Should You Build or Buy? New Construction vs. Existing Homes

new construction homes for sale in Woodstock As Keller Williams real estate agents, our goal is always to help clients find the home that best suits their needs and wants. Unfortunately, tight housing inventory, seasonal demands, and personal preferences can sometimes make it difficult to find that truly perfect home. In such cases, there is another alternative to consider- building!

Building your dream home allows for a level of customization and personalization that goes far beyond what remodeling can offer, but it’s important to remember that either choice comes with its own pros and cons. If you’re trying to decide whether to build or buy a home in Woodstock, these are some things to take into consideration.

Convenience and living expenses

There’s no denying that buying an existing home- even if you plan to remodel- is much more convenient than having to pay two mortgages or a mortgage and rent while a new home is constructed. Of course, if you have the budget to do so, it may be less disruptive to your family’s routine than living in your home while remodeling is going on.

Securing financing

Depending on your financial history, it may be easier to secure a traditional mortgage than a construction loan. First time home buyers especially may have an easier time buying an existing home than building.

Construction vs. renovation

At first glance, buying an existing home might seem like a more affordable option. However, after consulting with a contractor, many home buyers realize that in order to get their “fixer upper” where they want it to be, they will easily surpass the cost of building a new home.

Deciding whether it is cheaper to build or buy will depend on the state of the house you’re considering, the extent of the renovations needed, what your desired end results are, and whether or not you plan to do some or all of the renovation work yourself.

Remember that certain renovations are more expensive than others. So if all you want are minor upgrades throughout, you may want to buy an existing home. If the house you’re considering fixing up will require an addition, major kitchen and bath remodeling,  new windows, or finishing a basement, you could end up saving time, frustration, and money by building new.

Resale value

Construction materials and techniques have come a long way, green/energy efficient features are in high demand, and building codes are even more strict now, so a new home can end up being more valuable and marketable than even a beautifully remodeled older home.

At the end of the day, the decision to buy or build is an individual choice that depends heavily on each buyer’s situation and expectations.

Whether you are in the market for an existing home, new construction, or buying a lot on which to build your dream home, The Premier Group is here to help. Contact us today to get started exploring the real estate options in Woodstock, Towne Lake, Cherokee County, and throughout the North Atlanta suburbs.

Photo by Erika Wittlieb via Pixabay