Are you in the market for a new home? Or are you planning to build the perfect one yourself?
If you are planning on buying a pre-built house or building a customized home in North Carolina, it’s a good idea to gather information about the advantages and disadvantages of each choice. Buying a home offers more convenience, but it may not have a lot of room for customization. However, building a house from scratch allows you to choose everything down to the last detail, but at a higher price.
Weighing the pros and cons of buying or building a house in NC can help you decide which is the better option for you. With this, you can channel your time, energy, money and other resources into the right investment that will serve you best:
Building a Custom Home in North Carolina
For some, being able to construct their dream home exactly the way they want is a huge advantage. On top of meeting their practical needs for a house, it can also be a satisfying milestone.
Let’s have a further look at those compelling reasons for building a house in NC:
This factor alone can drive homeowners to choose a new construction or custom home. It’s apparent why this is an attractive option: you can customize every aspect of your home to suit your needs and preferences. You can bring your ideas to life, whether it’s modifying the floor plan or picking furniture and fixtures that fit your interior design aesthetic.
Another advantage to constructing your home from start to finish is energy efficiency. You can incorporate this salient feature of modern living into your project by choosing safer materials, green appliances, etc. The upfront cost for these upgrades can be high, but it can save you money in the long run. Think about reduced energy consumption and enhanced performance of your heating, ventilation, and cooling (HVAC) system
Greater Return on Investment (ROI)
On top of sustainability, new and improved safety features are built into new homes. You have to follow the most current building codes, adding to your peace of mind. You won’t have to worry about toxic materials, structural issues and other unforeseen problems that tend to pop up when buying an existing home. Further, the combined sustainability and safety features can increase the resale value of your custom home.
On the other hand, here are some of the disadvantages of building a custom home in North Carolina:
It can take at least 10 months to complete a fully customized house. Before you can plan and construct your new home, you need to purchase land. You will also be required by the NC authorities to process the necessary permits. The process can be both energy and time consuming.
You can mitigate the risks by partnering with a reputable builder, or joining an existing project that still gives you the freedom to pick out most of the details.
Constructing your home requires you to make many decisions , from planning to construction and design. Yes, your builder can ensure the proper execution of your idea. But it’s your job to tell them exactly what you want. That can be a challenging feat if you have plenty of choices to consider. It may be helpful to partner with a builder that has an in-house designer to help you make these decisions.
Buying a House in NC
Being able to move in within a month or two of closing on a deal is the biggest draw for buying an existing home. Even if the entire process entails more steps, from seeking financing to shopping around to closing, it is still more convenient for people to move right in.
If you’re on a tight schedule for any reason, such as relocating for work or kids attending a new school, you may prefer the convenience of buying a move-in-ready house. The sooner you can start your life in an existing home, the better.
No Land Purchase
Of course, you won’t have to spend time searching for a viable piece of land if you choose to buy instead of building a house in NC. You can also rest assured that you’re getting a prime lot for a good price if you pick out a house that’s close to the city.
According to the National Association of Home Builders, it works out cheaper to buy an existing home. You can expect lower upfront costs in your local real estate market and across the country. Additionally, you can negotiate with the current homeowner or seller to get the price you see fit. However, buying a home does come with some pitfalls. Here are the risks that come with buying a house in NC:
Existing houses can come with problems that entail costly repairs. You may also be dealing with outdated building materials and systems, which will also require fixing. Plus, since you don’t have control over the details, you may end up with pre-designed elements you don’t like, such as the flooring or bathroom fittings. This means you will shell out additional money for remodeling or decorating.
Moreover, older houses are usually not energy-efficient. You may have to inspect an existing home to ensure you can integrate highly desired energy-efficiency features without modifying it drastically.
Lower Resale Value
As mentioned above, an older home may be outdated. Thus, it will also cost less in the market compared to newer, custom-built homes. In addition, advanced technologies, such as solar and automation, are becoming more and more common in contemporary homes. They help homeowners save on utility bills and have peace of mind because of built-in safety features. Without these factors, you may not expect the property to appreciate that much.
The Bottom Line
While it’s initially cheaper, buying a home may entail additional spending if it ends up being in poor condition. The update and renovation costs can add up pretty quickly. Still, it’s your best bet if you’re on a tight schedule.
On the other hand, building a custom home in North Carolina offers plenty of benefits if you have specific requirements. You can pay the upfront cost knowing that you will get a safe, energy-efficient home in exchange. To maximize your investment, partner with a builder with extensive experience in creating homes that promote comfort and innovation.
Learn more about how the team at Chelsea Building Group can help you build better, beautiful homes, complete with a fully-engineered plan, a Diamond Certification from Environments for Living (EFL), a two-year warranty on appliances and mechanicals and a 10-year warranty on the structure itself.