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Are you thinking of buying your dream home? It may not necessarily mean you are purchasing a turnkey property. You might even build your own home.

You likely spent most of your time researching how your forever home looks like. It is what most buyers do. But this acquisition will take more work. You could start writing a wish list for your agent to work with.

This list can include things you need and items that you would like to have but are not necessary. Your checklist will help get your dream home—may it be a turnkey property or a piece of raw land. Here are the advantages and disadvantages of the two options:

Convenience

Buying an existing structure does not give you the luxury of customizing every detail of the house, especially if it is a turnkey property. But it is more convenient and less expensive. All you need to do is have your mortgage approved. Afterward, you can start shopping for your dream home.

At this stage, your checklist will come in handy. It will guide your agent to find appropriate properties before you inspect them and make an offer. Once a seller accepts it, you can move into your dream home in a matter of a month or two.

This benefit is not available if you want to build your own home. But you can fuss over every aspect of your house —from the design to the laying of the tiles. It is a matter of preference.

Time

If you build your own home, it will take time. This option is not good if you are on a tight schedule, like relocating for your new job or your children starting school soon.

On the contrary, buying a turnkey property may mean that you can transfer after one month. You need to make minor adjustments, but it will not eat much of your time. Again, there is convenience involved.

Cost

Most of the time, buying a turnkey property is cheaper. It will be an excellent time to purchase one now because of the aftermath of the recession brought about by the pandemic.

Those in the real estate market consider this period a buyer’s market. It means that there are more properties listed for sale. As a result, you can have more options to choose from.

If you plan to build your own home, you need to make allocations in your budget. Although the contractor will estimate the entire project, it will go beyond that amount. It is wise to set aside additional money for the construction.

Conclusion

The economy right now makes it the perfect time to invest. Instead of spending a portion of your monthly income on rent, why not buy your dream home? This investment will grow in value. You can also hand it down to the next generation.

Whether you will purchase a turnkey property or raw land to build your own home, you should make a move now. Although the mortgage interest rates are slightly higher than the previous months, they are still comparably low compared to the earlier years. It would be best if you take advantage of it now.

If you are looking for custom home builders in Tulsa, OK, to build your house from scratch or renovate the existing structure, there is no one better to help you than Banner Custom Homes. Together, we will make your dream home, so call us now for more information!