When people are ready to move, they have countless decisions to make. You need to know what size, location, amenities, features, and price you want.
Is it better to build a house from the ground up or buy one off the market? There is no single answer to which is better- buying or building. To some degree, that depends on your unique circumstances.
Buying Vs. Building
The primary difference between buying and building a home is purchasing a finished product or paying for construction. The best way to make an informed decision is to carefully research each option and decide which one makes the most sense for you, given your circumstances.
The important thing is not necessarily which is better- buying or building, but that you take your time, do ample research, and end up with the home you want under the right terms and conditions.
Buying
Buying a house involves less risk than building because it’s already complete. Once you find a home and contract to buy it, you don’t have to worry about the house not being finished on time or possibly not being completed at all.
On average, homes tend to appreciate over time. Buying a home will usually allow you to recoup some or all of your initial investment, but it usually won’t be as much as if you had built one from scratch. If inflation catches up with people’s incomes and real estate prices rise proportionately, then buying a resale property should be somewhat less expensive in the long run.
Building
Building a house can give buyers more of what they want if you’re into unique features. Construction companies are more willing to customize homes to suit their client’s specifications. It also allows them greater control over design features and finishes. Although building a house typically requires a larger down payment, it can result in considerable savings overall since you wouldn’t have to worry about extensive renovations.
The downside of building a house is that unexpected problems can arise. Buyers can find themselves facing costs they hadn’t anticipated, such as an increase in the price of construction materials or higher construction interest rates. Another concern with building a new house is that changes made during the process, such as changing the design or finishes, might result in delays and escalating costs.
Making The Right Decision
Consider the price per square foot, the availability of materials, resale value, and your future plans with this home. Each person has their reasons for wanting to either build or buy. Sometimes it’s easier to find that home that’s finished, landscaped, and move-in ready. Sometimes it is easier to get what you want by building instead of renovating an existing property.
Whatever you decide, buying or building a house, it will be the right decision for you and your family.
If you already have a home and want to make it more your own, then maybe consider our article How to Properly Build an Addition to Your Home!
