Should You Build or Buy a Home? Weighing the Pros and Cons

Most of us would love the opportunity to build a home from the ground up, getting exactly the floor plan and features we want. So why don’t we? What stops the majority of us from purchasing land and building a custom home? Why do we spend our hard-earned money on pre-built houses that probably aren’t the perfect fit? There are a number of pros and cons associated with buying a ready-made home versus building a new one from scratch. But before you decide that one is better than the other, here are some things you’ll want to consider.

The major benefit of choosing to construct your own home is customization. You can customize everything from the location, to the floor plan, to the number of bedrooms and bathrooms, to the size and layout of each room, to the finishes. If you want it, you can make it happen. This means you’ll end up with a brand new home that is entirely suited to your wants and needs. You can’t get that with a pre-built home. Even if you get in on the building phase, you’ll only have so many options for location, layout, and finishes.

There are some potential problems, though. For one thing, you’re probably not a land surveyor, an architect, a contractor, an interior designer, or any kind of expert that would have the knowledge and experience to build a home. This means you’ll have to rely on the expertise of others to guide you through the process. You might not even know exactly what you want because your knowledge base about construction is so limited. With a pre-built home you can see all the features already in place and decide whether or not you like them. When you custom build a home you have to take it on faith that everything will turn out right.

Then there are the issues of convenience and cost. Buying a home that’s already built is easy. All you have to do is find the one you like best with the help of your realtor, make an offer, sign the paperwork, and move in. The process could take just a couple of months depending on the escrow. If you elect to build a home, it’s going to take time. First you have to find a parcel of land, and it may not be conveniently located in the middle of town because all of those lots have likely been snatched up by developments. Then you have to do the preliminary work of finding vendors and planning the build before you can even break ground. From there it will be several months before your home is ready.

And the cost of buying a home versus building one bears some consideration, as well. When your realtor from CastleRock Communities shows you homes, there is a set price. You can negotiate a bit, but you basically know the cost up front. A custom home could end up costing more or less. If you’re frugal and you plan correctly, it’s likely you can buy land and build a home for far less than purchasing one on the market. However, building projects could also have setbacks that jack up the price, or you might go overboard with spending to get exactly what you want. The point is that you need to carefully weigh your options. There are pros and cons to building your own home, but the same is true for buying. You’ll just have to consider the cost, convenience, and customization options before you make a decision.

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