Are you trying to move out of your home, but can’t decide on your next steps? If you’re asking yourself whether it’s cheaper to buy a house or build one, keep reading on!
U.S. Bank shares the pros and cons of building versus buying:
Many things come to mind when deciding whether to build a new home or buy a home. However, the most significant decision is pricing. Which one is more budget-friendly? It is cheaper to buy a house. As of October 2022, the average cost of a home is about $400,000, while building one costs around $430,000.
Of course, these numbers can vary with different factors like the size, maintenance, and quality of the home you buy or the home you desire to build.
Building a house
- Cost about $150 per square foot (can go up to $500 depending on the quality of materials).
- A better quality home that lives up to your standards.
- Lower utility, repair, and maintenance costs because everything is new.
- Avoid the competitive housing market (especially if most homes do not reach your expectations).
- Safer technology ensures everyone and everything is protected inside the home.
- The resale value will likely be higher.
- The construction could take a long time due to shortages of resources (about six months, but could extend to a year or more depending on circumstances).
- During the building process, you will have to invest in another place to live (especially if you have already sold your old home).
- With an increase in demand comes higher costs (around $85,000).
Buying a house
- There are not as many construction costs unless you run into significant issues.
- The process is shorter and less expensive in comparison to building a house.
- Immediate move-ins and closings are guaranteed and easier to deal with.
- It is convenient if you need to move quickly.
- If you are buying at a certain location, it is easier to find a house rather than find a piece of property to build on.
- Your dream house may have to meet some compromises on your expectations.
- Supply shortages can make it challenging to buy a home.
- Some costs you are unaware of, such as any damages, may come along.
- Very difficult to customize the layout since the house is already built and stable under a particular foundation.
- If you want to make any upgrades in the home, you will have to invest in those, which ups the cost of the house.
Overall, they both have their fair share of pros and cons, entirely based on preference and budget.
Explore the incredible advantages of cash offers on houses in our latest blog post: “Benefits of Cash Offer on House: A Comprehensive Guide.” In this comprehensive guide, we delve into the world of hassle-free home selling, highlighting the speed, minimal risk, and unparalleled convenience that cash offers bring to the table. Say goodbye to the uncertainties of traditional selling methods and embrace a smoother, faster way to close the deal.
Is it better to build or buy a house for the first time?
According to Ramsey Solutions, buying a home that is already on the market as a first-time home buyer is highly recommended.
Do you want to build or buy a new home but can’t sell your old house? Check out KC Home Buyer Group!
How Can I Sell My House For Cash?
Many homeowners are wary of house-for-cash companies and sometimes think they are scamming agencies, but this is not the case at all! House-for-cash companies exist because the need exists and can be a lifesaver for homeowners everywhere. The process is simple through KC Home Buyer Group:
- Fill out a free form or give KC Home Buyer Group a call
- If your home meets buying criteria, we’ll contact you for an appointment
- You’ll get a fair, written, non-obligatory offer
- We close at a local title company, putting cash in your hands in as little as 7 days
Save Money by Selling Your Home For Cash
Through KC Home Buyer Group, we guarantee a streamlined process that comes with the following benefits:
- No broker fees
- No real estate commissions
- No hassle of putting your home on the market
- No need for repairs. KC Home Buyer Group will buy your home as-is
- Put more cash in your pocket instead of hiring a realtor or home inspector
- Free offer, no obligation if you decide selling isn’t for you
Have questions about selling your home quickly in Kansas City for cash? Don’t hesitate to reach out and call KC Home Buyer Group today for a free quote on your home.