If you’re one of the 80 percent of millennials in search of their dream home, it’s important to know what you want. Things like location, size, style, and neighborhood, are common concerns that pique buyers’ interests. Additional issues such as safety, conveniences like shopping, commute time, and schools are also equally important.
However, if you’re undecided about buying a house vs building a house in Arizona, there are many pros and cons to explore. Once you get your finances in order and create a realistic budget, then it’s time to roll up your sleeves and get to work.
Take a look at our helpful list of pros and cons below and determine which option is right for you!
Advantages of Buying a House vs Building a House in Arizona
Buying a house can be an exhilarating experience, but it’s important to get realistic about your expectations. We’ve compiled a few advantages below to help you along the way.
While some buyers of custom houses enjoy being able to pick and choose the design elements, for others it can be an overwhelming process. However, if you’re buying a house, it removes the guesswork and streamlines the process. That way you can focus on more important things – like where you’ll hang your plasma television.
In between the research, tours, offers you make, and rejections, the home buying process can sometimes feel as if it will take forever. But this is exactly what the journey to finding your home is like. Despite the speed bumps along the way, the time spent on these unexpected pitfalls is still minimal compared with the time it would take to build a home from the ground up.
The median price of existing homes that sold averaged about $238,700, whereas the median cost of building a new home is about $312,400. The difference in price alone might be enough of a deciding factor to deter any new home dreams. Additionally, making an offer on an existing home also means buyers have a little bit of bargaining power if the home needs repairs or upgrades.
Disadvantages of Buying a House
While existing houses have their charms, there are also some disappointments that can crop up. Read on for a few common concerns that buyers often face.
Nowadays, sellers have the ultimate advantage in today’s real estate market. And with a limited supply of homes, buyers can get extremely frustrated if they get outbid or miss a window of opportunity to make an offer. If you find a house you like, you only have about 30 days before it’s off the market, according to the National Association of Realtors.
It’s a rare incident to buy a house that is move-in ready, and more times than not you’re stuck with a few hiccups. Buying an existing house means you inherit all of the problems that came with the house, like tacky plaid wallpaper and outdated pink and blue tiles. For potential owners who are creative types, it’s easier to look past these flaws and see the diamond in the rough.
You’ve always dreamed about living in a cozy bungalow, but it didn’t exactly include that cramped floorplan with only one bathroom. In addition to buying the home, you’re now stuck paying an additional amount of money for renovations. If your home is not move-in ready and you go over your budget with renovation costs, it’s a financial lose-lose situation.
Advantages of Building a House vs Buying a House in Arizona
Choosing to build a new house can be one of the most rewarding experiences imaginable. The sky is the limit with design and blueprint options and many owners agree it’s deeply satisfying to be part of the process. Read on for more reasons why it’s a great option.
One of the biggest draws of building a house in Arizona is the idea that you get to start from scratch. From the flooring to the paint color, to the kitchen cabinets and counters, the choices are endless. Because of these options, the style of your new house will feel more personal.
Goodbye high water and electric bills, hello energy efficiency. One of the best things about buying a new house is the technology that accompanies it. Because it has to be up to code, new house owners can reap the benefits like improved air filtration systems and environmentally sound energy.
With everything new in a custom-built house, this means limited or non-existent repairs. And if something were to malfunction or break, new houses typically have a generous warranty that covers repairs and replacement of the items.
Disadvantages of Building a House
For first-time home builders, there are sometimes a few unexpected issues that can lead to disappointment. Although mistakes can happen along the way, if you are aware of them, you’re more prepared. Keep in mind a few of these common concerns below to avoid any surprises along the way.
Construction Always Takes Longer
Maybe a hurricane has derailed the deadline. Or perhaps that imported marble you chose is now back ordered. Despite what the contract says, sometimes delays are inevitable. So if you are in a hurry to move in, it can take up to six months on average, not to mention expect a few drawbacks.
Unlike buying an existing home, there is no haggling when it comes to buying a new home. The sticker price is pretty straightforward, so you should know what your budget is going into the process. Otherwise, disappointment will likely replace your initial excitement. Which leads to the next disadvantage…
Watch Out for Pricy Upgrades
Switch out a countertop here, some builder-grade carpet there, and a few light fixtures in between, and costs add up. Although it might not seem like it at the time, you can end up adding thousands of dollars to your budget you don’t have.
HOA Fees Can Add Up
Another cost that can sneak into the price of a new house is Homeowners Association fees. HOAs can sometimes be expensive and surprisingly restrictive, so make sure to read up on the rules and costs.
Make Sure Your Decision is an Easy One
Whether you are buying a house vs building a house in Arizona, we hope our guide was helpful. If you’ve decided to go with a custom-built house, contact us and let us know how we can get you started on this exciting process.
If you are looking for an experienced, reliable custom home builder in Arizona, Peak One Builders can work with you to build the home of your dreams! Contact us today at 480-378-0611 to set up a free consultation!
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