If you’re starting the search for your ideal home or have struggled to find a pre-existing house that meets your needs and matches your vision, you might find yourself wondering if you should start from scratch. Is it better to buy land and build a house or just buy a house?
The answer is complex and depends on numerous factors, including your location, budget, the current cost of materials, and desired architectural design. Still, there are general advantages and disadvantages to each choice in the build versus buy debate.
Buying Land and Building: Pros and Cons
Before you purchase land and build a house, you should be aware of the potential pros and cons of doing so. Here are some notable advantages of buying land and constructing a new home, according to Bankrate, Investopedia, and the Realtors’ Land Institute (RLI).
- Greater control over architecture and design
- All new infrastructure
- Modern materials and environmental standards (e.g., no lead paint)
- No competing buyers compared to existing homes
- No concerns about repairs after moving in
However, it’s also vital to mull over the possible pitfalls of purchasing land and building a new house:
- More decisions to make in terms of design
- Potential complications in dealing with contractors
- Longer wait to move in
- Unexpected expenses and possibly going over budget
Buying a House: Pros and Cons
Like buying land and building, purchasing an existing house has potential benefits and drawbacks. Bankrate and Investopedia highlight the following as notable pros of buying a home that’s already built.
- Faster moving timeline
- Greater ability to bargain on price
- More options for location
- Mature landscaping
- Potential lower cost compared to building a home
You can also experience disadvantages if you buy an existing home instead of building one.
- Less opportunity for customization
- Maintenance/renovation costs (such as old wiring and appliances, inefficient windows, plumbing problems, roof issues, construction that doesn’t comply with modern building codes, and more)
- More competition from other prospective buyers
- No builder’s warranty
As you consider building versus buying a pre-existing house, experienced real estate professionals can offer valuable guidance and assist you in exploring your options. The Avalon Suncoast team can help you assess homes for sale and land for sale in Southwest Florida.
Start your search for your ideal buildable lot or house today by calling 941-235-7474 or emailing sales@avalonsuncoast.com.