Are you weighing the options of purchasing a ready to move in house or building one from the ground up?
It’s a big decision, and both options have pros and cons. In this blog post, we’ll explore seven things to consider as you weigh the options of buying vs building a new house.
The Great House Hunt
If you’re searching for a new house, you’re probably familiar with the process: scouring through numerous listings, arranging multiple showings, and hoping to find a property that fits all of your criteria. But what if you don’t find the perfect house? Or what if you have a specific vision for your dream home that you can’t seem to find on the market? That’s where the option of building your own home comes in.
But building a house from scratch isn’t without its challenges. It’s a big undertaking that requires a lot of time, money, and effort. So how do you decide which option is right for you: buying an existing house or building your own? Here are seven things to consider.
1. Cost
Let’s start with the most obvious factor: cost. On the surface, it might seem like buying a house is more affordable. After all, you’re not paying for the cost of construction, just the price of the house itself. However, it’s important to consider the potential hidden costs of buying a house. You might need repairs or renovations, which can add up quickly. And if you’re buying an older house, it might not be as energy efficient as a newer, custom-built home.
On the other hand, building a house from scratch can be more expensive upfront. You’ll need to pay for the construction cost, including materials, labor, and permits. But you’ll also have the opportunity to customize your home to your specifications, which can be a big selling point for some people. And if you build an energy-efficient home, you could save money on your energy bills in the long run.
2. Time
Time is another important factor to consider when deciding between buying and building. Buying a pre-existing house might be the faster option if you’re in a hurry to move. You can find a house already on the market, make an offer, and (hopefully) close the deal relatively quickly.
Building a house, on the other hand, can take longer. It can take several months (or even longer) to design and build a custom home, depending on the size and intricacy of the project, potentially taking several months or more. If you don’t have the time or patience to wait for a custom home to be built, buying might be the better option.
3. Location
Location is a key factor to consider when shopping for a new home, whether you’re buying or building. If you’re determined to live in a specific neighborhood or location, it may be more straightforward to locate a pre- existing home in that area. Building a custom home in a specific location might be more challenging, depending on the availability of land and local zoning regulations.
4. Flexibility
One of the primary advantages of building a custom home is the ability to tailor it to your specifications. Building from scratch might be the best way to make it a reality if you have a particular vision for your dream home. You’ll have complete control over your home’s layout, design, and features.
On the other hand, buying a pre-existing house means you’ll have to work with what’s already there. You might need to make renovations or updates to make the house feel like your own, but you’ll be limited by what’s already been built. If you have specific needs or preferences building a custom home might be the better option.
5. Maintenance and Upkeep
Another factor to consider is the ongoing maintenance and upkeep of your home. If you buy a pre-existing house, you’ll be responsible for maintaining and repairing any issues. This can be time-consuming and costly, especially if the house is older and requires more frequent repairs.
Building a new house means you won’t have to worry about repairs and maintenance for a while (assuming everything is built to code and with quality materials). However, keep in mind that all houses require ongoing maintenance down the road, so you’ll still need to budget for things like roof repairs and HVAC maintenance in the future.
6. Resale Value.
If you’re planning to stay in your new home for the long haul, the resale value might not be a top concern. But if you think you might sell the house at some point in the future, it’s worth considering.
Custom-built homes can be harder to value for resale because they’re unique and not as comparable to other houses on the market. This can make it more challenging to determine the right price for the house when you’re ready to sell. On the other hand, pre-existing houses have a track record of sales in the area, making it easier to determine the right price.
7. Emotional Attachment
Finally, consider the emotional aspect of buying vs building a new home. Building a custom home can be a very rewarding experience. It’s an opportunity to create a one-of-a-kind space that is customized to your unique vision. However, it can also be stressful and time-consuming. If you relish the experience of building and designing a home from the ground up, then building from scratch might be the right choice for you.
On the other hand, if building a house from scratch feels overwhelming, then buying a pre-existing house might be the better option. It might not be exactly what you want, but it can still be a wonderful place to call home.
Conclusion: Deciding What’s Right for You
There’s no one-size-fits-all answer to whether you should buy or build a new house. It depends on your circumstances and priorities. You can make the right decision by considering the cost, time, location, flexibility, maintenance, resale value, and emotional attachment. Whether you buy or build, finding a home that meets your needs and makes you happy is important.
