Is it best to buy or build a house??

Question

What do you think?

Answer 1

Obviously to "Buy" a house, your choices would be NEW, or existing.

   To assume todays market is SOFT, seems to only be evident in new construction, as many SPEC developments sit less than 30% built out, and probably 3 of those are models. Existing housing is a GREEDY market, perhaps more so than new, in a sellers assumption of value, and comparables, and probably some agents notion of commission. EXAMPLE: In 1992 I contracted a house built with modifications to the model on site. Certainly prices were lower then, but I had the house built in 90 days at purchase price of $128 K. Today, that same house is "WORTH" or able to sell at near $400 K.

   In other related issues, the deal for you depends on what you want, and certainly can afford, or get money to do.

   In a sense of CUSTOM, thought of, or designed by you, a new construction might still cost you heavy, at least given the sq. ft. costs to build today. I'll go back to my example. In 1992, at a selling price to me, of $128 K, the construction costs were approx. $80 K. In 2008, the construction costs could be double, hence driving the selling cost to double. I think that's a median cost in 08 anyway, $250 K, and not all the fault of greed.

   In another notion, land cost could easily be 30% or more of any total pricing, and plumbing and electrical are at least 20% of a build cost.

   The best answer I can offer, is for you to do a lot of research, determine what you want, what you can live with, possibly for the life of a mortgage, and compare all manner of construction, alternative or standard.

   In a very strict sense, if your Q relates to BUILD MY OWN, you'd have to have the various skills, beyond a thought of costs, a time frame to turnkey, still have to apply for permitting, get code and zoning issues resolved, SUB out licensed work as dictated, and decide on compromises you might have to make, and live with.

   What I, or we think, is probably less an issue than what directly relates to your issues.

Steven Wolf

Just my two "sense"

Answer 2

if you buy your limited to whats already built if u build you can control cost and you get to choose styles colores sizes its your creation

Answer 3

Location, location, location.   Where you live can mean a life of comforts or complaints.   If land is available in a location you'd like to live-build.  You'll have a house up to newer codes that's much more efficient than an older one.

But an older home in a great location-if it's been properly maintained can have some characteristics and charm that a new house just won't have.   And improvements can be tailored to your liking.

Answer 4

If you want things a particular way it's better to build.  The only issues are you might have to wait a LONG time (most people I know who have built waited 1-2 YEARS) and you're likely to go overbudget.  If you're on a strict budget, more flexible in terms of layout, etc., or don't want to stay in this house forever, it's probably better to buy.