Should I Buy an Existing Home or Build a Custom One?

Has the time come to take that big step to move out of your current home? If you’re in the market to buy or build, we’ll help you weigh the pros and cons of each option to help you determine the better path for you and your family.

Cost

Up front, building a new home will typically cost more than buying an existing one, but don’t look only at the initial cost; also consider your long-term investment. A new home will likely require very few (if any) repairs for several years. An older home will require more frequent repairs, more maintenance, and updates to rooms and systems as they age or become outdated.

If you’re thinking about remodeling an outdated home or buying a fixer upper, make sure it’s worth the investment. Home improvement costs can quickly add up, and many homeowners end up pouring time and money into fixing up a home they initially thought was a real bargain. Make sure you have any home you’re considering buying thoroughly inspected so you know exactly what you’re dealing with.

Time

It can take some builders half a year or more to construct a new home. This can make it tricky if you’re trying to sell your current home before moving into the newly built one. You may have to stay with family or rent for a few months if timelines don’t perfectly align. On the other hand, if you’re buying and moving into an existing home, the swap can happen pretty quickly if things go smoothly. You may be able to move into a home a few weeks after making your first offer.

Stress

Not everyone is up to dealing with the home building process due to the time commitment and potential stress. Many important decisions must be made, such as how to stick to your budget, where to purchase land, the new home’s floorplan and design, and materials to fill each space (flooring, cabinetry, fixtures, countertops, etc.). Be sure to partner with an experienced builder who shares your values and can help you make smart decisions. A good builder will faithfully and successfully guide you through the building process from concept to completion.

Options

When you buy, you have to find a house that fits your wants, needs, and budget, which can be difficult to do. If you’re happy with part of the home but not with the rest of it, you may have to hire a remodeler to make some updates or put on your DIY shoes until you’re satisfied. Building your own custom home will give you the freedom to create the space of your dreams in the location you want. You can include energy efficient appliances, use green building materials, and incorporate the latest technology. Your material and design options are virtually unlimited. Instead of trying to fit into an existing space, you can create a space that accommodates your family’s needs perfectly.

Safety

If you’re considering buying an older home, keep in mind that the building codes used for new homes aren’t the same as they used to be. What passed as safe in the ’60s, ‘70s, or ‘80s could be considered hazardous today, such as lead-based paint, lead plumbing pipes, and asbestos-containing insulation.

If you’re building a new home, you won’t have to worry about these hazardous materials. You can also choose safer, more durable, technologically advanced, and eco-friendly building materials, fixtures, and appliances to fill your new spaces.

Both building new and buying come with their own string of pros and cons. Think carefully about which path is the right one for you to take. In either situation, partnering with the right professionals can help immensely.

If you’re interested in building your own custom home and you live in Iowa, Pro-Line is ready to assist you. Check out some residential homes we’ve built for our happy customers, and feel free to reach out to us any time for more information or to get started on your new project.