When you are ready to buy your dream home, you might wonder whether building vs. buying makes the most sense. While custom homes can be an exciting way to meet all your home needs, they can also take a lot of time and money. On the other hand, buying a house with history behind it can be a fun experience as you work at making it your own.
Regardless of where you currently sit on the build vs. buy spectrum, both routes have pros and cons. Below, we will dive into each of these routes, discussing their strengths and weaknesses and ultimately determining which option might be right for you. So grab your hammer and nails as we delve into the build vs. buy debate!
Building
Pros
- Customization: The most obvious benefit of building your home is the opportunity to customize everything to your taste. From the floors to the lighting, appliances, cabinets, and much more, you can pick and choose. So, whether you prefer a rustic farmhouse feel or a mid-century modern, the choice is yours.
Learn More: Built-For-Sale vs. Custom Building
- Reduced Maintenance: Newly-built homes must meet all current building codes and have up-to-date technology, so you won’t have to worry about major repairs or maintenance issues for the first few years. Perhaps best of all, you won’t have to worry about discovering any of the previous owners’ repairs.
- No Competition: When the real estate market is competitive, it can be a stressful experience trying to lock down a home when there are multiple other bidders. When you own the land and build on it, you don’t have to worry about fighting to secure a house just days after it reaches the market.
- Lower Energy Costs: New homes often come with the latest energy-efficient appliances and materials, ensuring you receive much lower energy bills. In the long run, this is beneficial as older homes can end up costing a fortune in energy bills and the replacement of older, less efficient systems.
Cons
- Time: On average, constructing a new home takes seven to twelve months. Closing on an existing house typically takes 30 to 45 days. For some, the time it takes to build a home is already too much; for others, the cost of continuing to live somewhere else while the house is being built is too great to bear financially.
- Noise and Mess: This doesn’t apply to every scenario, especially if you are building somewhere remote, but noise and mess can be a major issue if you are building near other new homes. While you may be moved into your new home, other homes in your neighborhood may still be in progress, meaning a lot of noise and a potentially messy commute for you.
- Fixed or Growing Cost: Most home buyers go into the purchasing process expecting the ability to negotiate a lower price, which can often work out in their favor. Additionally, on average, the cost to buy a home in 2022 was $535,500, while the cost to build was around $645,000, meaning it was over $100,000 more expensive on average.
Learn more about different architectural styles in our Complete Guide to South Carolina’s Architectural Styles.
Buying
Pros
- Better Choice of Location: As mentioned above, building a home can be costly. The money you save from buying an existing home can go towards snagging a great location. There may be a home in a historic neighborhood you have eyes on or a community you always loved growing up. Buying a home can allow you to move into nicer areas if that is one of your priorities.
- Ability to Negotiate: As a buyer, you can negotiate the price on the home as well asrepairs and maintenance that need to be done before moving in. Negotiating closing costs is another way to save money when buying a home.
- Time Saved: When buying an existing home, you won’t need to wait for your contractor to finish up your hardwood floors or kitchen cabinets. Most transactions close within 30-45 days, so you can get into your new home quicker.
Cons
- Updates and Repairs: The previous owner may have loved their leopard print wallpaper and orange tiled sink, but those may not match your style. When buying a home, you will most likely face updates that need to be made. On a similar note, you might also need to make some repairs, especially if you are purchasing an older home. So, it’s vital to always consider the age of your home when buying.
- Environmental Issues: While this isn’t applicable in every case, if you buy a really old home, you may need to deal with harmful chemicals, like lead paint or even asbestos. This would be another additional cost that you should consider in your home-buying process.
- Compromises: Chances are you won’t find a home that checks off everything on your wishlist, meaning you might have to settle for some things you don’t like or not everything you were hoping for. And while this is to be expected when buying a home, it is worth noting when considering building or buying.
Related: When is the Best Time to Buy A Home on Kiawah Island
Which is Right for You?
The debate between build vs. buy all comes down to your priorities. Building might be for you if you genuinely value making a home entirely yours and aren’t worried about additional cost or time. On the other hand, buying a home might be right for you if you value a great location in a great neighborhood and a home with some character. Either option can work for you if you go into it with the right mindset and understand that there are bound to be hiccups along the way, but they are challenges you can and will get through.
Buy or Build Your Dream Home on Kiawah Island
Regardless of your preference, we would love to have you join our fantastic community on Kiawah Island. We have beautifully designed existing homes, built-for-sale homes, and homesites available for viewing. Browse our properties below and reach out to our team to schedule a viewing!
Via KiawahIsland.com
