Should I build or buy a home?

The answer to this depends entirely on your circumstances and the availability of a home that has what you’re looking for. This being said, there are some characteristics of building and buying a home that remain constant and help determine whether it is best to build or buy a house. In determining when you should buy and when you should build, consider the following characteristics and their implications:

  1. Used houses tend to cost less up front.
  2. Buying a used house and renovating it is usually more expensive than building a new home.
  3. A new home will have entirely new equipment and features, which usually means that they will maintain a higher degree of functionality and a more attractive appearance for a longer period of time. It is also likely to reduce the amount of maintenance that is needed and could lower utility bills.
  4. If you build a new home, you are going to be much more likely to get all of the features you want.

When you should buy…

When you find a house that has everything you’re looking for, will require little to no renovation, and costs less than it would to build a home, buying a house is most certainly the way to go. You are going to save money without sacrificing the characteristics and features that you want.

When you should build…

When these conditions for buying a home are not met, it might make more sense to build. Here are some specific circumstances where building would probably be the better option:

  • You cannot find a home that has everything you are looking for on the market, and the only alternative to building a new home is renovating it to meet your needs.
  • The renovation and maintenance costs of buying a “fixer-upper” is greater than the cost of building a new home.
  • The renovation and maintenance of purchasing a used home will take a great deal of your time.

As you contemplate your options, be sure to check out our homes for sale, custom homes, and model floorplans.

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