Build a Home vs. Buy New Construction
Maybe you’ve been house hunting for a while and haven’t found anything you like in your price range. Maybe you’ve been living in an older house and decided that no matter what, your next home will be brand new. New construction often is an affordable option for purchasing the home you want, in the town or neighborhood you want it, and sometimes you can even control the timeline.
Once you’ve chosen the location that is perfect for your family and you make a wishlist of features that you want to see in your new home, the only thing left to do is build! Not so fast. The next decision is to figure out if it makes more sense to hire a team on your own to draw up plans for your property and build it, or if you would be better suited to purchase a new construction home in a planned development that you can customize to make yours.
If you didn’t even know you had the choice, we’ve broken down the pros and cons for you to consider when it comes to building your own home versus buying new construction.
Building Your Own
Whether you purchase an available plot of land or tear down an existing property to rebuild from the ground up, one of the biggest advantages to building your own home is the ability to customize. You can work with the architect as they draw up the blueprints to make requests, suggestions, and decisions. In the end, you have a one-of-a-kind property that fits your exact specifications and tastes.
The downside? Some people might feel pressured having all of the decision-making power in designing a home. You’ll have experts to run the process of designing and building, but you might prefer not to do your own hiring, and choosing from a more specific choice of floorplans and features might make you feel more confident.
Another potential disadvantage is the final price. There can be a lot of hidden costs that may not come up until you are well into the process. According to the National Association of Home Builders, building a home tends to be more expensive on a cost-per-square foot basis than buying a home. Another major expense you’re responsible for is installing systems — that is, water/sewer or septic, running electricity to the property, and even running the cable lines.
Buying New Construction
The price of new construction is much more closely aligned with prices of existing homes in the area. Think of the home price as somewhat “all inclusive,” with the understanding that additional costs will come from upgrades of your choosing. However, those amenities can add up, so prioritize.
Being part of a new construction neighborhood can streamline the building process. The developer knows exactly what needs to be done and when. Once you choose your design and make the decisions you need to, the builder and their crew will keep the construction on track.
On the other hand, you won’t have a completely customized home. Remember that your builder will offer a lot of options, but they’ll be somewhat limited. You’ll still be able to choose the style and layout of the home, number of bedrooms and bathrooms, garage, additional space for an office or entertainment room, paint colors, fixtures, cabinets, and countertops.
Building your own home or buying new construction both come with some of the same major advantages that attract homebuyers to these options in the first place. Even with differences in design elements, new floorplans offer much of what today’s lifestyle demands, including large kitchens, walk-in closets, and multiple bathrooms.
Brand new homes give you all of the same energy efficient and modern appliances, windows, heating and cooling systems, and materials. That equals a lot of long-term savings on utility bills. You also should expect to receive the same types of warranties so you typically don’t have to think about any major maintenance or repairs costs for at least 10-15 years.
Whichever route you decide to take, research is important. We’re building throughout New Hampshire! Schedule a model home tour to see what’s available and let us help you find the right home for you.