Are you looking to own a home? If yes, chances are, you might be open to a couple of options. You may be wondering whether to build a new home or buy a new used house. Is it cheaper to build new or buy a pre-existing home? If you live in the U.S., statistics reveal that the average price of buying a house in 2018 was $385,000. With the costs of buying a new home increasing, making your home decisions can be a daunting task.
So, which is a better investment? Should you build new or buy a new used home? Below are some insights to consider before deciding to buy existing or build a new home.
Building a House
Based on the fact that the prices of buying a new home can be quite high, your first option might be to purchase a pre-existing residence. However, you might be surprised by how much you might save if you decide to build your own. Indeed, one of the best things about building a home is that your wants and needs are completely fulfilled.
Due to the current competition in the real estate market, a new home builder will offer numerous home plans and discounts to attract potential buyers. Although you might not have built before, here are several things to keep in mind that are perks in building new versus buying an existing home.
1. Everything Is New
Unlike buying a pre-existing home, when building a new home, you get to install everything new. There are no hidden costs that might be incurred when making home upgrades. For instance, the majority of pre-existing homes will require an individual to repaint the exterior or interior of the house before moving in. You are not stuck with the prior owners paint choices or decorating ideas.
2. You Get to Enjoy Improvements in Energy Efficiencies
Newly built homes typically have more insulation, less air infiltration, and better HVAC equipment which all adds up to lower energy consumption and improved comfort when compared to older existing homes.
3. Freedom of Style and Design
Unlike buying a pre-existing home, you get to decide the home design you want to integrate into your house from the start. It also means that you won’t have to spend a hefty amount of money remodeling the house to create an open floor plans or to have the laundry where you need it to be, or enough storage areas, etc.
4. New Homes Can Be Healthier
Building materials come with different toxic levels. For this reason, when you build a new home, you can choose materials that are less toxic or use reclaimed natural materials. Notably, unlike purchasing a pre-existing house, there are no hidden toxic dangers such as allergens, molds, or more toxic substances such as lead paint or asbestos.
Buying a Home
So, now that you know some advantages of contracting a home builder to build your home, perhaps you might want to find out how much it might cost you to buy a new or pre-existing house instead. While it could be quite beneficial for individuals to build their own homes, for others, it can be financially sound to purchase a used home.
Below are two advantages of buying an existing home:
1. It Is More Convenient
Of course, when we look at the process and the time it takes to build a new house, it may be more convenient to buy an already existing home. All you need to do is shop around, identify several that you like, perform a background check on the property, and then make a decision to buy.
2. You Can Live in an Established Neighborhood
The best thing about choosing a pre-existing house is that you can pick any location you desire. For instance, you can pick a location near your school, workplace, and probably in an attractive neighborhood.
Which is Better: Building a House or Buying a House?
When it comes to deciding to buy a pre-owned property or build a new home, there isn’t an exact formula. However, if you can analyze your needs and put into consideration the above factors, there is no doubt you will make a sound decision.
At Fine Line Homes, we can easily help you plan your dream home. Contact us today to speak to a housing consultant for expert guidance.