Can Building a New Home Be Cheaper Than Buying?

Most homebuyers will spend a great deal of time and energy on searching for or designing what they believe is “the perfect home” before they sign any contracts or get the necessary funding. A lot of things are taken into consideration before the house hunting can begin, which can include but may not be limited to:

• Location
• Price
• Market trends
• Property taxes
• Homeowners association fees
• The condition of the property

Buyers will also have a “wish list” of things that the buyer must have, but they will also have a list of things that they would like to have, but could do without. While the home-buying process can involve several important choices, one the first decisions buyers need to make is whether to look for an existing home or build a new one. Both paths have their own advantages, but they also have their drawbacks.

Benefits of Buying a Home

Buying a home has two main advantages: convenience and cost. Once you have been approved by a lender, you can shop around, pick out a home, and make an offer. A good real estate agent will be able to streamline the process by finding the right properties, guiding you through the negotiation process, and helping you with the paperwork.

Once your offer has been accepted, you can close the deal and move in within a month or two (depending on the circumstances). While the process can involve a number of steps (such as financing, looking at homes, making offers, home inspections, and closing), the convenience that comes with being able to move in right away is enough to take this direction.

In most cases, it will be cheaper to buy an existing home. And depending on your specific real estate market, the prices on these properties may still be favorable. Another advantage of buying a home is that you would be able to get into a more established neighborhood — one that may be near your place of work, schools, as well as friends and family.

There’s also a good a chance the home will have more mature landscaping. You won’t have to worry about starting a lawn, planting shrubs, and waiting for trees to grow. If you want to live closer to town, your best bet would be to buy an existing home because most of the land will have already been built upon. There is, however, a big disadvantage to buying a home. You most likely won’t be able to get exactly what you want. You may not be in love with the floor plan, or you may want to have that half-bath on the first floor.

Advantages of Building a Home

Building a home won’t be as convenient as buying an existing one. Not only do you have to buy the land (which may not be in an existing neighborhood), but you also have to think about the time it would take find an architect or builder. Not to mention, the decisions you’ll have to make about every single element of the home. You can minimize the risk of going over your budget or experiencing time delays if you work with a reputable builder or have a good contract in place. Joining an existing development can streamline the process, but it may limit your choices. You also have to think about certain systems (such as access to municipal water and sewage). You may need to build a well or septic system, and you may need to get certain permits.

The big advantage of building a home is that you’re more likely to get exactly what you want. For many people, this is enough to persuade them. Building a home has other advantages as well. You’ll be able to create a more efficient home that will meet new energy codes and standards with regard to heating, ventilation, cooling, insulation, and air filtration. A more efficient home will be better for the environment and can save you money on your monthly utility bills. A new home may also be better for your health. Older homes can have asbestos, lead paint, or mold. But, if you build a home, you can use materials that are better for you and the environment.

While the upfront cost of building a home can be higher, you may have a better chance of getting a return on your investment. You can make more of a profit from selling your home because for most people, newer properties are more appealing that older ones. A newer home won’t need as many repairs and will require less maintenance, which can save you both time and money. Your new home will also have a warranty. So even if something goes wrong, you could still be covered.

If you’re looking for one of the best custom home builders in Corpus Christi, be sure to get in touch with Devonshire Custom Homes.