We just moved to Terrell Texas and found a house we might like to buy. We would like to know if it would be more economical to buy a home or build a home.
Hi Katie,
Right now the housing market is making a huge come back. Here in the Oregon market it has exploded and housing prices are reaching the same proportions before the recession. When the market is like this, I lean towards building a home. If you find a fairly priced lot and search out the contractor that best suits your goals and expectations. Typically you will come out with a product you are much happier with, and if you have counted your pennies throughout, a home that carries more financial and personal value.
Since new home prices are higher, your first thought might be to buy a pre-existing home. But you might be amazed at what you can afford if you decide to build your own home instead. Since builders want to keep their crews working, they offer many discounts to encourage potential buyers to build. Plus Everything is new: Moving into an existing property can come with hidden costs, as you might need to make significant home upgrades that might not be entirely obvious during the purchasing phase. If, for instance, you purchase a pre-existing, 2,000 sq. ft. home in Los Angeles and need to repaint the exterior, you can expect to spend between $2,300 and $5,400 on the project.
I always tell clients if you have been a homeowner before then your second home should be a custom built home. You know your needs and wants for living space, selection likes ect…