It’s time to take that big step–owning a home. Maybe you’re ready to buy your first home or maybe you’re ready to step into your forever home. Either way, a lot of questions loom before you: interest rates and down payments and financing, just to name a few.
But there’s one question that may be looming before you before you begin: Which is cheaper — to build or buy?
It’s a great question! And it’s one that means the difference between walking into a turnkey, finished product that’s exactly what you want versus walking into a long-term project. (Depending on your personality, either one of those could excite or terrify you. ha!)
We’d love to walk you through the differences between building or buying. Because the truth is: it comes down to what’s right for you and your family.
Building a Brand New Home
There are multiple factors that go into owning a home, but generally speaking it’s probably going to be more costly up front to build a brand new house. Consider this: when you’re thinking about building a new home from the ground up, there’s a lot you’ll need before you even break ground, starting with the land itself. Then there’s the work it takes to get it ready, including (but not limited to) a well, septic, driveway, irrigation system, driveways and more.
Additionally, building a new home means that you’re paying for brand new everything, from HVAC to roof to all of the finishes. The upside to that is that if you’re paying for all of it, you’re also picking all of it. It’s a chance to start from scratch and get exactly what you want. Hello dream home!
Buying an Existing Home
On the other hand, buying an existing home generally requires less money up front. Why? Because most of what you don’t even think about is already part of the package — outdoor living, appliances, and finishes, for example. Or even the basics that make a house run: plumbing, electric, HVAC, etc. The downside, of course, is that you might not have every finish you like, some of your systems might need upgrading or maintenance, and you might run into problems a little more quickly down the line than you would with an all new home. But the upside is: finding an existing home with great bones is a fun way to put your spin on what is already a great jumping-off point.
The Quick Answer: It Depends
If you’re the type of person that needs to see it to know what you want, buying and renovating an existing home is probably the best bet for you. If, on the other hand, you’re someone who has very specific ideas, goals for the home, and needs for the floor plan, building from the ground up is probably going to suit you best.
On average, in a very broad sense, building will cost more than buying. That said, when you work with a good custom builder who can look at your concept and budget, and then direct you on how to get the best bang for the buck so to speak, you can get something that gives you most of what you want at a reasonable price. And best of all, it’s all brand new.
The Good News
Whether you’re ready to build your dream home from scratch or renovate your home into the perfect space, Kingdom Builders Construction is your go-to. We offer both ground-up construction and large-scale renovations. Contact us today. Our experts are on hand ready to consult with you and help you figure out how to get you into the home of your dreams!
