If you’re looking to move or upgrade, you may be contemplating whether you should purchase an existing home or hire a custom home builder.
Over 35 million Americans move to a new home every year.
If you’re one of these people, you might be wondering if it’s better to move into an existing home or hire a custom home building to design something new for you and your family. That’s why we’ve put together this guide to help you figure out what is better for you.
So let’s dive in!
Should You Buy or Build Your New Home?
There’s no easy answer to this question.
It all depends on your personal preference and your needs. But whether you decide to buy or build, there are a few things you should think about first.
Here’s a quick list of the pros and cons of buying vs building.
Customization
Obviously, one of the best benefits of building your own home is the design freedom you have. you can customize your home to fit your families preference and needs. If you haven’t been able to find your dream home, you can build it instead.
When you buy a new home, you don’t get this design freedom. While you can pick and choose different home styles, you’re limited to what’s in your area and what you can afford. This might mean you have to settle with a home you don’t love.
Time
Building your home from the foundation up can take several years to complete. You’ll have to get all the necessary building permits before you can even start construction.
(This doesn’t have to be overwhelming though. This excellent home building guide will walk you through the process.)
In other words, you have to be willing to stay where you are for a potentially long time.
But you can move into a home right away if you buy it. If you need to be out of your current residence fast, buying a home is a better option.
Repairs
Every time you move into a new home, you have to be prepared for hidden repairs to pop up. This might cost you thousands of dollars more than what you expected to pay.
But you don’t have to worry about hidden repair costs when you build your home.
Since everything is new, you’ll be able to move into your custom home and know everything will work the way it’s supposed to.
Cost
In most cases, building your own home will be much more expensive than buying one. But this depends on where you live. You might be able to build a home for less money than it costs to buy one in some areas.
However, when you build a home, you can’t just think about the construction costs. You have to buy the land, purchase all the building materials, and more. On top of that, you should always be prepared for something to go wrong or hidden expenses to pop up.
Resale Value
Though it costs more to build a custom home, it will also have a higher resale value than a home that’s already on the market.
Why?
Everything in your custom home will be new and modern. This means it’ll sell for more money than older homes in the area.
Existing Home vs Custom Home Builder: What’s the Better Choice?
So is it better to buy an existing home or hire a custom home building? The answer depends on your personal preference and circumstance. Don’t make the decision lightly. Make sure you spend some time thinking about the pros and cons of each option.
Need some more help making this decision?
Make sure you take a look at the other helpful articles on our blog!
