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Is it Cheaper to Buy or Build a Home?

Regardless of the economy, most buyers and builders want to stay within a specific budget. While there may be some aspects of their home they are willing to spend more on, the budget range is an important decision to make. Therefore, a common question is whether buying or building a home is the better option to stay within their budget. Gerard Construction has some advice to consider when making this crucial choice about their future home.

Pros of Buying

When you are looking to buy an existing home, there are many benefits. For starters, the timeline to buy an existing home can be shorter with a motivated seller. Additionally, purchasing one already on the market may be cheaper and better within your budget. In addition to knowing the cost of the home upfront, you may be less likely to be caught by surprise by additional costs later. There are still some variables, but not as many. You can also negotiate with a seller on added bonuses like appliances or some repairs.

Pros of Building

The biggest pro to building would be the complete customization that is possible. You can choose everything from your plot of land, the direction of the home, the floor plan, and every element inside the home itself. Building would have any possibility imaginable if you have specific needs or wants. Your home would be new, not just to you, but fresh for you and your family to enjoy. You can also guarantee that you won’t be settling for a single inch of your home that you wish was different or could one day overlook.

Cons of Buying

While there are several benefits to buying a home, there are also some drawbacks. For starters, the competition for a home, especially in some markets, can be particularly fierce. You could find a home in your budget that you loved and must watch someone outbid you along the way. Your timeline could be drawn out and increase your budget if you entered a bidding war. You may also find yourself overlooking certain aspects of your home that don’t suit your needs or tastes, which could cost money down the road as you wait to renovate the home and change all those things you overlooked.

Cons of Building

There are some drawbacks to building a home, with time being a big concern for many. Weather and shipping materials can push a timeline back further, causing building to be delayed. This delay can be frustrating as homeowners are anxious to get into their new place. Additionally, prices can change depending on what you want to include in your build and based on fluctuations in the marketplace.

Gerard Construction can work with you if you are looking to build or buy an existing home. We work with each of our families to communicate about a realistic timeline for a build or renovation. We also know a budget can be a primary concern and use our expertise in building and remodeling to give a bid as close to the actual cost as possible and suggest small adjustments as needed to meet that budget. If you would like to begin looking at a new build or if you are thinking you want to renovate a home you are looking to buy, contact us today!





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