Deciding where to live as a family is a challenging and important long-term decision. It’s essential to make a choice to move into a home that meets your family’s unique wants and needs.
There are so many options on the market. Should you buy a home that is already built, or go for custom homes? This blog post will help you make your decision by detailing the differences between the two and debunking any common misconceptions.
By the time you finish reading this blog post, you will have a better understanding of your options. You’ll be able to decide what is the best move for you and your family.
Table of Contents
Home for Sale vs. Custom Homes
Think of anyone you know with a house. If they put up their house for sale today, their house would be a home on the market. The house is already built. The building decisions have already been made. Of course, you can do renovations, but those can add up in cost quickly.
For the most part, it’ll be hard to find a home on the market that completely matches your wish list. Since it was already built, you’re stuck with the foundation of the home.
With a custom home, you’ll hire contractors that will build your dream home for you. You get to make all the choices to develop a house that is perfect for your family.
Benefits of Buying a Home on the Market
The benefits of buying a home that has already been built is that it’s quicker. There will be no waiting period as the home is built. If you need to move quickly, this may be your best option.
Another benefit is that you can renovate the house. You’re not married to the house as it is now. Also, if you don’t want to make building decisions, buying a home on the market is probably for you.
Cons of Buying a Home on the Market
Because you had no control over how the home is created, you may end up with a house made of low-quality material. This can lead to costly maintenance and upkeep.
Since the home is not created by you, you may want to make some changes. If you do, you’ll have to invest in renovations. If these are just low-cost, small projects, that may be fine. But if you have huge changes you want to make, in the long run, building a custom home will be cheaper.
If you’re only making a few renovations, remember that the rest of the house will look the same. It might help a few areas, but it won’t create the home you really want unless you invest a lot of money.
Here’s a breakdown of the average cost of renovations per square feet:
Benefits: Build your own Home
When you hire contractors to build your ideal house, you have full control over how it’s built. This means you can choose to use the highest quality materials. In the long run, this means they’ll fare better and require less costly maintenance.
You also have the benefit of a flexible budget. With a custom home builder, you can choose how much you’re willing to spend, as well as where it’s spent. If high-quality roofing is important to you, you can put more money into that, and less money in other places that aren’t as essential.
Here’s a breakdown of the average cost of each aspect of your house:
|Work||Percent of Job Cost||Typical Range|
|Land & Site Work||3% – 8%||$5,000 – $38,000|
|Foundation||10% – 15%||$16,600 – $72,000|
|Framing||10% – 20%||$16,600 – $95,000|
|Exterior Work||15% – 20%||$20,000 – $95,000|
|Major Systems (electric, HVAC)||10% – 15%||$17,000 – $72,000|
|Interior Finishes (drywall, floors)||25% – 35%||$42,000 – $167,000|
Building your own house will give you complete control over the home’s construction, layout, and finish. Every single decision will be in your hands. You have the power to create your dream home.
Cons of Home Construction
Working with a custom home builder will take more time than finding a home on the market. Magic and perfection takes time, right? You’ll have to be patient throughout the project.
Another con of building your dream home is for people that shy away from making decisions. If you have no idea what color shirt to put on in the morning, it may be more challenging for you to make the choices required to build your dream home with luxury home builders.
For example, here are some stages of custom home building that should be on your radar:
What to Consider when Making a Decision
- Your Budget. Although custom homes may seem more expensive, in the long run, they save you money. Custom homes are less expensive because they require less maintenance and upkeep, and it minimizes the need for renovations.
- Time. Do you have time to build a custom home? It will take a good amount of planning and meeting with your contractor to ensure that the building is going smoothly. Homes don’t get built overnight.
- Priorities. Is your priority moving into a home as soon as possible? Or is your priority moving into a custom home that serves all your family’s wants and needs, and saves you money in the long term?
Find What Works for You
There are pros and cons to both finding a home on the market and building a custom home with contractors. Every family has different wants and needs. Here are some tips to help you make your decision.
- Make a checklist. Imagine your dream home. What are its attributes? You can organize your checklist by making a “needs” section versus “wants.” This will help you prioritize the attributes while you look for your ideal house.
- Decide your budget. What would you prefer to spend? What’s the most you’ll spend? Come up with a range for your budget.
- Figure out your time frame. Whether you’re in a rush or you have time will be a deciding factor in if you look for a home on the market or build your dream home.
- Define long-term goals. What are your family’s long term goals and priorities? How will your dream home help your family meet your goals? How can you make sure your priorities are met within your house?
Start imagining your dream home and take extensive notes.
You Have Options: Custom Home Builder
Before you mark off custom homes as out of your price range, it never hurts to get a quote on your dream home. Who knows? Maybe your dreams are more feasible than you give them credit for.
At ICOA Builders, we have more than 30 years of experience building perfect homes for a variety of families. Our luxury home builders work with you to meet your needs within your budget.
Give us a call today for a quote at 813-575-4262!