Is It Better to Buy an Existing Home or Build a Custom Home?

Are you in the market to buy a new home? One of the first decisions you will face is whether to build a custom home or buy an existing one. It can seem impossible to find your 'dream home' when looking for a house, especially if you have a specific location and budget.

Consider various factors before deciding whether building a home is better than buying one. From price differences to customization, the advantages and disadvantages of building versus buying can help you determine which is right for you.

If you are on the fence, continue reading to simplify the home-buying decision.

 

Differences Between Building a Home and Buying One

Building a custom home makes you a member of the design and construction team. You will work with your custom home builder to make your home exactly how you want it to be. Because you're constructing the home from the ground up, you decide everything from the floor plan and features to flooring and colors.

Other benefits of building a home include:

  • Newer homes are more energy-efficient, have updated features, and adhere to current construction standards.

  • You're the first owner of your home, and you helped build it.

  • New home construction doesn't use outdated, toxic materials.

  • You won't have to worry about making repairs or replacements anytime soon.

  • Your home will perfectly match the needs and lifestyle of your family.

  • The home design uses your dream floor plan and reflects your style.

  • You won't need to outbid other buyers once the home is ready for move-in.

 

On the other hand, the advantages of buying an existing home include:

  • Buying a home can take less time, allowing you to move in sooner than if you built a home.
  • A prebuilt home will already have landscaping, so you won't need to wait for a lawn and garden to grow.
  • You could negotiate a lower sale price by working with the seller. However, unexpected repair costs could cost you more than you expected.
  • If you wish to make upgrades, you can do so while you live in the home.

Along with these benefits, let's discuss other factors that could affect your final decision.

 

Home Costs of Build A Home Versus Buying an Existing Home

According to the National Association of Home Builders, the average cost of a 2,600 sq. ft. custom home in 2019 was $485,128, while the median cost of an existing home was $309,800.

At first glance, it is easy to see the significant differences between each. However, building a custom home provides more price flexibility than most buyers realize. While the final cost per square foot depends on various factors like location, size, and custom features, you will have control to choose where you want to spend or save. Dennis Miller Homes, a custom home builder in St. George, Utah, provides you with a long-hand bid so you make design choices that fit your budget.

 

Maintenance On a New Home Versus An Existing Home

Another factor that will impact your budget is maintenance. Choosing to build a home is the best option for homeowners uninterested in DIY projects, hiring a contractor, or making frequent repairs. If you buy an existing home, try to factor in additional costs you will need to make after purchasing the home. Some of these might include installing a driveway, new roof or garage, landscaping, new appliances, and connecting utilities such as water or power.

There could also be hidden repair costs that you didn't catch before signing your contract. One way to avoid massive maintenance bills is to build a new home that uses the latest construction standards. Your Southern Utah custom home builder could also offer quality warranties to ensure your house has everything you need to feel 'at home.'

 

Pros and Cons of Prebuilt Homes

Buyers who purchase an existing home already have landscaping when they move in. If you don't have a specific look in mind, pre-existing landscaping is a bonus. However, new home buyers who prefer modern landscapes will need to do a lot of work to ensure their landscape is updated.

 

Building A New Home in St. Georg Is Better With Dennis Miller Homes

Buyers interested in building new homes in St. George, Utah, rely on Dennis Miller Homes. Our team will commit to capturing your vision and perfecting the homebuilding process along the way. We believe in honesty, communication, and caring about your experience. Having maintained the integrity of a family name for more than 35 years, we take the stress and frustration out of building custom homes. As the leading St. George custom home builder, Dennis Miller Homes is dedicated to you and your home every step of the way!

 

Schedule a consultation to start building your new home.

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