To build or to buy? It's one of the first and most important questions that you'll need to answer when considering your next home. The right answer for your family depends on a variety of factors, including your budget, where you would like to live, your preferences for the home, and your future plans. Our real estate agents are here to help you make an informed decision, with a closer look at whether building or buying a home might be the right choice for your family.

The Pros of Purchasing an Existing Home

• Buying Typically Costs Less Than Building
  According to the National Association of REALTORS®, the median cost of purchasing a new home is $223,000. Compare that to the median cost of building a new home which checked in at $289,415. So the up-front cost of purchasing an existing home can be significantly less, even if the exact prices will depend in part on the market.
• Find a Home in Your First-Choice Neighborhoods
  Especially in larger cities and popular neighborhoods, it can be difficult to find land to build a new home. However, in the same neighborhoods where land is scarce, there will often be quite a few existing homes available for sale.
• A Faster Timeline Than Building a Home
  If you need to move in a hurry for work or any other reason, then time is a huge factor. The timeline for building a home is often significantly longer than the timeline for purchasing a home, and with new construction, there is always the potential for delays.
• Mature Landscaping vs. New Landscaping
  Do you dream of a home with beautiful, mature trees that provide shade and scenic views? With new construction, you're often starting from scratch with landscaping, which means that it can take years for trees and other landscaping elements to mature. That's not an issue when buying a home.

Potential Downsides of Purchasing an Existing Home

• Existing Homes May Require More Maintenance
  While the up-front cost of buying a house is typically lower than the cost of building one, buying an older house means more potential for maintenance issues. All of the plumbing, wiring, and structure of an existing home will have years of wear and tear that won't exist in a new home.
• Customizing an Existing Home Can Be Expensive
  It can be tough to find a home that meets all of your preferences, which means that you might want to update or remodel the home that you purchase. While smaller updates won't typically break the bank, major renovations can be expensive, time-consuming projects.
• Potential Issues with Energy Efficiency
  Older homes will generally also have older doors, windows, and appliances, which can lead to lower energy efficiency than you would get with new construction. Less efficiency can mean higher energy bills, and make it harder to manage the temperature in the home.

The Advantages of New Construction

• Customize a Home to Your Exact Preferences
  The ability to customize the home to suit your exact preferences is the biggest reason that some people choose to build rather than buy, and it's a major benefit if you have a very specific vision for each aspect of the home. So if you want to customize every detail or you would rather avoid the potential drawbacks of renovating an existing home, then building a home may better suit your needs.
• Lower Maintenance Costs
  In a new home, all of the key systems of the home are also new, which can lead to significantly lower maintenance costs in the short and mid-term. Some builders also offer a warranty or guarantee on the home, so you may not have to pay out of pocket even if a maintenance issue does occur.
• A More Efficient Home
  New homes are built with energy efficiency in mind, which benefits both the environment and your budget. It's also easy to integrate smart home features in new construction, which can make the home even more efficient.

Drawbacks of Building a New Home

• A Longer Timeline Before You Can Move In
  New construction takes time. In addition to finding land, you need to find an architect, have the home designed, and find a reputable builder to see the project through to completion. Even with a great builder, there is the potential for delays related to the land where the home is being built. If you need to be in your next home quickly, new construction may not be a great fit.
• Potential for Cost Overruns
  In addition to the potential for delays, there is the potential for cost overruns that are often related to those delays – especially when it comes to the foundation of a new home. Make sure to carefully review your agreement with the builder, so you know exactly who will be paying for any added costs that come up during construction.
• Construction Industry Challenges
  The COVID-19 pandemic is still heavily impacting certain industries. In regards to the construction industry, the supply chain was disrupted over the last year, resulting in a supply and demand issue, where there isn't enough supply of construction materials for the current demand of new projects. If you are looking to build at the moment, you'll notice materials are marked up for this reason.

No matter your choice, our experienced team is here to help you with all of your real estate needs. Contact us to buy and sell homes throughout the Northern New England region.