Building or Buying a House: Which is Better for Your Family?

In 2017, the U.S. real estate saw a whopping 5.51 million sales of existing homes. That’s a monthly average of 460,000 sales!

The new home sector was also pretty booming that year, having sold an average of 51,000 units every month.

But these figures don’t signal an already cold market. In fact, at the moment, housing inventory is still low.

So, what does this all mean to you as a potential home buyer?

First, that you may still have a hard time finding your dream home. Second, that building a new house may be your better option.

Building or buying a house is a dilemma that many people – not only in America but all over the world – face. Both have advantages over the other, so it’s best you arm yourself with that knowledge.

Those pros and cons are exactly what this post will cover, so be sure to keep reading!

The Cost (AKA Your Budget)

The cost to build vs. buy a house depends on many factors. There’s size, location, architectural features – the list goes on.

To give you an idea, the average cost to build your own house in the U.S. is $288,309. Now, compare this with the $271,900 average price of existing single-family homes in July 2018.

That’s a considerable $16,409 price difference, isn’t it?

As you can see, buying will cost you less than building. But the latter’s extra cost affords you one huge benefit, which we’ll discuss next.

Customization and Personalization

The higher cost of building your own home gives you much more flexibility in terms of design. That means you can incorporate as many features as you want in your to-be-built home!

Take the project homes Sydney, Australia is now quite known for. They’ve become popular over the years because they’re flexible and economical. Their versatile designs help builders meet the unique needs of the homes’ occupants.

There are even home builders who specialize in constructing living walls. If you want an ultra-comfortable and stylish patio, home builders can set you up with that too.

The bottom line is, building gives you greater control over how you’d like your home to look. This is something you can’t get right away if you buy an existing home. Yes, you can renovate and remodel, but that’s going to cost you a lot.

So, if home features are that important to you and your family, consider building.

Maintenance Costs

When considering whether to build a house vs buy a house, think of maintenance costs.

As you can already guess, an existing house is much more expensive to maintain.

For the simple reason that it already has wear and tear. In fact, some of these properties may also have outdated crucial systems. Worn plumbing and aged electrical wiring can be expensive to repair or replace.

When you build a house, you know that most, if not all parts are spanking brand new. Even the contents, like appliances, are fresh from the factory. That means they all come with warranties.

What’s more, reputable home builders also offer long warranty periods on their projects.

Let’s say a structural issue (think drafty windows or sagging floorboards) occurs. You won’t pay for the repairs. The warranty will cover repairs or replacements for you.

Consider Your Needs and Wants before Building or Buying a House

The bottom line is, before building or buying a house, consider your family’s unique needs and wants. If you have specific or special living requirements, it may be best to build. If you have a tight budget and are fine to compromise certain home features, it may be better to buy.

Looking for more real estate insider info like this? Then feel free to head over to our blog! We’ve got more nifty tips to share with you.