Buying or Building? Looking for input

posted 3 years ago in Home
Post # 3
Member
87 posts
Worker bee
  • Wedding: October 2022

My SO is a Construction Project Manager for a Residential home builder and we are going through kind of the same thing.. It’s hard for us because his boss kind of expects him to build, even though we only plan on being in our first home for 5-10 years.

My first question would be: How long are you planning on being in this house? If it’s not going to be for a very long time, I would buy. If it’s the home you want to spend the rest of your lives in, I’d build. Building does offer a lot more customization than buying does. However, be prepared for a long process and a LOT of details (and headaches!) There are so many minute details you don’t even think about that the builders will want your input on.

Next question, how is the land availability and pricing in your area? It can sometimes be hard to get available land in a good area with a reasonable price. Luckily, our city is growing fast so there is a lot of land and most of it is in developing communities that offer reasonable pricing.

Third, when you’re budgeting for building make sure to include room for SPECIALTIES! So many people forget about this detail, but when you build you get charged by the city for things such as adding roads, street lamps, street signs, sewer systems, etc. in your area. If you’re not planning on being there for an extended amount of time, it ends up being a waste of money unless you can convince the next buyers to take over what you have remaining.

There’s definitely a lot more to consider, but at least those are some starting points. I definitely want to build someday.. it does have so many benefits (especially to someone as picky as me!), but it can also be a huge pain.

Post # 4
Member
10 posts
Newbee

If you have time, you can plan to build the house, howevr, if you do not have time, buying one is a better option. Hope this helps.

 

Post # 7
Member
813 posts
Busy bee
  • Wedding: June 2010

We bought a brand new home already-built from a builder. I think it was the best of both worlds! Builders usually get left with a bunch of homes from people who wanted to build them but then couldn’t get the financing to actually pay for them. Our builder had five homes on the market in the neighborhood we liked, so we toured all 5, picked the one that had the finishes (carpets, tile, hardwood, granite counters, cabinet color, etc.) that we liked, and bought it!

We got a great deal because the builder really needed to get rid of those 5 homes, we didn’t have to wait for the building process or agonize over tons of choices, and we still got the brand new home with a great warranty! Plus we moved in after all the construction on the other homes was already done (so we didn’t have to wake up to bulldozers, hammering, etc. outside at 6am for months like some of our neighbors did). It worked out great for us!

Post # 8
Member
813 posts
Busy bee
  • Wedding: June 2010

Oh, and when you buy from a builder, you can use the builder’s mortgage company and save money on various fees that they waive!

 

Post # 10
Member
813 posts
Busy bee
  • Wedding: June 2010

@Twyla_Smith:  Ahh, yeah, I’m sure it’s all totally different when you’re not going through a planned development. I’d LOVE to live on some land further from the city, but the commute times are bad enough with our current house in the suburbs! 

Post # 11
Member
10384 posts
Sugar Beekeeper
  • Wedding: September 2010

I’d rather buy a house with some historic detailing and character than build a track home, personally. It would really depend on the quality and level of customization. Most places you can build also tend to be way out in the burbs, to, which can be a headache for commuting. I think i’d prefer buying.

ETA just saw that you mean a manufactured home. In that case, I would definitely buy. Since you wouldn’t be custom building a one of a kind dream home, I think that buying is definitely a better choice.

Post # 13
Member
672 posts
Busy bee
  • Wedding: November 2012

I have experience with both! Our first home was a preowned home. It was small and not something we ever planned on staying in forever.  We bought really low so luckily we were able to sell it within three years to get our dream home and have a bunch of equity in it to pay for our downpayment on the new house.  Our new house was a model home that was built in a new community the outside was done as well as 75% of the inside.  We had the option to put in our own kitchen flooring in all rooms, color of walls, ect. We lucked out though, since the structure was already up we didnt need to get a construction loan.  With those loans the builder normally makes you put more money down up front as earnest money not the downpayment. Also, the other lots in our development had to purchase the land before they builder would start building and made them still put a large earnest deposit down.

Post # 14
Member
2690 posts
Sugar bee
  • Wedding: November 2012

We had our house built and it was also a gift to us from fil but it is our house as it was built specifically for us.  It has it’s shortcomings because we weren’t here for the process so it is lacking in a lot.  Yes, they took our imput and gave us what we wanted: sunroom (sort of), office, ensuite bathroom.  But the master is small and lacking space and the house overall was not well built (so many issues we have had to fix since day one).  I think I like the idea of a building if you can control the process or buying an already built home that is brand new.  

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