Building a new home precisely to your specifications can be a dream come true. If you’re thinking about building, there are important details to consider and decisions to make before you commit. Consider these pros and cons to help you decide if new construction is right for you or if buying an existing home is a better option.Pros
- You have the opportunity to build the custom home of your dreams. Building a house allows you to choose every detail, from floor plans to landscape design.
- Location options are endless. When you build, you can choose land that suits your needs, whether that means living next to a secluded lake or in a family-friendly neighborhood.
- Maintenance costs are less of a concern for new homes. New HVAC, plumbing and appliances should help you save on repair costs typically associated with an older home.
- New construction takes a long time. According to BobVila.com, it takes about seven months to build a house, and today’s supply chain issues and labor shortages may cause additional delays. New construction may not be the best option for home buyers looking to move quickly.
- Unknown costs may add to the price of new construction. Building a home is typically more expensive than buying an existing home, and fluctuating costs of supplies such as lumber can add unexpected expenditures.
- The home-building process can be stressful. On top of the many decisions within your control, you’ll also have plenty of unplanned issues. For example, weather woes and supply problems can slow your construction timeline.