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Building Vs Buying your Home? A Comparison

We all get to a point in our lives where we reach a point of wanting to put down our roots. Having your own home for your family has always been taken as a sign of a responsible person. Being a homeowner certainly is one of an achievement at these times. However, the question here is would it be more practical to purchase an already built home or having one built according to your specifications? We explore below as to how practical it really is for a family to purchase or build their own homes. Read on below and let us find out.

The Cost

Buying an existing house, studies show is actually cheaper than building a new home and there are good reasons for that. Prices vary depending on your neighborhood, but the fact remains that it is substantially cheaper to buy rather than build based on the average median home. The cost also increases the more personalized your house becomes, and this is a pitfall many new homeowners fall victim to. A tip for those wanting to build their own house is to stick as close to the plan as possible without any major deviance.

Building Vs Buying your Home

Maintenance

When you buy an existing house, you also inherit the wear and tear that goes along with it. Older homes will definitely have something to be fixed, always. This is one of the reasons why they are cheaper than a brand new one. A home on their last legs will actually need more than just repair but replacements – and that is where you lose money most. Consider these when you are looking at the option of buying. A furnace generally lasts up to 20 years, A typical HVAC system – about 15 years, the roof will generally not need replacement in 25 years. A brand new home these days will be under warranty for about 10 years from the date of finish of construction from a builder. So there’s that to consider.

Energy Efficiency

Older houses also mean outdated insulation and window and door designs. That means heat dissipation and cold management are not nearly as efficient as the modern materials and homes of today. That is in terms of managing temperature, also take into consideration the older appliances that consume a lot more energy than our appliances now. Newer home, especially after the year 2000, always beats older homes in terms of lower energy consumption.

Personalization

When you buy an existing home, you may also be buying another person’s preference and may or may not match your personality and that makes it harder to pick an existing house as they may have some contradictions or clashes to your preference. The layout could be wrong, or the color may be off. This is where perhaps a personalised home architecture will trump over any existing home. When you build your own house, you can incorporate your personality and whatever your heart desires into the design. Sure it will cost more, but can you even put a price on happiness?

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