Are you in the market for a new house? If so, you’re likely wondering whether you should construct a home from scratch or purchase an existing one. Explore the pros and cons of building vs buying a home, below. These can help you decide what the best option is for your specific situation.
If you’re ready to design your dream home, the team at The Anderson Studio of Architecture and Design is here to assist you. Contact us today to get started.
Pros of Building a Home
Here are some pros to building a home:
- Get exactly what you want. When you build a house, you have the ability to customize it exactly to your liking. Imagine living in a home that has all of the brand-new amenities you desire! Every decision is up to you, from the square footage of the home down to the color of the paint.
- Less market competition. Generally, there is less competition for purchasing a vacant lot than there is an existing home. Many houses aren’t on the market for much longer than thirty days, if priced properly.
- Long-term savings. Since everything in the home will be brand-new, it should require very little maintenance, hence saving you money. Plus, new, energy-efficient appliances, systems, and materials will keep your electric and water bills down.
- Warranties. Many times, builders include a full year’s warranty on the construction of the home. Big-ticket items such as the water heater, roof, foundation, and more could even be under warranty for up to ten Not only will this help you save money, but you can feel secure in the construction of your home and have someone on hand to fix any issues immediately, should they occur. Be sure to ask your contractor about the warranties they offer before building your home.
Cons of Building a Home
Here are some cons to building a home:
- Longer timeline. There are significantly more steps to take when building a home versus buying a home, which means there is a longer timeline. After buying the lot, you’ll need to meet with designers and architects, work with them to get the house plan correct, check building codes, wait for the home to be built, and more. You should also account for unexpected delays that push your move-in date back.
- More expensive. On average, it is usually more expensive to construct a home from scratch than it is to buy a home outright. This is especially true if you want to splurge for slightly more expensive finishes, materials, and features that quickly add up. However, it is still entirely possible to build a home within your budgetary needs.
- Unexpected hiccups. When building a home, there are always unexpected surprises. These can include hiccups as small as the tile you picked being out of stock to large problems such as restrictive permitting issues.
Pros of Buying a Home
Here are some pros to buying a home:
- Shorter timeline. It takes approximately two months to close on a house, meaning you are guaranteed to move into the home by the end of that time.
- Less expensive. On average, it’s less expensive to buy a house than it is to build since there are no costs for hiring architects and designers, purchasing building materials, unexpected expenses, and more.
- Semi-custom options. When you buy within certain communities, they sometimes offer semi-customizable options to enhance your space. Examples include upgrading the countertop materials, including a wet bar, selecting carpet versus hardwood, and more.
- Update as needed. Rather than investing your money upgrading everything in your home at once, you can spread out your spending to simply update items as needed.
Cons of Buying a Home
Here are some cons to buying a home:
- Less customizable. When you purchase your home, what you see is what you get. While you might consider renovating some spaces, depending on how old the home is and what you’re trying to do, renovations may be very difficult and costly. In some cases, certain renovations may not be possible at all.
- More maintenance. Older homes require much more maintenance and may already be showing signs of wear-and-tear from the day you move in. This means you’ll constantly need to be fixing older, pricey items like the HVAC system, water heater, structural elements, and more.
- Hard to hit the market right. You want to make sure that you buy a house when the market isn’t inflated. Otherwise, when you sell the home, you won’t make much of a profit off of it. However, when you’re ready to buy, it simply might not line up with market conditions, causing you to spend more for less.
Design Your Dream Home with the Anderson Studio
We hope these pros and cons of building vs buying a home have helped you determine which option is right for you. If you’re ready to take the first step in building your dream home, contact the experts at The Anderson Studio of Architecture and Design today. Our team of professional architects and interior designers have the experience and expertise needed to bring your vision to life. We look forward to helping you through each step of the planning and design process!