With around two-million new homes being constructed every year, it’s clear that there’s a steady demand for them. With that said, there’s no easy answer to the question, “Should I build or buy a house?” It’s one of the most momentous decisions you’ll ever make and will have an impact on your finances, family, and lifestyle for many years to come, if not for your entire life. We’ve gathered some data to help you weigh the pros and cons of each as you make the life-changing decision whether to design from scratch or to buy with the intent to renovate it into a dream home.
The Up-front Cost of a New Build is Often Higher, But Overall Costs Can Even Out Over Time.
According to data collected by NAHB, in recent years, the median cost of a new-build has been between 23-26% higher than the median cost of an older home. In all fairness, however, it’s not exactly comparing apples to apples. Homes that are built-to-suit are often larger, and they also have newer technology integrated. Energy-efficient upgrades usually cost more up front, but they cost less to operate. In other words, those who opt for greener builds are essentially prepaying a portion of their energy costs. Over time, the total amount paid can even out, or even cost less, when you choose to go with a new build.
A New Build is All Yours and Can Be Designed to Suit Your Needs.
One of the biggest headaches about purchasing an existing home is that you’re inheriting someone else’s problems. Did the last homeowner attempt to do electrical work even though they were unqualified? Did they skip some repairs and maintenance because it was too costly? Sadly, you may never know these things until they become a problem for you after you move in. Perhaps you need extra outlets for your home office, or you’re below average height and want lower counters. Maybe you’re above-average height and you need higher doorways and ceilings. These things can all be accounted for when the home is created specifically for you. The possibilities are literally endless.
Customizations Involved in New Builds Take Time.
If you need to move right away, you may do better with an existing home or renting for a while. There are a lot of variables in building, starting with designs and permits. Mother Nature also has her say in how long it takes a new home to be ready. In theory, your humble abode could be completed for you in just a few months. Depending on the number of design alterations or features you want, it can sometimes take more than a year to complete. Of course, this isn’t too different than trying to manage a remodel. The major difference is that you can usually live in the home during a remodel, provided you’re willing to adjust your lifestyle for a period of time.
Working with an Experienced Builder Can Help You Avoid Pitfalls.
If you decide to build a house, choosing the right builder can make all the difference in the world. An expert in the industry can help you prioritize your needs and desires so that your project fits your specifications, whether your main concerns are financing, time, customizations, or something else entirely. If you live near Springfield, MO and would like more information on the process of building a new home or are ready to get started with a quote, please contact us online or speak with one of our representatives at Adam Cowherd Construction by calling 417-268-7199.