You need to hear the benefits of Building vs buying a house before choosing one.
Here’s the debate you’re facing:
Building vs buying a house, which is better?
It’s a tough one to resolve.
That’s why we wrote this post.
We’ll go over the costs and benefits of building vs buying a house below so you’ll be able to confidently choose between these two options.
Building vs Buying a House
A home is one of the largest investments you’ll ever make.
It deserves serious attention.
The most difficult part of the decision when choosing to build your own home or buy a home is the fact that there’s no clear winner.
They each have significant benefits and drawbacks.
Benefits of Buying a Home
The Cost to Buy a Home is Cheap Compared to the Cost of Building a House Yourself
Perhaps the strongest selling point for buying a home is that it’s cheaper.
According to Zillow, the median price of homes sold as of March 31, 2018 is $238,800.
While the median cost of building your own house is $285,205, according to HomeAdvisor.
Who doesn’t want beautiful trees lining the edges of their yard?
Built-in landscaping is an oft-forgotten benefit of buying an existing home. It adds a lot of value to your property and you don’t have to pay to install it (and wait years and years for it grow).
Building a home requires you to find a competent builder, find the land, work with the city government, etc.
Once your offer for an existing home is accepted, you can close and move in within a month or so. This makes the whole process less painful, much quicker, and super easy.
Not only does it take a long time to build a home, it’s stressful. Choosing a house design, interior decor, and floor plan just to name a few can become exhausting.
Buying a home gives you everything you need right now. All you need to do is move your stuff in.
Upgrade Your Home When You Want
If you buy a home for a good deal and have money left over, then you’re in the perfect position to remodel or add onto your home, whereas building your own home may force you to cut back on what you wanted due to higher costs.
Benefits of Building Your Own Home
You Get a Warranty for Everything and Nothing Needs Replacing
A hugely overlooked benefit of building your own home is the fact that you usually receive a warranty on all the construction and its individual components.
This could save you tens of thousands in structural defects.
Plus, you know you’ll never need to replace anything for a decade or more since it’s all brand new.
Whereas an existing home could bring with it a host of hidden defects your inspector may have missed, while components like your roof may need repairing or replacing shortly after moving in.
You Only Pay for What You Want
If you build a home vs buy a home, you get exactly what you want and nothing more.
If you buy a house, it will have some things you like and some things you don’t like – which could lead to costly remodels.
Your Home Will Be Energy-Efficient
The U.S. Census found that the median age of American houses is 36 years old. That means the windows, doors, insulation and many other components are completely outdated and inefficient.
According to the Energy Information Administration:
“homes built in the 2000s accounted for about 14% of all occupied housing units in 2009. These new homes consumed 21% less energy for space heating on average than older homes, which is mainly because of increased efficiency in the form of heating equipment and better building shells built to more demanding energy codes.”
They also found that “U.S. homes built in 2000 and later consume only 2% more energy on average than homes built prior to 2000, despite being on average 30% larger.”
So not only will your house consume less energy, you can make it 30% bigger than a house you would’ve bought without destroying the environment.
Building your own home will allow you to avoid exposure to toxic materials like lead paint and asbestos which were commonly used in housing construction up to the late 70’s and 80’s.
Plus, you won’t have to worry about mold for a long time since your home is brand new.
Higher Resale Value
Yes, you’re paying more to build your house upfront than you would if you bought a house.
But people want to live in newer homes; Homes that are energy-efficient, toxin-free, and bigger than older homes.
This gives it much higher resale value later on.
So What’s the Verdict on Building vs Buying a Home?
Each type of home has its merits and no one type is right for everyone.
Here’s a good way to think about buying a house vs building a house:
If you’re strapped for cash and don’t care about designing your house exactly the way you want it, then buy.
If you have a bit more money to play with and want a home that will last for generations, then build.
Of course, in many cases, you can build a house for much cheaper than the median price. There are a lot of factors that come into play, from your location to your house design to your lot size.
Buying a house is the default path most people take.
Building a home is the path taken by people who know what they want and don’t want to settle for less.
If you’d rather design and dwell in a home that only ever belonged to you and your family, we can help you.
Check out our services to see how we can help you build your dream home on an affordable budget.