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Is it Better to Build or Buy a Home?

Custom Homes, Spec Homes | October 26, 2021

If you are looking at purchasing your first home or moving into a larger space, you have likely considered building a home from the ground up instead of purchasing an existing property. Though it may seem like a straightforward comparison, there are many elements to consider when determining which option is best for your needs. As leading providers of spec homes and custom homes, the team at Ridgepoint Homes knows how important this decision is. That is why our team has compiled some information to help you determine if it is better to build or buy a home for you and your family.

Learn about the benefits of building a custom home.

Building vs. Buying

When comparing building a custom home to purchasing an existing property, it is important to consider the following elements:

The Total Cost

As housing prices continue to climb, building a custom home is becoming an increasingly appealing and cost-effective option. In some instances, building a home from scratch can be directly comparable to the listing price of an existing property with similar features. While a listing price only affords a small level of flexibility in most cases, custom homes can fluctuate greatly based on the location, size, materials, and complexity of the design. This allows you to scale back certain elements to meet your budget or stay in line with comparable homes on the market.

Convenience vs. Customization

When buying a home, you are typically able to move in within a few weeks to a few months. This allows you to quickly settle in with your family and start putting down roots. A potential downside to existing properties is that they may not include all the features you want, and these features can be costly to add in the future. Custom homes, on the other hand, tend to have lead times between 6 and 18 months depending on the project and the builder. This means that you and your family may need to live in a rented space or with another family member for an extended period. While this is inconvenient, your custom home will likely include every feature that you want, ensuring optimal liveability, comfort, and satisfaction for years to come.

Value Over Time

While existing properties will likely continue to climb in value over time, a well-designed custom home can easily become one of the most desirable properties on the market. Modern aesthetics, unique landscape features, new plumbing, modern wiring, and existing warranties can all contribute to a higher selling price if you ever need to list the property in the future. While both types of properties are sound investments, a custom home often has a much higher profit potential.

To learn more about our custom home and spec home construction services, get in touch with the experts at Ridgepoint Homes. We can be reached through our online contact form and will be happy to answer any questions you may have regarding our services.