Home Buying in 91722>Question Details

Edward Reese, Home Buyer in 91722

Building vs. Buying a house.

Asked by Edward Reese, 91722 Mon Jul 8, 2013

I really would like to build a house rather than buying one but I have very little information about the pro's and con's, building vs. buying. I am aware that building would possibly more expensive but how much more? Would the extra cost be worth it if you really get all you want? What are good reliable sources of information and what are things to look out for?

Help the community by answering this question:


In our area of NC, this is still a "buyers" market. What does that mean? Basically, you can get a lot more house for the money as compared to a new one. The difference in cost can mean your ability to move in right away. You can also take the difference and invest into some changes such as flooring, cabinets, etc.

Land is also at the "buyers" advantage, currently. You can purchase more land for the same or less as a few years ago.

There is much to determine. I would suggest talking you your local Realtor. A "LOCAL" Realtor can show you what is available and help you to consider your options.
0 votes Thank Flag Link Wed Jul 10, 2013
Building a house may or may not be more expensive than buying a house. There are many factors:
1. Can you find an empty lot in the neighborhood you want to be in? If not can you buy a property at a low enough price in that same neighborhood to justify tearing it down and building a new one?
2. Do you have 2 to 3 years to wait and to invest your time until your new house is built? The 2 to 3 years of rent or mortgage payment you make while your house is being designed and built is part of the cost of the new house since you would not incur this additional cost if you just purchased and moved in.
3. Are you financing the construction or paying cash? Either way you have to count either the interest or the loss of gain(if you are paying cash) on your money, since you are using it to build the house.
4. where are you building? what kind of lot?What kind of soils? what kind of house? how big? etc.

Building will get you almost exactly what you want however, it is not an easy process, especially if you are married. It really puts a strain on a relationship. You really find out things about each other when you start having to make so many decisions. Just buying a house is tough.

I can help you with both. I am a registered Architect, Licensed General Contractor and Licensed Real Estate Broker. Call me and we can analyze your situation to help you.
0 votes Thank Flag Link Wed Jul 10, 2013
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