When you want to move into a home as its owner, there are essentially two options that you can consider. This includes buying a house or building one from the ground up. In the United States, around 64.6% of households own the house they live in. Let’s explore what to consider when deciding between building a new house or buying a home.
Building VS Buying A Home: Is Buying Better?
Many people consider buying a new home to be the better choice. This is mostly due to the fact that there is no need to hire an architect and to worry about the design process. With this said, buying does come with its cons. We should look at both sides to determine which options might be the better solution for you.
Pros Of Buying An Existing Home
One of the major benefits when buying a new home in Nashville is the fact that you have a lot of options to choose from. There are always houses for sale in today’s market, so you can view multiple properties to find something that fits your needs. It’s also generally more affordable to buy a home that is already built.
See What You Qualify For
Another benefit is the fact that you can apply for financing from a bank and get an approval amount. You are then able to browse various homes in your desired area that matches your affordability – this makes house shopping much easier.
Cons Of Buying
Buying does come with downsides. Even though there are many options available, you may find that homes matching your buying criteria are too expensive and do not fall within the amount you can get from your local bank. When you buy a home, there may also be maintenance that needs to be done – such as pipes leaking inside walls. These faults are not always obvious upon an initial inspection of the house. It may also take additional time for you to find a house in the location or neighborhood you prefer.
Building A New Home
When you choose to build a new home, you’ll need to approach a contractor that can help you with this process. These contractors will often have all the experts required to get the project started – such as professional builders and experienced architects. Let’s consider the pros and cons of building your own home.
Pros Of Building
The major benefit of building a home is the fact that you have full control. You are the one who decides the layout of the home, how many rooms there should be, and the structure of every room. You can decide the type of roofing, doors, and windows you want to install.
Cons Of Building
Building does come with a few downsides. First of all, it takes much more time compared to buying a home. It can take anywhere from three to six months before you will have your newly built home ready for the move-in. You will need to ensure you have other accommodations during this time, which can also lead to extra expenses in the form of rental payments. Another downside is the fact that you will need to have a home designed – and when you do not know exactly what you want, it can be difficult to come up with a layout that you find appropriate.
Cost Of Building A House Vs. Buying
Research suggests that the median cost of buying a home is about $414,200. Construction had a median cost of $449,000 associated with it in 2022. There are more fees associated with building, but many people find that the benefits outweigh the higher costs.
Choose Donnelly Timmons for Your Custom Home Build
When it comes to building a new home in Nashville, choosing the right contractor is crucial. If you find yourself in the center region of Tennessee, then Donnelly Timmons can help you build the home of your dreams. We have been building custom homes and providing home renovation services for more than two decades, and we continue to be a trusted contractor in the local community.
Reach out to us today for a quote and discover how we can help.