If you are thinking to yourself “should I buy or build” you need to consider three main factors. Your price point, customization needs, and move-in date will make the biggest difference when you’re deciding whether to buy or build your next home. Moving into a new home is a big deal, so be sure to treat this decision with care and think through your priorities!
Buy vs. Build: Pricing
Price-wise, building your home is likely to be more expensive than buying an existing build. Figures show that building a home can cost easily $150,000 or more than buying an existing build. However, when you build your own home, you have peace of mind knowing that everything is brand new. You do not have to worry about hidden costs like replacing roofs, countertop upgrades, or a bathroom remodel. Additionally, new homes will have lower energy costs because of new appliances and systems, so that’s something to keep in mind when pricing out building a home. However, if the price is your top priority, you should consider buying before building, but if you have some flexibility, it may be well worth buying your own home and customizing it to your needs.
Buy vs. Build: Customization
When you build a home, you have the luxury of designing every nook and cranny to your liking. If you want an extra closet behind the stairs, or his and hers matching closet set, nothing is out of the question. Buying a home is different because you have to prioritize what you want in a home while still being flexible and realizing every home you tour will not complete your checklist. If you have a very specific list of needs, building a home is the option for you.
Buy vs. Build: Timelines
As far as timelines go, buying an existing build allows for a faster move-in. On average, it takes 7 months for a home to be built. This works for people who have a comfortable schedule and are not in a rush to move, but it is not optimal for those who have families and need to move in for the start of a school year or a new job. If you’re set on building a home, allow for enough time for it to be built. That’s a process you don’t want to rush! Know your situation and if you need to move in as soon as possible, buying a home is the best route for you to take.
Still Unsure?
Are you still thinking “should I buy or build?” Keep considering factors like price, must-have home features, and your moving timeline. Additional factors to consider include competition for existing builds in the area and the stress that can come with building a new home. Whatever you end up deciding, make sure it’s within your budget! Start browsing Vermont land for sale and residential homes for sale to see if anything catches your eye. Reach out to Josiah Allen Real Estate to talk through your options. We’re here to help!