Deciding whether to build or purchase a house is a classic problem that homebuyers face. Anywhere in the world, everyone will have their reasons for picking one over the other when it comes to buying vs. building a house. It’s ultimately about what’s right for you.
It might be the ideal time for buyers to secure a pre-existing home deal with mortgage rates remaining low while home prices continue to increase. However, if you decide to build a house, you might be amazed at the things that you can afford.
That’s because builders often encourage potential homebuyers to build a house by giving out many discounts. It’s their way of keeping their crews working. You can check out websites of reputable residential home builders such as https://www.jabconst.com/ to learn more about their offerings.
Benefits of Building A Home Over Buying An Existing One
In case you’re still not convinced, here are some benefits of building a house instead of buying an existing one:
When buying an existing house, you don’t always have an idea of the hidden costs they’re in for. But if you build your own, you’ll have to pay for the block of land and the builder in several pre-arranged stages yourself. This way, you’ll have the time and means to handle everything along the way. It’s important to personally deal with the finances of building your house for maximum transparency.
Greater Control And Flexibility
You’re paying for someone else’s choices when you opt to buy an existing home. You’re paying for the floorplan that they thought was right for their family several years ago, or for their taste in bathroom and countertop tiles. The customization options become very limited, and you know that it can be very costly to make a significant renovation.
Building your own home gives you more control. You get to choose the floor plan, the number of rooms you want, and some added extras. It’s like starting with a new, fresh canvas.
You wouldn’t want to have less freedom in designing your own home, especially that it’s where you’d spend the rest of your life with your loved ones.
Get Discounts On Materials
When building a new home, you can ask for a builder’s discount if you’re working with suppliers. Note that the more you buy, the higher the discounts you’ll get. Expect somewhere around a 10% discount on lumber and millwork. You can expect higher savings for lighting fixtures.
You Get A Healthier Home
When building a new home, you can decide to use materials that are way less toxic than the ones that have been utilized in older existing homes. You can opt for reclaimed natural materials, less toxic lumber, or low-Volatile Organic Compounds (VOC) paints.
Unlike existing homes, a newly-built house won’t have lead paint, asbestos, allergens, molds, or other dangerous toxic substances.
Low maintenance costs are another significant benefit that comes with building a new home. Newly-built homes can leave the owners worry-free for several years, thanks to modern appliances, plumbing, and HVAC system.
Newly constructed houses are engineered to require lesser care and maintenance since they’re built in accordance with the updated safety regulations and building codes. You can have more time to enjoy your new abode because of fewer unexpected out-of-pocket expenses and fewer things to worry about after moving in.
You don’t have to spend the first few days of your stay in your new home, thinking of how to make repairs and updates.
New Home Warranty’s Protection
Since a warranty is often included in the building process, building a new home can significantly mitigate maintenance costs. Because maintenance and some unforeseen expenses can quickly add up, a home warranty’s protection comes in handy.
Warranties can be purchased from a third party or be backed by the builder. Buying another warranty coverage in addition to what the builder provides is also possible.
Energy efficiency is an added benefit that comes with the modern construction of a new home with integrated advanced technological materials. Building a house using the latest advances in building practices and construction materials allows new homeowners to enjoy reduced monthly utility bills.
Independent, third-party home energy raters provide certifications to many modern homes. It indicates that the house meets certain energy requirements and standards. Your home will be required to have insulated ceilings and walls that help keep it cool during summer and reduce heat loss during winter. Another energy-efficient home appliance is the highly-efficient central air conditioning system that many new homes include nowadays.
Energy-efficient modern materials and building practices can help save a few dollars in the long run. However, it’s not just all about the money. Building a new home that’s up to code also has a positive impact on the environment.
Leadership in Energy and Environmental Design (LEED)-certified homes are becoming a trend. It means that more and more builders are constructing houses that are certified based on the requirements for green building set by the US Green Building Council (USGBC). They’re built to be more energy-efficient than the older existing homes.
If ever you’re into real estate business, building a new home to lease out is a good investment. You might end up raking in plenty of profit because of the healthy real estate tax benefits for investors who are leasing new homes out.
Easier To Resell
Compared to buying an older, existing house, building a new one can lead to faster resale despite the whole construction process being a more complicated and costly option. Potential buyers will keep a good eye on your new home, especially if it’s in a desirable area.
New homes are often appealing to buyers despite being quite costly. This is because of a new home guarantees that everything in it is new and would last longer, unlike the quality of old, existing homes.
Sense Of Fulfillment
The sense of fulfillment you’ll have over your home stems from the fact that you helped design and build it. You’ll become more passionate about it because you were involved in every step of its construction. The stories you’ll share with your family and friends while enjoying a cup of coffee would further give you a kind of robust feeling that boosts your sense of fulfillment.
Certain Precautions Before Building A New Home
If you plan to build a new house, there are certain precautions that you should keep in mind. Before taking the plunge, consider the following:
It’s A Complicated Process
It’s nowhere near convenient to build a house compared to buying an existing one. You have to find a lot for the building before you can gather ideas about designs and decor. At times, things are a bit easier if you’re moving into a residence where the builder has already dealt with building connections, sewer systems, water and electricity lines, etc.
You’ll need to find a good architect if you happen to find a lot, which is not such a neighborhood. Your architect and the home builder will manage the subcontractors as well as the construction. The septic system, digging a water well, and building permits are other things you have to keep in mind.
Building A New House Can Be Time-Consuming
Building a home can entail a longer lead time before you can start moving in. That’s why it’s important for contracts between a homeowner and a building company to come up with a construction timeframe. It doesn’t only help in setting expectations but also in keeping your budget in check.
Other factors that may add to the timeframe include the following:
- Weather – The condition of the weather during the construction period can delay the process.
- Items On Special Orders – Hard-to-find materials, custom components, and other items on special order can push back schedules because of delays on delivery.
On average, it will take around seven months to build a new house, according to the US Census Bureau. Note that it may take a longer time to complete more complicated house designs.
Importantly, you’ll need to be in constant communication with your builder throughout the construction process. That means making time to regularly visit the construction site to keep informed about what’s going on. After all, you’re the owner, so don’t hesitate to always stay in touch with your contractors and builders.
These things, however, shouldn’t stop you from building a new house. As presented above, the benefits of building a new house outweigh its disadvantages.
Now that you already know these things buying an old and existing house should be the last thing on your mind. Before deciding, it’s important to take time and make sure that you choose what’s right for you.
The bottom line is that you’d want to build a house if you want to have things. However, you wish. Undeniably, it isn’t very easy and requires extra time and effort, but everything will be worth it as long as you’re sure that your property is as perfect and beautiful as you want it to be.