At one point, people on their home buying journey will likely ask themselves this question: Should I buy an existing home or build one from the ground up instead?
Perhaps you’ve already had people tell you how one is more advantageous or cost efficient than the other. Unfortunately, the answer isn’t that simple, and you need to look at some specifics—such as geography, cost of materials, local policies, and the like—to make sure you’re actually saving money and not spending more.
Pros and Cons of Buying a House
The biggest advantage of buying a house is convenience. If the house in question is in good shape, then you won’t have to wait too long to move in. This is especially beneficial if you’re on a tight or busy schedule, such as when you have to begin a new job or the kids have to start attending school soon.
The downside of buying a house is that you likely won’t find a home that has everything just the way you want it, and you may have to compromise on a few features, such as old appliances, lack of storage space, no upstairs bath, etc. Compromise on too many features, and you may begin to have buyer’s remorse with your purchase, and you’ll feel bad the entire time you’re living there.
Pros and Cons of Building a House
If you’re building your house from the ground up, you can design it exactly as you imagine, as long as it fits your budget. You decide the size of the rooms, where the doors should go, what flooring materials to use, and other customizations. You can also make sure your home meets current building codes. And since everything is new, you won’t have to worry about deterioration issues anytime soon.
The biggest disadvantage to building a house tends to be the length of time to make one. Not to mention costs that are likely to rise the longer it takes for the construction to complete. Hidden costs, forces of nature, and human error—any of these problems can pop up at any time during construction, which can delay your timetable.
Which One Is More Cost Effective?
Generally speaking, purchasing a home is typically more affordable than building one. According to Census, the median sales price of new homes sold in the US in September of 2019 was about $299,400, while the average cost to build a home in the country amounts to $303,488, with a typical range between $166,480 and $474,252. Of course, it’s important to remember that these are just averages and may not apply to you. It helps to discuss your specifics with a professional in the field, such as a real estate agent or developer.
Whether it will be more cost effective to build or buy your home will depend on a number of factors. Either way, know that the Katherine Maher Team is here for you and ready to provide answers for any real estate questions you may have about moving into Montgomery County in East Texas. Call us at 936.525.0095 or email katherine(at)lakeconroe(dotted)com to discuss your concerns in further detail.