you opt for one with an unfinished basement — you’ll have room to grow as your lifestyle changes. 

Do you exclusively work from home now and want to design the perfect home office? If your parents are aging, you may want to build a mother-in-law apartment. For consistent side income, building a home with a basement apartment can be appealing. If you’ve never purchased a new build before, here are some things you ought to consider:

• Construction loans can be more complex — expect either higher interest rates or a required 20% deposit compared to more flexible mortgage loans
• Longer wait times to get into your new home — contractors may have delayed access to materials, or weather changes may disrupt the build process

Luckily, there are plenty of things about new builds that won't literally rain on your parade. 

• It’s still cheaper to build versus buy a new home in Utah, unlike most other states
• Utah has a lot of new build options, making it easier to pick your ideal location
• Customize floor plans and design elements based on your wants
• New, energy efficient features could save you money on utilities
• Freedom to choose the builder you want
• Delayed need for home repairs

Buying an existing home

Maybe you want the opposite of more space and clean slates. You’ve outgrown taking care of a big ol’ yard and crave a place with an extra dose of character instead. Have you dreamt of a 1950s bungalow outfitted with a pergola and xeriscaped yard? Or maybe you just want a new location with new mountain views and don’t want to wait for a new build.  

Existing homes can have a lot of charm, but non essential and essential updates can add up fast. New paint, cabinets, carpet, electric, plumbing, roofs and health codes are things to consider when budgeting for buying.

• Older homes may have lead based paint, asbestos or outdated plumbing that could be hazardous to your health — especially if you’re ready to renovate
• If inventory is low, you may not be able to pick the exact location you desire
• Old appliances may keep utility bills high and pose safety concerns

The perks of buying are definitely worth considering, especially if you want a home with a story and have a shorter timeframe to move. 

• Much quicker closing times, convenient when a move is imperative
• Picking neighborhoods with impressive architecture, history and personality
• Old landscaping and trees making for a lounge-ready yard
• Knowing the appreciation value/purchase history
• Smaller floor plans can be a perk, especially if you’d rather have less to take care of and maintain

If you’re ready to look at locations to build brand new or purchase an existing place, check out KSL Homes for sale in your neighborhood.