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Is It Better To Build Or Buy A House?

Have you ever thought about having a house built? It’s not uncommon for people to dream about designing their ideal home, from the floor plan to the fine details. However, building a new house vs buying an existing one can be complicated, depending on the circumstances. If you’re uncertain about building vs buying a home, we will take you through some important points to consider before you decide.

Building A New Home

Having a house built within a master-planned community offers a more structured process than you would have if you buy a vacant lot in a subdivision. The infrastructure of a master-planned community will be established and there will be amenities like fitness centers, event pavilions, pools, parks, and playgrounds that are either available to residents now or planned for the future.

Additionally, the building process in a planned community is simplified as well. You can start by choosing your lot or the home design you want from an array of available options. Then, construction begins. The home builders at Lilyana by Hillwood offer homebuilding sites in our master-planned community in Celina, Texas and work with you to help you create your ideal new home.

Benefits of Building

There are several benefits of building a house including greater control and options for customization, among others.

  • Customization. You can select the design, features and finishes from the start rather than remodeling an existing house.
  • Control. When you choose to build, you will have much more control over the final product. An existing home may have features you do not like that you accept because you like other elements of the house.
  • Competition. Some cities have very few existing homes for sale. This means homeowners receive multiple full price offers before their home is even officially on the market. When you build a house vs buy a house, you don’t have to worry about competition from other buyers.
  • Newness. A home you have built will be brand new! It will have sparkling new appliances, updated finishes and likely be more energy efficient and tech savvy than an existing home. So, while the cost of building a home vs buying is likely more per square foot, you ultimately will get what you want (or very close to it) and great value for your money.

If you’re concerned about affording the cost of building new vs. buying existing, it may be possible to qualify for a Federal Housing Association (FHA) One-Time Close Construction loan that will significantly offset the construction costs of your new home. These are just a few of the reasons why many people opt for building versus buying their homes.

Buying an Existing Home

Buying a home can be a more straightforward process than building one, but you will face certain limitations. You may not face construction costs, but you must still account for certain expenses beyond just the market price of the house. You’ll need to prepare for your closing costs, the cost of an appraisal and home inspection, and any remodeling you require before you move.

There are many different loan programs available that can make buying a home easier and more affordable. The FHA, USDA, and VA all offer loan programs for first-time homebuyers, some of which may include zero down payment and lower interest rates. It’s worth taking time to investigate all of your options for financing to get maximum value from your home purchase.

When considering buying vs building a house, these factors may make buying more attractive:

  • Timing. Provided you don’t do an extensive remodel, there is no need to wait for construction when you choose a move-in ready existing home. If your moving timeline is urgent, then it may be in your best interests to choose an existing home to buy instead of having a house built
  • Price. Depending on the neighborhood, you may pay less for an existing home than you would for a newly built home. But then again, you may not. An existing home in a sought-after neighborhood can cost more than a newly built home in a brand-new development.
  • Decision Making. If you find it difficult to make decisions, building a house may not be for you. You will have a lot of choices to make from the lot to the home design, countertops, paint colors, flooring, etc. Buying an existing home will not require as many choices.

These are just a few of the benefits of buying vs building a house. Of course, if you decide to buy instead of build, you’ll need to decide what type of home you want to buy. The age of the home is one of the most important factors to consider.

Buying an Old Home vs. a New Home

There are some key considerations to evaluate with a new home vs old home. An established older home has a certain charm that many homebuyers will find attractive. New homes may have modern features and amenities, but some homebuyers find them less personal and attractive than older homes. Ultimately, buying a new home vs an old home comes down to personal preference.

Is It Better to Buy or Build a House for You?

If you are torn between the decision to build a house vs buy a house, it is vital to consider your family’s needs. If you are still unsure about building vs buying a home, Lilyana by Hillwood can help. You can take a virtual tour of our model homes or schedule an appointment with a builder to visit our community. If you are leaning toward building vs buying a home, Lilyana offers a wide range of amenities and community-driven features that will help you make your homesite selection with confidence. Contact us today for more information about building and buying options in Lilyana.