Home Buying or Home Building

Another choice you will need to make is deciding between a new home, one that has been previously owned (a “resale” home), or one that you will build yourself. Take time to carefully consider each option.

New home:
• Is the home built and ready to move into, or will you have to wait for the construction to be completed?
• If the move-in date gets delayed, how will that impact your plans and finances?

Previously owned:
• How is the condition of the home?
• Are any major repairs or renovations needed in the short, medium, or long term? If so, can you add the cost of the repair or renovation to your mortgage?

Build your own:
• Building a home is a great way to get exactly the size, style, features, and quality you want. It can also be a significant investment of time and energy. 

Whatever you decide, talk to your lender or broker about financing options for building, renovating, or making major repairs. Start your search Once you know what kind of house you’re looking for; you can begin your search.