Looking to purchase a home? Here's what to consider before you buy or build

NORTHEAST OHIO (WOIO) - The housing market is hot and is about to get hotter.

This is listing season.

Realtors in our area are reporting multiple offers for homes the same day they go on the market.

For buyers, that may mean the need to consider all the options.

Location is one of the main factors to consider when you are trying to decide between buying or building.

"If someone's looking in say, Lakewood, they have a lot more options if they are looking for something that is existing. There is not a ton of new construction in this area. New construction is really limited to certain developments, certain streets," says Howard Hanna Realtor Haley Turner.

If you are going to build, you may be missing out on the charm and features of an existing home.

On the flip side, the nice thing about new construction is that everything is new, updated and energy efficient.

"You are not going to have an issue with your roof or your furnace in the first couple of years that you are living there. Those problems are much farther out than buying an old home," added Turner.

But be ready for how labor intensive it can be to pick out everything from fixtures to flooring and to make sure everything is done right when you are building a home.

Experts also say that there may be more room for negotiations for an existing home.

"Typically, we we see people pay 30 percent more for new construction versus an existing home," said Turner.

And, keep in mind an existing home is ready for you to move right into - building a home can take an average of six months or longer.

Experts also say to keep in mind that when you are building a home, upgrades can get expensive and unanticipated costs like landscaping can pop up at the end.

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