BUILDING vs BUYING a HOUSE. Is it cheaper to buy or build a house? Cost of Building vs Buying a Home

It’s Ty the Real Estate Guy with a video for those who’d like to know if it’s cheaper to build a house or buy an existing house. I'll focus on the cost to build a new construction home vs. buying an existing home. And, I’ll answer the question, should I buy an existing house or build a house? There's pro’s & con’s to both building a house & buying an existing home. I’ll start with the cons of building a House or buying an existing house & then I jump to the pro’s.
Here's the cons of buying an existing Home
You’re probably going to need to repaint. Paint touch ups never matches so, plan on painting the whole wall, or the whole room, or possibly, the entire house. I’m not even going to talk about how much is sucks to remove wall paper.
You may need to replace old appliances, the furnace, Air conditioning unit, water heater & even the roof. If you’re buying a large house there could be 2 furnaces, A/C units & water heaters, so the replacement cost would double.
Do the current owners of the home have inside pets? If I purchased an existing house, the carpet & pad would be the first thing to go before I even moved into the home.
You’ll also most likely want to steer clear of homes that have been smoked in. You'll have a hard time removing that stench.
Lastly, you’ll need to consider, the cost to repair, replace & update things in the house. Like the cost to update the kitchen or small annoying things like leaky faucets, dead electrical outlets & etc.
Here's the Cons of building a house.
You’re going to have to be patient. Building a home can take 6-8 months. This could be a good thing, giving you time to plan & save money.
The builder won’t give you a guaranteed closing date until the home is 30-45 days from closing. If you’re in a hurry or prefer something that will be done quicker, some builders have quick move in homes AKA spec homes or inventory homes. You may find a brand-spankin’ new house you love that you can move into quickly.
New Homes are also usually going to cost more up front. As I said earlier, you’re not going to need to update, repair or replace things.
Often the builder will not include landscaping or only the front yard is included.
Here's the pros to buying an existing Home
You’ll be able to get into the house quick, usually 30-45 days.
The upfront cost or the actual price of the house is usually lower than what you’ll pay for a new construction home.
With an existing home, your window coverings are usually included
Also, with an existing house you’ll already have mature trees & bushes. Also, the sprinkler system, grass & fence is already installed.
Here's the pros of building a house
When you build a home, you get to select your interior finishes, things like cabinets, counter tops & flooring. This would include interior & exterior paint colors + your plumbing & electrical features.
No maintenance. No need to repair or replace anything. You should be able to go years with no major repairs or replacement costs.
The home will be built with the newest building codes. The quality of construction should be better & the house should be more energy efficient.
Many builders will pay your closing costs.
The builder may throw in the refrigerator, landscaping or etc.
I’ve built 5 homes. I love that I’m not spending my precious time & money doing odd repairs around the house. My life is already hectic enough, & a brand new home is a great way to simplify. I made this video to give you some important things to consider & so you’ll know what to look for.

Links to other videos:
How buying a home builds wealth - https://youtu.be/yl9tEI02blM
The most in depth guide for buying a new construction home - https://youtu.be/Lni9URMXn6E
How to choose a home builder - https://youtu.be/Jt5uu_REi3k
How to save money when building a home - https://youtu.be/2wAmJACmkGc
Why you should build a House in 2020 - https://youtu.be/QYG9U8_XbG0
The most important upgrades for new construction homes - https://youtu.be/b_Z86Hm9xkA
Building a Home vs. Buying an existing home - https://youtu.be/DeW06h6Ogzg

Ty Wilde
Realtor & New Home Construction Specialist
801-995-2337
TyWilde7@gmail.com
Wise Choice R.E.

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Ty Wilde is Utah's best real estate agent on YouTube with over 100 real estate videos. Ty is Utah's best Realtor on YouTube for New home construction videos. Ty has some of the Best Videos on buying a home, selling a home and Real Estate investing. Subscribe to Ty’s channel for the best real estate videos on YouTube.

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