Buying a new home can be a colossal pain. Not only do you need to strategically save up money over a span of many years but you also need to make a bevy of difficult decisions. One of the toughest of these decisions is whether you’d be better off buying land and building a home on top of it or just buying a home that is pre-built.
In this article, we’re going to explain why the former option is ideal, doing so by showing its pros and its cons. Ready? Let’s go!
The Pros of Building a New Home
Building a home from scratch is certainly a complex endeavor. However, it comes with many pros. These pros include the following.
Total Control Over Design
Want your home to possess strict design patterns? If so, building it from scratch will enable you to achieve those design patterns.
While speaking with your designer and construction crew, you can specify your exact preferences for the look and features of the home. As such, when the home is finished, it will be exactly as you want it to be.
The same is not true of pre-built homes, whether they’re brand new or formerly owned. These are sold as-is and are bound to possess some features that you don’t like.
Part of owning a house is updating it throughout the years. Not only do you need to update its appliances but siding, roofing, and much more.
When you buy a pre-built house that was previously owned, you’re not quite sure how long its various components have been around. You might have to replace its roof in 5 years, for instance.
But when you buy a house from scratch, you’re getting everything new. As such, you likely won’t have to replace anything for 15 to 20 years. Having this clean slate can save you both money and stress.
Less Risk of Problems Arising
A newly built home isn’t necessarily a perfect home. There could still be problems with portions of its construction. However, by and large, newly built homes pose less risk of problems occurring than do pre-built homes.
This is because newly built homes are, well, new. They’ve incurred almost zero wear and tear and so are set to perform like new.
Pre-built homes, on the other hand, have been exposed to all sorts of wear and tear. Therefore, they’re more prone to crumbling foundations or bad HVAC systems or water damage, and otherwise.
Greater Energy Efficiency
Though it’s not a hard and fast rule, newly built homes are generally more energy-efficient than pre-built homes. Their construction is more solid, they contain higher-quality insulation, and they’re equipped with more insulative windows, roofing, and siding.
This isn’t to say that pre-built homes can’t be energy-efficient. Many are. It’s just that newly built homes are less risky in this department.
The real estate market is testy right now, to say the least. It’s a seller’s market, indeed, as buyers are trying to outbid each other on even the worst of an area’s housing stock.
With all of this competition flying around, you might have trouble finding a home that fits your needs. So, what can you do instead? You can build your own!
There is much less competition for the purchase of bare land. So, as long as you can find a suitable plot, you’ll be able to get through the process without resistance. This will remove a great deal of the stress associated with buying a house.
The Cons of Building a New Home
Yes, building a home is advantageous in many ways. However, there are definite downsides when compared with buying a pre-built house. These include the following.
When you buy a pre-built home, you know exactly what you’re paying for it. You and the seller agree on a price, and you pay that price in addition to the currently-appraised property taxes.
The same is not true of building a home. You can estimate how much you’ll spend on your new home, but your estimate could end up being way off.
On paper, the building cost might come in at $350,000. However, due to delays, mishaps, and other such incidents, the cost could go up to $375,000, $400,000, and maybe even more.
So, if you’re going to build a house from scratch, you better be able to afford much more than what you originally plan on affording.
Not only is the cost of a new house more unpredictable than the cost of a pre-built house, but it’s also more expensive in general. This stands to reason, as modern materials and labor are almost certainly going to be more expensive than antiquated (and worn) materials and labor.
Note, though, that you could cut your costs down if you can buy cheap land. Study how to buy land so that you can get the best deal possible.
Looking to fast-track the process? You can start searching immediately by typing “land for sale near me” into Google. Then, once you’ve found a suitable plot, you can take out a loan to buy land, if necessary.
Put simply, building a new house is stressful. Not only do you have to plan the design, but you also have to manage those involved with the building. And if you don’t stay on top of everything, something could very well go awry, costing you thousands of additional dollars in the process.
During the time that you’re building your new house, you’ll essentially be taking on another job. The home building process can last anywhere from 6 months to a year, during which you’ll have very little free time.
Buying Land Is the Right Decision
As you can see, while both options have their pros, buying land and building upon it is the ideal option. So, scope out a piece of land and start designing. Your new home is right around the corner.
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