When you’re searching for a property to settle down in, there’s a big question that needs answering. Is it more practical to buy a prebuilt home or build your own from the ground up?
Here are a few things to consider when you’re house shopping.
Whether you choose to buy or construct a home, you’ll be leaving your own personal touch on your new place of living. The difference between adding your personality in an existing home versus a new build is the permanence of all of your changes.
A new coat of paint and some unique furniture can spice up any preexisting home. But if you dream of a custom-build, you have more control over your home’s architectural aspects, such as room sizes, doorways, and floor layouts. Both let you create your own personalized space; it just depends on how long you want to settle in that home.
Reports show that the median price-point of a new home is approximately $336,900; meanwhile, established homes sell for about $300,200. The costs of buying an existing home are cheaper on average, but renovations and customizations can quickly bring the price back up. It all depends on the current market conditions and what you’re looking for when buying.
Constructing a new home may also have a cheaper overall cost if you choose to go the DIY route. The more projects you can accomplish without outsourcing, the more money you can keep in your pocket as you build your dream house. However, if you don’t do high-quality work, you may have to pay more in repairs down the road.
When purchasing a move-in-ready home, it takes an average of 2-3 months to find the right house and an additional couple of months to make offers, negotiate, get an inspection, and finalize your contract. The overall search and the finalization of your mortgage are the most time-consuming aspects of the buying process.
If you’re crunched for time, then building a home might pose a problem for you. Surveys show that it takes 7-8 months total to find plans, construct the building, and have a walkthrough. There are also hiccups in the timeline from obtaining permits and construction mishaps that occur during any custom build.