When looking for a new home, the following big question came up for my wife and I.
Should we buy an existing house or build brand new?
Our family of seven (yes with five kids) is outgrowing our current rental home so we made the decision to venture out into becoming homeowners! It’s both exciting and scary at the same time.
I’m going to list what we thought about regarding this question to help others make the right decision for them.
Buying an Existing House versus Building a New House
If you’re short on time and need to move soon then buying an existing house could be favorable. It can take between 5-6 months on average to build a new house. For our family, we were comfortable with the expected timeline.
2) Preference of Old Versus New
For our family, it was the fear of buying an old house then having to spend possibly thousands of dollars for repairs. We bought a used house in the past and had to invest in repairs to end up leaving a bad taste in our mouths. The idea of getting a fresh new house was more exciting to us.
3) Customizing a House (ex: number of bedrooms, movie room, etc).
With buying an existing older house, you don’t get to choose the structure of your house including the materials and features. For us, we wanted to be able to choose the model, materials, number of bedrooms, how the house is wired for internet efficiency, the property to be built on, and the overall look and feel.
4) Cost of Buying an Existing House versus Building Brand New
We started our house hunting with suggestions from friends on local houses for sale and of course other websites like Realtor.com. As we were looking at the houses, our attention was focused on price, number of bedrooms, special features (ex: movie room), size of property, and of course the cost. While searching, I ended up seeing advertisements of building a new house and brand new communities popping up in the area. When comparing the price of an existing house and a building a brand new house, the cost didn’t make sense for me to buy an existing house. There were cases where the cost was the similar but you get to choose what you want in the house versus buying features you may not care for. It depends on the location and what you want in the house.
We chose to build a brand new house!
I hope this information will help to make the right decision for you.
We will be posting throughout our journey of building our first ever brand new house. Keep checking up on us!