Who doesn’t love getting something brand-new—especially if it’s custom-made just for you? The problem is, custom-made things tend to come with higher price tags and longer delivery times—which are important factors in deciding whether you should buy or build a house.
A house is way too big of a financial responsibility to make a wrong choice here. To help you land the best decision for you and your budget, we broke down the pros and cons of building a house.
Let’s check them out!
Is It Cheaper to Buy or Build a House?
Last year, the average
cost to build a house was over $485,000.
1 Meanwhile, the average cost to buy an existing home was nearly $309,000.
2 That means, choosing to buy a pre-existing house instead of building a new one could save you almost $177,000!
And if you took the middle road and bought a new, semi-custom tract house, it’ll still cost you about $50,000 more than a previously owned home.
3
Pros of building your home
1. Lower maintenance
2. Lower energy cost
3. Desired customization
4. Newness
Cons of building your home
1. Longer wait time
2. Harder to negotiate price
3. Stress
4. Unforeseen hidden costs
Just my little contribution. What do you think?