Buying vs. Building A New Home: Which Is Better?

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If you’re tired of hunting for the perfect house, it might be time to consider building a new home that perfectly fits your vision. Of course, the options of buying or building your home come with their own sets of pros and cons. Join us as we weigh out the benefits and drawbacks of each option to help you make a smart choice that will meet your current needs.

  1. Advantages Of Buying A House
  2. Disadvantages Of Buying A House
  3. Advantages Of Building A New Home
  4. Disadvantages Of Building A New Home

Looking for a home in North Carolina? Don’t compromise on your vision for a perfect property. Let us help you explore the benefits and drawbacks of building versus buying, and find the right solution for you. Contact us now at 252.424.8941 to get started!

Advantages Of Buying A House

Save Time & Energy

Buying an already-built house can be a more convenient option compared to building a new home for several reasons. One of those reasons is there is less planning involved. You don’t need to consider the perfect countertops or the floor plan layout, with an existing home those decisions have been made. When buying an existing home all you need to worry about is finding one that matches what you need and want from a home. Many existing homes are also move-in ready. This can save buyers time and energy that would otherwise be spent finding land, hiring architects and contractors, and designing your new custom home.

Location, Location, Location

If you’re looking to live in a specific neighborhood close to work, school, family or friends, then an existing home might be the better option. For example, if you want to live close to the city center, most, if not all, of the land in that area will likely have already been built upon. In that case, your best options are to build an infill home or find an existing home in the area you like. Another benefit is the mature landscaping of an established neighborhood, so you don’t have to worry about landscaping costs and planting new trees or waiting for shrubs to grow.

Disadvantages Of Buying A House

The Difficult Search For The Perfect Home

One of the major difficulties in buying a house rather than building is the search for the perfect home. We all have a list of the things we want from a home, but it can be challenging to cross all of them off your list. Often homebuyers will need to break their list into must-haves and wants to determine what they are willing to live without.

Purchasing Someone Else’s Problems

Buying an older home can sometimes mean inheriting someone else’s problems. When buying a home, you don’t know the ins and outs of what’s going on with it, and there can be unexpected issues that pop up.

Even if you find a home that has everything you want, it’s still a good idea to have a home inspection done to get a scope of what work or renovations may be coming in the near future. Just remember that home inspections aren’t infallible and there may be hidden issues that only become apparent after you move in.

Lack Of Availability & High Competition

Much of North Carolina is still a sellers market when it comes to real estate. Many areas have lower listings overall which can lead to bidding wars and high competition for desirable homes. Many homebuyers choose to settle in order to buy something, which can make it even more challenging to find a home that meets all of your needs and fits within your budget.

Advantages Of Building A New Home

Customize To Your Heart's Content

Building a new home allows you to customize your future living space to meet your exact specifications. You get to choose everything from the layout of the home to any energy efficient features for your plumbing and electricity.

Design every aspect of your custom home to suit your tastes, including finding colors for your walls and cabinets that will compliment each other, or creating the perfect kitchen for your cooking needs. If you’re interested in a luxury home build you can also incorporate large entertainment spaces for guests, such as pools, expansive decks and more.

Built-In Modernization

Another key advantage of building a new home is that you can make sure it has all the latest and greatest technology right from the beginning. While the upfront costs may be higher, implementing smart features can make your home more appealing to future buyers when you decide to sell.

Build An Emotional Connection

Building a new home creates a unique emotional connection to your living space. There’s something special about the feeling of living in a home that you have created from scratch. There’s an undeniable sense of accomplishment that comes from building your dream home and creating a carefully crafted space that reflects exactly who you are as a person.

Disadvantages Of Building A New Home

A Longer Wait For Your Dream Home

A new home build may come with some disadvantages, and one of the most commonly cited cons of building a new home is the time and steps involved in the process. Finding the perfect piece of land, the architect and the home builder takes time, along with deciding on every element of the new structure. Luckily, this pays off in the long run as you’ll have created a perfect space in a location of your choosing.

Home Building Tip: By working with a reputable builder and having a comprehensive building strategy and contract in place (which includes construction time duration and avoids open deadlines), you can greatly reduce the risk that your new home build will run over budget or take longer than expected.

You may consider joining an existing development to streamline the process, but this may limit your degree of choice in design elements and other features. Remember to work closely with your builder to consider access to water and sewage systems, along with any environmental and other permits!

Higher Upfront Costs

The cost of building a new home is generally at the forefront of the Buying vs. Building debate, as it is on average more expensive than buying a new home. Apart from the cost of land, which is generally the largest chunk of home building expenses, additional costs to consider include:
  • Sales Commission
  • Financing Costs
  • Permits, Fees & Plans
  • Foundation
  • Framing
  • Plumbing, Electrical & HVAC
  • Interior Finishes
  • Exterior Work & Landscaping
  • Builders Profit
Fortunately, these costs are more manageable than most people think. For example, financing a new home build can be achieved by getting a construction loan (a short term loan with high interest), and converting it into a home mortgage when the build is finished. While the costs can add up, it’s important to remember that building a new home can provide a fantastic long-term return on your investment, making those initial costs worthwhile.

Building A New Home In North Carolina

We hope this article gives you insight and helps with your decision on whether you should buy or build a new home. If you’re interested in learning more or building a new home in North Carolina, don’t hesitate to reach out to us to learn more about the benefits and advantages of building a custom home that’s tailored to your specific needs. Let us help you build your dream lifestyle from the ground up!

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