Ready for a place to call home, but debating between building vs. buying? Purchasing a home is a major life decision and a serious investment. Let’s explore both options so you feel equipped to make a choice and get the home of your dreams.
When comparing the costs of building vs. buying, consider all variables associated with the final price. Buying an existing home often appears cheaper at the time of purchase, however, the price paid is for the house “as-is.” Additional finances are required for remodeling, renovations, and decorating.
When building a home, the average cost is much more difficult than calculating the average of an existing home due to customization— an unquantifiable value. New construction allows for a one-of-a-kind home built for longevity.
Energy efficiency is another important factor when comparing costs. When purchasing a new construction home with Core, you can count on the highest energy-efficient amenities. Energy-efficient homes are good for the environment leaving less of a carbon footprint and they save buyers money on utility bills.
- 2×6 Construction
- 45% More Insulation Than Average Builders
- R-21 Insulation in Exterior Walls
- R-49 Batts & Blown-in Insulation in Ceilings
- Low-E Double Pane Windows
- 92+% Efficient Furnaces
- Energy Saver Power Vent Water Heater
- Fully Insulated and Drywalled Garage
- High-efficiency Kitchen Appliances
- Exterior House Wrap
- Energy Efficient Steel Entry Doors
- Digital Thermostats
- Individual HVAC Returns in Bedrooms and Central Returns
- Structural OSB Wall Sheathing
- Test & Balance HVAC Before Closing
On average, newly built homes are at least 70% more energy-efficient than resale homes.
In addition to the above, our Ranch Villas also include reasonable taxes
low association fees, and all exterior landscaping and snow removal.
Existing homes for purchase often come with aged windows, inefficient lighting, and outdated appliances resulting in hidden energy costs that drive up the cost of utility bills.
In addition to Core’s new home communities, any of our home plans or your home plans can be built on your own homesite. On our plans, we will subtract out the cost for the lot and permits from our prices shown and add in permits, fees, and any requirements for the area in which you choose to build. If you have a plan, bring it to us, and we will give a complete price out free of charge.
When it comes to renovating a home vs. building a house with custom needs, consider the following cost:
Building a home offers flexibility and customization upfront. Every family is different, and your brand new home can perfectly meet your family’s needs. If you build with Core, there are many opportunities for you to tour your home as it is built. This keeps the lines of communication open, ensuring your satisfaction with every aspect of your brand new customized home.
When purchasing an existing home, renovations come after finalizing the purchase. The buyer is responsible for the time-consuming process of planning renovations and then paying for them once they are made. Some tasks included with planning for home renovations include:
- Setting a budget and staying within it
- Determining what changes and updates need to be made
- Identifying local building codes and restrictions
- Researching and contacting reputable contractors
It’s essential to keep in mind that inspectors cannot move items during a home inspection. Costly issues are often identified during renovations that often increase the bill and slow down the process of updating. Some of those items include rotted foundation wood, asbestos, and electrical and/or plumbing systems that are not up to code.
Prices for a new build may seem higher than an existing home at the time of signing, however after necessary renovations are made to an existing home, it’s likely costs may match or exceed a new construction. If looking for a more straightforward approach to home buying, starting from scratch allows for customization and exact needs/wants vs. a laborious and costly renovation.
So what’s the right decision for you? Buying or building? New construction often has a higher price tag but comes with customizations, options, and energy efficiency. An existing home often has a lower price tag with higher utility bills and ongoing fees as necessary updates and renovations are made.
Still struggling to make a decision? We get it! That’s why Core Homes is here to answer any of your questions. Contact our team here: 815-467-1155 or stop into one of our sales centers.