The age-old question is whether you should build or buy a house. Another common question is which option is more profitable.
There’s a lot that goes into building a home that won’t go into buying a house but in the same way, there are many things you’ll do when buying a house that you won’t necessarily need to do if you’re building.
Here’s our take on building a house vs. buying.
Pros and Cons of Building a House
Let’s break this down into a classic pros and cons list. At Sustainable 9, we’re all about building houses in sustainable ways to ensure that you get the most bang for your buck.
Pros of Building a House
Let’s dig into each of the pros that we see when it comes to building a house:
No Competition: There might be some competition to get the lot that you’re looking at, but for the most part, when you choose to build a house, there won’t be competition to get the best deal. Pre-owned houses often sell quickly, creating a sense of urgency and competition. When you’re building, you’ll be able to avoid that stress.
Low Maintenance for the First Ten Years: When building, you’ll be able to avoid maintenance on your home for at least ten years, if not longer. The majority of your appliances, your roof, and other parts of your home will last at a minimum of ten years and, in many cases, much longer.
Efficiency = Low Energy Costs: New homes are between 20-50% more efficient than homes built before 2000. Additionally, HVAC systems and appliances tend to improve drastically every few years making new appliances and HVAC systems even more appealing.
Customization: This is one of the most appealing factors for buying a new house. Everyone loves getting to choose the different finishes within their home, as well as the layout and size. For some, customization can seem like a con, but we think it’s a pro!
Cons of Building a House
Despite the many positives of building a house, there are some cons. Here are some of the largest that can sometimes be overlooked before it’s too late.
Harder to Stay Within Budget: Building a home is simply expensive. It costs a lot of money, and because of that, it can be difficult to stay within the budget. You’ll want to get the good features and, in turn, can likely end up spending much more than you can afford.
Troubles of Construction: Mud, dirt, dust, and loud noise are all sure signs of a construction project. Living where new homes are being built is something to take into consideration. While yes, it won’t last forever. Often you will have to deal with all the noise and busyness of the construction for a little while.
Stressful Choices: You’ll have to make many choices when you’re building a house. There’s land to purchase, design styles, amenities, and preferences throughout the project that you’ll have to manage, all while trying to stay within your budget.
Unexpected Costs: At Sustainable 9, we’ll do everything we can to keep the home within your price range. But unfortunately, not every home builder is like us. Small upgrades throughout the project can turn into huge price increases.
Long Wait Times: When purchasing a pre-owned home, you have the opportunity to move in as soon as the closing process is completed. Often this is within two months of when you make an offer. The process of building a home could take up to a year or more in some cases.
Pros and Cons of Buying a House
We’re big proponents of building homes, but we also see a lot of value in purchasing a house and make small incremental improvements to it over time.
Pros of Buying a House
There are many pros and cons to buying a house, just like building a house. Here are some of the top pros that come to mind:
Fast Move-In: A fast move-in is definitely something to be excited about. It can take a long time for homes to sell, but when you’re ready to buy, you’ll often be able to move in within 60-70 days. That’s a huge advantage over building a house over the course of a year.
Often Cheaper: Yes, you will be able to find a house that costs you just as much as it would be to build, but unlike building, you can find deals when buying pre-owned homes. The unfortunate part about finding deals is that it can often mean there is something wrong with the home or that the home needs improvements.
Room For Improvement: It can be seen as both a pro and con, but room for improvement is something you get when you’re buying a home. After a home building project is complete, you won’t want to spend money changing things like you can when you buy a pre-owned home.
More Land and Older Neighborhoods: Many new homes are built in tight developments. Pre-owned homes are often found in older suburbs where the lots are larger, and the trees have grown up. New homes can sometimes be built in incredibly tight quarters.
Cons of Buying a House
Unable To Customize: You can always undergo a remodel process, but your ability to customize your house like you would be able to in a new build isn’t there. It’s good to search for the right house, but it can be a challenge, and in some cases, you may have to settle.
Has Already Been Lived In: The newness of a new home is a really exciting and fun thing. When buying a pre-owned home, you might not be able to experience this as much. While it will still be new to you, it’s not quite the same as living in a completely new home.
If you’ve been wondering when to buy a new home, we have a recently written article for you. We go into the market as a whole, where it’s been, and where we think it’s going. Be sure to check it out as well as other pieces from our blog.
And, if you’re looking for a home builder or a remodeling company, reach out to Sustainable 9 today! We’re a reliable home builder with years of experience in this industry. Our homes have won multiple awards and are recognized every year for their sustainable building features and design excellence.