Is it Cheaper to Buy or Build a Home?
If you're having a hard time finding the perfect home, then it may be tempting to build a house instead. There are pros and cons to building your own home, just like there are pros and cons to purchasing a home. However, is it cheaper to build your own home over purchasing one that is already made?
Looking at just the numbers, the median sales price for a home is $288,000, while the average cost to build a new home is just under $300,000. These numbers are the average for the entire United States, so you can have many variables with that. Depending on what kind of house you want to build and the location you're building in, there's a lot of variety and wiggle room with building your own home.
The major perk to building your own home is that you'll get exactly what you want. It's custom-built, and you can make sure your new build checks off all the boxes that the houses you were looking at did not satisfy. However, building your own home can be a time-consuming and stressful process, and there are so many decisions that you have to make. Along with that, there are unexpected costs and price increases if you're not careful.
On the other hand, purchasing a pre-built home will allow you to move sooner, you can negotiate with the price, and you can also make upgrades to the house while you were living in it. With an already built home, there's always the potential for more repairs and maintenance along with buyer's remorse if you settle on something that you're not completely happy with.
No matter what avenue you choose, obtaining a home is one of the biggest purchases you will make in your entire life, so take your time and don't rush through the process.