You’re ready to make your move into your dream home. Maybe you need more space for a growing family or need to scale back on size as an empty nester.
Whichever the case, sometimes the simple decision to move can place you at a difficult crossroads: Should I build new or buy existing? That single thought can spiral into an onslaught of questions. Is building a house worth it? Can building a home be cheaper? How do I finance building a home? How much does building a home cost?
Just like building a new home, you need a blueprint — for your thoughts — to understand which way you lean. No sweat. We’ve pulled together some pros and cons of building a house vs. buying a house that will help guide you toward the right decision for you.
Building a Home
Everything is New
No dings, dents or signs of wear-and-tear from previous ownership. Not only does this make it aesthetically pleasing, but it will also curb any necessary costly cosmetic changes or big-ticket HVAC issues.
Energy Efficient Features
Building a new home is a bright idea when it comes to energy efficiency. How so? Because homebuilders are building new construction homes to meet current building codes, often times that means they’re incorporating energy efficient features that not only contribute to your homes’ health, but also help save you money on monthly bills.
Most home builders allow you to choose from a selection of floor plans. This way, you can pick exactly what layout meets your needs.
Some builders even build custom homes. These builders will help you customize your own floor plan. You also will get to pick all the design elements and finishes without being limited to a pre-approved selection of options.
While the upfront cost might be more expensive than buying a home with previous owners, there is a payoff in the long-run. Let’s say you tour an existing home and love it, but don’t want to pay a premium for certain features in the home (hardwood floors, finished basement, etc.).
If you build, you get to decide what you want. So, maybe you want to pay a little bit more for a finished basement or maybe you don’t. Good news is: You get to decide.
Before you begin looking, use a mortgage calculator to find what you can realistically afford.
Buying a Home
The Wait for Something Great
If you’re on a time crunch, building a home might not be the route for you. That doesn’t mean you can’t have your dream home from your favorite homebuilder. Many home builders have move-in ready homes that are looking for the right homeowner. Which means you can move in much quicker and don’t have to wait!
Building a home means decisions, decisions and more decisions. What floor plan works for your lifestyle? Do you want to upgrade to granite countertops in the kitchen? What kind of fixtures do I want throughout? These are just a few examples of the many questions you might have to answer throughout your home build process.
Building a house is pretty cut and dry when it comes to costs. The initial build is a cost, along with any upgrades. From there, there isn’t any room for negotiation.
But if you buy, there’s always a chance you can negotiate a lower cost, which means more savings for you.
While these pros and cons can be overwhelming, keep this in mind: Building a home might not be as out of reach as you might think!