What Is Right for You?

Publish Date June 13, 2019

To buy or to build? It’s a question that faces many who enter the housing market. Whether you’re a first-time homebuyer or you’re looking for something that better fits your family’s needs, it’s a question that you’ll likely have to consider.

“Whether you’re building or buying, the loan process can feel stressful,” says Meghan Then, Retail Loan Officer, NMLS#1639836. “At Fidelity Bank & Trust, we guide you through the process to make it as easy as possible no matter which option you choose!”

5 Advantages to Building a Home

1. Customization. When you build a home, you have input on the design and can ensure the final construction includes all the features you want and need.
2. Up-to-code. Newer homes are built to meet all current building codes, and you have the ability to ensure that your home includes energy-efficient features that will save you money long term.
3. No competition. Currently, demand for existing homes is higher than the number of homes available for purchase. Homes are on the market for shorter time frames and you are more likely to face competing bids. When you build a home, you eliminate that competition.
4. No need for immediate repairs or renovations. You won’t have to worry about scheduling repairs to fix issues found during a home inspection. You also won’t have to budget for renovations to add features to the home. Your new home will most likely come with a warranty, which should cover any repairs that do come up during the first year.
5. Potential for higher return on investment. Typically, there is higher demand for newer homes, so if the time comes when you need to sell, the value of your home may be much higher than older homes on the market.

5 Advantages to Buying an Existing Home

1. Lower cost. According to HomeAdvisor, the national average cost of building a home is just under $293,000. Real Estate website Zillow.com shows the median home value of a single-family house is a little more than $225,000.
2. Takes less time. Building from scratch can take months to complete. Buying and closing on an existing home can take far less time and you’re able to move in as soon as you’ve closed on the house.
3. Convenience. When building a new home, you have to consider every detail, including where to purchase land, the design of the home, and all of the fixtures and trims you want included. These decisions are already made when buying an existing home, which can make it a less stressful process.
4. More room for negotiation. A real estate agent can help negotiate the price of an existing home so you get the best deal possible. There is less room for negotiation when dealing with contractors on the build of a new home.
5. Can make upgrades over time. While an existing home may not have every feature you want, you can take time to make upgrades as they become necessary and as you are able to save for them.

Whether you choose to buy or to build, Fidelity Bank & Trust can help you secure a mortgage loan on your new home.
“At Fidelity Bank & Trust, you’ll have one point of contact who is there to help you with any questions, won’t give you the run-around and will make the whole process as easy as possible for you,” says Then.

“It’s more personal at Fidelity. We make sure our customers feel like they are more than a transaction, and we create a relationship with everyone to help them figure out their options through this process!”

Contact us or visit our mortgage center to learn about available financing options today!