Should you build or buy your next home?

Tuesday, December 28, 2021

When preparing to make the next move, a common question we hear is, “Should I build or buy?” There are several factors that could play into your decision, and it’s best to consider your priorities regarding a new home when deciding whether to build or buy. Home construction involves a lot of decision making and financial management, which can be very stressful.

Since the pandemic, the housing market has seen a shift in supply and demand for materials, causing prices to inflate. Lumber costs, for instance, have tripled over the past year. Although it may cost more upfront to build a home, it can save you money in some areas in the long run. Systems like HVACs are more efficient than they used to be, and nearly everything in a new home comes with warranties. When you buy an older home with older systems and no warranties, you run a risk of having to pay more out of pocket if there are issues down the road.

On the other hand, there is something to be said about the quality of craftsmanship and materials tied to older homes. Many older homes have unique characteristics that are hard to come by these days; original hardwood floors, real wood staircases and beautiful crown molding are just a few of our favorites. Brick construction and masonry fireplaces found in older homes can be expensive to add to new builds.

“A compromise would be to buy a spec home,” say Sharon Mueller and Teresa Hastings of Area Properties River Region, who are working with the developers of Deerfield Subdivision in Cape Girardeau. “This can provide the benefits of a new construction with the latest design and style without the hassle of handling the decisions of the construction from scratch.”

While choosing to build or buy, it comes down to what is most important to you and your family. At Area Properties Real Estate — River Region, we’re dedicated to helping find the right match for you.