Building a Custom Home vs. Purchasing An Existing Home
Have you been considering a residential construction project to build your dream home? There are a lot of factors to consider when deciding between building a custom home or purchasing an existing one. Both options have their pros and cons, and it can be challenging to decide which is the best option for you. In this blog post, we’ll explore the best and worst parts of both options so that you can make the best decision for your needs.
Pros Of Purchasing An Existing Home
Move in easily
Purchasing an existing home is often easier than custom residential construction because you can move in far more quickly. The home is already built and usually doesn’t require much work to be done before you can live there. This contrasts with residential construction, where the home is being built from scratch.
It’s usually the cheaper option
Typically it’s cheaper to buy an existing home rather than build a new one from scratch. This is because the land is already paid for, and the home doesn’t need to be built from the ground up. Additionally, you may be able to negotiate a lower price on an existing home since the sellers are usually more motivated to sell. However, this all also depends on the real estate market.
You can renovate
When you purchase an existing home, you have the opportunity to renovate it to your own taste and style. This is a great way to make the home feel like your own without starting from scratch.
Well-grown landscape
This can be a huge pro if you love a well-grown, luscious outdoor space. Mature trees, shrubs, and other greenery can add curb appeal, value, and privacy to a property. If you’re looking for a move-in-ready home with immediate outdoor enjoyment, an existing home with a beautiful landscape may be the perfect fit for you.
Cons Of Purchasing An Existing Home
It can be very stressful
Stress is always a significant factor when buying an existing home. You want to be sure that you’re getting the best home for your money, but this can take a lot of time, and there are so many variables involved. The market in the area might be too expensive for you to afford, or maybe there is no vacant real estate in your area.
You may not find a home that fits your exact style
The home style is often dictated by the time period it was built or last updated, as well as the area it was constructed. If you can’t find a house that fully satisfies your needs, you may have to renovate the home to get it to your desired level of style. This can be costly and very time-consuming.
Problematic appliances
The appliances may be outdated and in need of repair or replacement, which can cost you more money. Additionally, old appliances may not have the latest safety features, which could put you and your family at risk.
Less energy efficient
Older residential construction is often less energy efficient than newly built homes. This means higher utility bills and a larger carbon footprint. Additionally, many older homes have not been updated to meet current building code standards, which can pose safety hazards.
It may have been built with hazardous materials
Purchasing an existing home comes with the risk that the home may have been built with hazardous materials. These materials include asbestos, formaldehyde, lead paint, and mercury. These materials can be dangerous to your health and should be avoided if possible.
Pros Of Building A Custom Home
Customize every detail.
From the big things like floor plans and layouts to the more minor details like fixtures and finishes, when you build a custom home, you have the opportunity to tailor every aspect of the space to your specific needs and wants. This means that your new home will perfectly suit your lifestyle – now and in the future.
Less future maintenance costs
When you build a custom home, you can select high-quality materials built to last. You will also get to install top-notch appliances of your choice. This results in your home requiring less maintenance and repairs over time.
Built with safe materials
Custom home builders can construct homes with safe materials. This is especially important for families with small children or elderly members, as they are more susceptible to injury from harmful chemicals or building materials.
More energy efficient
Energy-efficient residential construction is becoming increasingly popular as people seek to reduce their carbon footprints. When you custom build a home, you have the opportunity to use sustainable materials and energy-saving features that will lower your energy bills and help the environment.
Cons Of Building A Custom Home
It’s expensive to finance
When you finance a residential construction project, you are paying for both the land and the construction of your property, which can be expensive. You’re also subject to the difficulty of obtaining a loan and a fair mortgage rate.
Unexpected costs and delays.
Any number of things can go wrong during the construction of your new home. There could be unforeseen costs from construction mistakes or weather damage. You could also run into delays in getting the necessary permits or finding the right contractor.
It takes a while
The biggest con of building a custom home is that it can take a while to get it built. It requires a lot of hard work, and depending on the size and complexity of the home, it can take anywhere from several months to a year or more to get the home built. This is much longer than it takes to buy an existing home and possibly renovate it.
What now?
Whether you’ve decided to buy a new home and renovate it or build your dream home from the ground up, there’s no one better to call than Levi’s Construction.
For more information, check out our website or give us a call at (510) 543-1182. You can also reach us via email at levisconstruction@comcast.net!