Do you buy new or used? No, not cars—houses! Although most Americans buy used homes, many of us still dream of building our own places from scratch: purchasing a plot of land, working with an architect, choosing every tiny detail in every glorious room. Building a home vs buying a home . . . which is the better option? Which will cost less? Which will suit your family? If you’re debating building a home vs buying a home, consider your budget, wish list, moving deadline, and your desired location. And, of course, read on for our tips.
Building a Home vs Buying a Home
Before you make a decision regarding the building a home vs buying a home debate, consider the following questions:
How big is your budget?
A house’s cost depends on a lot of different factors: the location, the condition, the style, the size, the appliances and special features . . . Although an old home in a prime location could cost a lot more than building a new home, you’ll generally get a better deal if you buy used. If you’re willing to pay more for personalization, build a new home.
Are you ready and willing to invest a lot of time and effort into your new home?
Compared to building from scratch, buying a home is an incredibly convenient process. Although it can be stressful to search the listings, compete with other buyers, and negotiate the price, the process of finding and buying a home typically takes only 2-5 months. Building a home, on the other hand, could take years! It will also, without a doubt, require a lot more of your time and attention. There’s the pre-construction phase, the laying of the foundation, the framing, the roof, the siding, the wiring, the plumbing, the drywall, the flooring . . . Your home will become your new hobby, so if you aren’t willing to spend afternoons debating floor options, crunching numbers, and checking in on your contractor’s progress, don’t build a new home.
Where are you hoping to live?
Where you want to live can really restrict your options as far building a home vs buying a home. For example, if you want to live in a city center, it’s unlikely that you will able to construct a new home because there simply won’t be space (and land is more expensive). But if you prefer the countryside or a freshly-constructed development in the suburbs, feel free to build from the ground up. Keep in mind that these days, new homes tend to have smaller yards and fewer trees (you’ll have to wait 20-30 years for the trees to mature).
Do you want a home customized to your family’s wants and needs?
If you’ve always dreamed of building the perfect home, go for it! When you buy an existing home, you will almost certainly have to compromise somewhere. So if you have the funds and fixing up a fixer-upper just won’t cut it, seize your dream and run with it. Building a home to your exact specifications can be a tedious but thrilling process. Plus, it’s the perfect way to build a functional home for a family member with a disability. Instead of building a new home in a cookie-cutter development, purchase your own lot so that your ideas aren’t restricted.
Have you considered renovating an older house?
If you dream of constructing a new home from scratch but your budget’s tight or your preferred location doesn’t accommodate that fantasy, consider buying a fixer-upper and renovating it. This is a good compromise for the building a home vs buying a home debate. Although it will require some imagination at the start, you truly can transform a dirty old shack into a beautiful new abode if you’re dedicated to the project and hire the right people.
As you can see, building a home vs buying a home all comes down a few essential questions. How much can you spend? Where do you want to live? Why is a personalized home important to you? Why is home building more appealing than renovating? If your answers to some of these questions conflict, take some time to sort out your priorities. Moving into a new home is a big step, and you don’t want to rush the decision. Good luck!
If you’re interested in renovating an older home or building a new home and you live in southwest Missouri, give the Bailey Company a call at 417-887-6177 or request a quote online. We would love to help you build or renovate the home of your dreams.
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