11 Jan 5 Reasons People Choose to Buy New Custom Homes vs Buying An Existing Home
Making the decision to build your dream custom home vs buying an existing home is one of the more challenging decisions a home buyer will make.
For many, the decision begins with a finanical consideration. It is a common assumption that buying an existing home for a lower price and then spending money on remodeling on your own can be less expensive than building a new custom home.
The primary advantage in buying an existing home is the perceived cost and convenience. With an existing property, you get your finanicing set, find a good realtor to help you select a property and make an offer. Once you come to an agreement, you can close and be in your new home within a few months.
On the other hand, buying an existing home means you almost certainly won’t have your dream home with everything that you want. You’ll make some compromises, or plan to remodel and perhaps make structural changes to solve the things that you don’t like about the home. For example, replacing inefficient windows on your “new” existing home can cost you tens of thousands of dollars.
You may find that the home has dated appliances and/or temperature control systems, resulting in poor energy effeciency. The home likely will not come with new technologies like programable themorstats and security systems and so forth.
The biggest disadvantage in buying an existing home may be that you won’t get exactly what you want. You may not be in love with the floor plan, may wish that half bath on the first floor were a full bath or that there were another bedroom on the main floor.
The truth is, it is often more expensive to change the structure of an existing home, moving windows and doors, knocking down walls, addition additions to the home to create the layout your really want and the upgraded techologies that you will find in a new custom home.
Trulia Survey on a New Custom Home vs Buying An Existing Home
In March and April of 2014, Trulia surveyed over 2000 Americans about their preferences for building a new home vs buying an existing home as well as recent home purchases and building permit data. Here’s what they found:
Twice as Many People Prefer New Homes Over Existing Homes
According to Trulia’s survey results, 41% strongly or somewhat prefer to buy a newly built home over an existing home. Just 21% strongly or somewhat prefer an existing home. The remaining 38% have no preference.
If you are in the 38% who are not sure, here are some advatages to chosing to build a custom home to consider in your decision.
5 Custom Home Building Advantages
- Energy Effeciency: A new custom built home be more energy efficient. Better energy star rated appliances, more efficient toliets, plumbing fictures and electrical wireing, new, energy saving HVAC, insultation, air filtration systems.
- Healthier living: A new home is less likely to have health concerns or toxic materials like an existing home. Asbestos, lead paint, mold, etc.
- Modern Technology: A custom built home can be built with modern technology (programmable thermostats and security systems and other useful technologies) or wired for future installation of home automation and solar.
- Better Investment: Regardless of the upfront cost comparisons, with a new custom home, it is more likely you will recoup your investment when you resell, and a new home will require less maintenance and repair costs. Plus, you’ll have a warranty with the new home to address anything that comes up.
- Satisfaction: Building a custom home creates an emotional connection to your new home. You get to select the layout and style that matches your personality. You get everyting you want, where you want it. Bigger closets, expansive kitchen island, open floor plan, sun room, outdoor kitchens, backyard oasis, you name it. All with the “new home” smell and the satisfaction that this is your perfect home.
Some “Challenges” to Building
Unlike buying an existing home, building a custom home means you will need to find a lot, and a reputable builder to help you design and select every element of your new home.
The biggest drawbacks to building tend to be the longer timeframe and potential costs. All of this can be effectively managed by selecting the right custom home builder to guide you through the process and help you manage your costs.
The Bottom Line
When you consider all of the factors, it’s no wonder that more people, by a 2-1 margin, prefer to build their new home rather than acquire an existing home.
Working with a highly regarded builder like Devonshire Custom Homes makes the process of locating premier lots in high quality neighborhoods a simpler process.
Visit our “where we build” pages to learn more about the communities in which we build, and read our blog post guides to these neighborhoods. Once you know where you would like to build, check our “Available Lots” page to see property that we own in these neighborhoods. If you have already found a lot, you’ll be pleased to know that yes, we’ll build on your lot. Take advantage of a free consultation with our team to help you make decisions about your home building project.
Finally, if you decide you would rather buy an existing home, you can get the best of both worlds by visiting our “Available Homes” page. From time to time we have newly completed homes available.
Some Useful Links
Use the handy links below to learn more about custom home building with Devonshire Custom Homes.