For anyone tracking recent housing trends, there is something of a housing shortage at work right now. Yet, there is no dropoff in demand, which helps explain the pricing boom in the housing industry.
For those committed to owning their own home, there is an open question they must answer. Should they focus on buying a pre-built home or go the designing a home route?
Both options can provide you with a home. Both options also come with a fair share of pros and cons. Keep reading, and we’ll break down the pros and cons for both choices.
Designing a Home Pros
One of the main attractions in designing a home is that you can get exactly what you want. Maybe that means wall-to-wall hardwood or maybe it means a modern home design with an open floor plan.
It gives you the option for integrating energy-efficient features you might not see on older homes. You can also find companies like millseloge.com that bundle everything from design to build into one service. That simplifies things by offering one point of contact.
Designing a Home Cons
One of the big pitfalls with designing a custom home, beyond settling on an inspiring home design, is the time involved. While each custom home will come with a unique timeline to completion, it’s rarely short. You can typically expect a wait of a year or more before completion.
Finding an undeveloped property that you like in proximity to things like your job, schools, and shopping can prove challenging.
Pre-Built Homes Pros
Buying pre-built homes are almost always faster than building new ones. Depending on your market, buying a house typically runs in the four to five months range. You also avoid potential problems like installing utilities.
You can often find existing homes for sale in proximity to your workplace or a neighborhood with good schools.
Pre-Built Homes Cons
With an existing home, you almost always compromise on some of your wants. It might get close to your dream but won’t match it.
Pre-built homes are often identical to nearby homes. Some buyers find that lack of individuality frustrating.
Not so long ago, buying a home was almost universally cheaper than building. These days, the going price for homes of nearly $300,000 means you can potentially save money by building a new home from the ground up.
Of course, that will depend on the size and the specific features you want in your custom home.
Design or Buy?
Most potential homeowners will face the dilemma of designing a home or buying a pre-built home. These days, it’s much less of a cut-and-dried financial choice.
You can often build a modest custom home for the same price or less than the cost of a pre-built home. On top of that, custom homes let you design the exact home you want, rather than compromising on features you want.
Looking for more insights on owning or buying real estate? Check out the listings in our Real Estate section.
