While the home-buying process involves several important choices, one of the very first decisions buyers need to make is whether to shop for an existing home or build a new one. The build versus buy question is a complex one. Buyers who are willing to give a little more time and planning to the process to get EXACTLY what they’ve always envisioned may choose to build. Other buyers who are in a hurry to settle in and make an existing home their own, may move forward to buy. When it comes to building versus buying a home, there are several pros and cons and here’s our take on building a custom home in Central Virginia versus buying an existing home:
Buying A Resale Home
Potential homebuyers will spend lots of time and energy either searching for, or planning out, “the perfect home” for their needs and the needs of their family. When buying an existing home (aka “Resale”) location, price, property taxes, homeowners association fees, and the condition of the property need to be factored in.
Central Virginia is still in what Realtors refer to as a “Seller’s Market” right now. This means there are fewer homes for sale and they are selling quickly and at higher price then in past years. This makes it more of a challenge (and sometimes darn near impossible) to find exactly what you want at a fair price. Buyers have high competition for homes and are offering well over asking price to “win” the resale home that they want, driving home prices up and up so that current homebuyers are definitely not getting the most bang for their buck. Also, home-buyers won't get many of their wish list items, so they must spend a great deal of money updating, upgrading and adjusting the resale home to suit their family’s needs.
Obviously, there are general benefits to buying an existing home. There are less up-front costs, you basically know what to expect from your property and neighborhood, and you can move right into the space. However, with that, you are also buy any issues that already exists with the home and property that you may only become aware of in the future. When it comes to deciding between building versus buying a home, you have to consider current AND future costs.
Building A New, Custom Home
The cost of building a new, custom home exactly the way you and your family want it could certainly be higher than buying an existing one, building your own custom home means that you can choose your location, your surroundings, your design AND your home’s layout. If you have the time and the budget, you could have the home of your dreams when the builder is done, instead of having to spend time and money later trying to mold an existing home into that vision, which may not even be possible.
Does It Cost More To Build?
Building supply costs remain a bit inflated and may have limited availability since the pandemic. The consensus amongst the experts is that the cost of most materials will not return to pre-pandemic levels in 2023, though they should come down or at least not increase as dramatically as they have been. Regardless, wouldn't it be worth spending jus a few extra bucks in order to get the exact home you want.
Building a home allows for the following pros:
Customization. If you build a house from the ground up, you’ll get to personalize the details to suit your lifestyle and tastes—from the layout, cabinets and flooring to the sinks, lighting, paint colors and doorknobs!
Low to no competition. With homes flying off the market so quickly, competition to find the best existing home at the lowest price can be tough. But if you already own the land you want to build your home on, you obviously have zero competition!
Lower maintenance. Since new homes are built to meet current building codes and have up-to-date technology, you probably won’t have to worry about big repairs or heavy maintenance issues for many years. Plus, most homebuilders offer a warranty in case something should break.
Lower energy costs. New homes often feature the latest energy-efficient systems and materials, which usually leads to lower energy bills.
Newness. You get to start fresh as the first owner of your home and enjoy brand-spanking-new systems, finishes and fixtures.
Certainly, building a custom home has some disadvantages. When you build a house, you’ll have to have land to build on, decide on a home design/floorplan, pick out flooring, fixtures, cabinets, appliances, countertops, interior trim, exterior trim, and on and on it goes. You’ll have to do all of this and stay within your budget. Managing all the details that go along with building a home takes time and effort. Don’t underestimate the depth of stamina you’ll need to make sure it’s all done the right way. With a choice of building versus buying a home, you’ll certainly need more brain power to build.
Hidden costs. Those dollar signs you see on the sticker—for things like countertops, fixtures and appliances—are just the tip of the price-berg. Your choice of upgrades can quickly drive up the price of your new home. Don’t forget about post-move costs like landscaping and blinds—they’ll sneak up on you as well.
See also Benefits Of A Custom Built Home
In this blog, we’ve tried to present a fair estimation of to pros and cons of building versus buying a home. If your mind is set on having your vision of home created, then building a custom home in Central Virginia with Longevity Home Solutions might be the PERFECT choice. With us, you'll have clear, consistent and ongoing communication throughout the entire home building process. We are here to realize your dreams, within your budget and timeline. Our clients can count on us to be there from the initial groundbreaking to the very last detail.
Contact Longevity Home Solutions today for a free consult on a new adaptive home. We provide video conferences and in-person consultations. Longevity Home Solutions will create the beautiful adaptive living space you've always dreamed of!
Whether it is accessibility in and out of a residence, bathing, cooking, or just general enjoyment of the home, a plethora of designs and products are available to a traditionally underserved market. Having an adaptable design in a new, custom built home means will be able to live there as long as you like.