The Truth About Buying vs. Building Your Forever Home in Texas
Whether you are a first-time homebuyer or a seasoned homeowner, you may have considered the choice of buying an existing home or building a brand new home. While buying a home is more straightforward, building a new home comes with many benefits and customization options to suit your needs.
But how do you decide which way to go?
The experts at Jim Bland Construction explain the benefits of buying vs building a home in Waco, Texas.
Pros & Cons of Buying a Home in Texas
Most people in the United States purchase an existing home. Whether you are a turnkey type homeowner or someone who likes a fixer-upper, there are plenty of reasons to buy a home.
In general, the cost of buying a home is lower than the cost of building a new home, but there are some ways that buying a home may not be for you.
Some cons of buying a home include:
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You may have to compromise on your wants
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Hidden repair and maintenance costs
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Stiff competition from other potential buyers
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The design of the home may not suit your needs
However, there are plenty of positives to buying a home. After all, it’s a much faster process than building a home, particularly if you can’t wait for a home to be built.
Some pros of buying a home include:
Expenses Involved in Buying a Texas Home
The median home cost in Waco, Texas, is around $309,700.
When you purchase a home, many expenses are associated with the costs that don’t involve your home specifically. For example, about 26% of the costs of buying a home are for realtor fees and closing costs.
Buying a home without a realtor can be more challenging, so they can charge more for their services. The other remaining expenses include the down payment, insurance, property taxes, and repairs or upgrades.
The total cost of your home may grow if you uncover hidden problems or want to do major renovations. At that point, it may make more sense to build your ideal home in a new lot.
Pros & Cons of Building a Home in Texas
If your family is looking for a forever home, building a home could be the way to go. Building a home allows you to customize every detail, and you can integrate modern technology and eco-friendly features to reduce energy costs.
If you are not in a rush to move or have time to wait, building a home can be a great option.
Cons of building a home include:
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Higher-quality materials can increase costs
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Customizing every detail can make the process take longer
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It is a more demanding process than buying an existing home
Some pros of building a home include:
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You can be more confident in the quality of materials
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Everything is customized to meet your needs
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You can avoid seller’s market problems and competition from other buyers
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There is less depreciation on a newly built home
If you or a family member require certain specifications for a home or just want everything to look a certain way, consider building a home. This can be important for the elderly or those living with disabilities, as many homes, particularly older homes, were not made to accommodate wheelchairs or other accessibility features.
Expenses Involved in Buying a Home
The cost of land makes up a huge part of building a new home. If you already own land, building a house on it can be a much cheaper option.
In Waco, the median sale price for land is around $189 per square foot. This can become around 20-24% of your costs.
Other costs include framing, installations, finishing, and the cost of an architect designing your home. Installation costs include electrical wiring, plumbing, HVAC, and other essential parts of your home, which can cost around $60,000.
Finish costs can vary depending on paint, window designs, and other factors. If you change your mind during the process, these costs can affect your bank account.
Key Takeaways
When buying or building a home, three words should be considered: COST, CONVENIENCE, and SATISFACTION.
Depending on your wants and needs, buying or building a home may satisfy you more. It’s a personal choice and one you should consider carefully.
Buying a home is faster and less of a hassle than building, but it may cost you in satisfaction. However, building a home can be more cost-effective over time than the short-term benefits of buying a home. Building a home can also offer energy efficiency and higher resale value.
Consult the Experts at Jim Bland Construction
If you are leaning toward building a custom home in Waco, consider contacting Jim Bland Construction.
For over 50 years, we have been helping Texas families build their dream homes. We offer innovative home designs and quality craftsmanship on every project, and we are a proud member of the National Association of Home Builders.
We always emphasize efficiency in our builds through robust project management. We won’t delay building your home to increase costs. Jim Bland Construction homes are custom homes with custom solutions, tailored for your family.
Give us a call today at 254-772-6508 or request more information online!