When it’s to settle down and start a family, you may think: is it better to buy or build a house? Unless you are rich and have enough money to throw around, you will want to weight pros and cons of new and old construction. Whatever investment you are planning to make, you should know that any of them isn’t cheap, but a question you should ask yourself is, which one is cheaper? We are going to give you some advantages and disadvantages to help you make the right decision.
Buying an existing home – based on the latest estimates, a single house for an average family, costs around $220.000 and this price can vary widely depending on the location you choose.
Building a new house – if you decide to construct the house, then the price is around $290.000, which $70.000 more than the cost of an existing home. On the other hand, you are paying for the things you want to install or construct and you can match the entire house based on your needs. But, if the older house has everything you need and fits your requirements, then this is a more affordable solution. The only thing is that you need to find that home. You can also buy a mccormick ranch homes for sale and save some money.
Buying an old house – older homes have a tendency to deteriorate, which means they require more maintenance. Depending on a condition of the house, some of them require a bit more money on fixing. For example, if you need to replace the furnace, it will cost you around $4,000, HVAC is about $5,000, and another significant investment is the roof.
Constructing a new home – considering that you are doing everything from scratches, you can design and organize appliances insider your house. On most devices, you will get a long-lasting warranty, which is a huge advantage. In this case, your maintenance is completely zero.
An existing house – the latest U.S. Census declared that average age of homes in America is 36 years. The older the construction it is, the lesser the energy efficiency is. In this case, you need to think about outdated windows and appliances, which will significantly increase your costs.
A new house – if you are building a new house, then new construction always bits the older homes in energy efficiency. Houses that are made after 2000 consume less energy by 21%, which is an enormous saving. As insulation, different materials are used because they boost up the efficiency of heating equipment.
An old house – already existing homes have one major advantage, and that is mature landscaping. You don’t have to plant the trees and establish plats. This might not be a big deal to you, but U.S. forest service estimates that matured trees and plants save 56% of annual air-conditioning costs.
A new house – it will take you thousands of dollars and many years to get the garden you like. But, again, you will decide what trees and plants to grow and to organize the garden in your manner.