Build or Buy? Is It Cheaper to Build or Buy a House?

Posted by Casandra Properties on Saturday, February 29th, 2020 at 10:09am.

About 40% of people feel like buying a home is one of the most stressful events. There are so many questions that arise: location, price, size of the home, and more. 

Another question you might be wondering is, is it cheaper to build or buy a house? 

In this article, we will explore building a house vs. buying a house and see which decision is right for you. 

Build or Buy Homes

Pros of Buying a House

Let's first look at some of the pros and cons of buying a home that's already constructed. 

One of the best things about buying a home is that it's already built! There may be cosmetic changes that you'd like to fix, but overall, the bones of the home are in place. 

Buying a home in the neighborhood you desire is also very convenient. It can be challenging to build a home where you want if there's no land. 

Your landscaping is likely to be lush and mature. You will not have to plant more seed or other vegetation, simply maintain what you have and possibly plant more. 

Cons

Older homes will come with upkeep, meaning if appliances are older, they're prone to breaking or need repair which can be costly. 

With an existing home, you likely won't find everything on your wishlist, and maybe need to do some significant renovations to accomplish what you need. 

Pros of Building a House 

One of the most significant advantages of building a home is that you choose exactly what you want. Nearly everything is customizable, so you'll be able to get what you need without rearranging an existing floorplan. 

Everything is new. Because of this, you're less likely to spend money on costly repairs with some warranties that will last you several years, and the appliances, windows, and so on may be more energy-efficient compared to their counterparts. All of this adds up to money saved. 

When you build a home, you can step back and admire your work from the ground up. Though it's hard work, it can be appreciated for generations. 

In addition, with everything being new, your health may benefit as well. There's no possibility of mold or harmful chemicals when you get to choose the way to build your home. 

Cons

New homes can be more costly than existing ones. However, much of this depends on the choices you make concerning cosmetic elements, land plots, size, location, and more. It is possible to build your home within your budget. 

It will take time. Between choosing land, contractors, and permits, the average time it takes to build is around 7 months. It could be longer or shorter depending on many variables. 

Is it Cheaper to Build Or Buy A House: Your Choice

So, is it cheaper to build or buy a house? The answer is going to depend on the needs, desires, and budget of the family or individual. The best course is always consulting with a professional before making any decisions. 

If you're looking for advice on home building, browse the rest of this site for more great content. 

 

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