Should I Build a Custom Home or Purchase an Existing One?
There are pros and cons to purchasing both an existing home or a new construction home.
Buying an Existing House
Many homeowners believe that buying an existing house is the only way to acquire real estate, but in most areas of the country, this isn’t the case. If you are purchasing rental properties, buying an existing house is often the easiest and most cost-effective way to acquire real estate. However, homeowners who intend to live in the house may need to renovate the property, complete necessary upgrades, or fix foundation problems. The resulting financial investment may be more expensive than a custom-built home if you consider the cost of renovations, upgrades, and/or additions. Buying an existing home also limits your options to the currently available inventory, meaning it may not be possible to find certain features, but it also allows you to find a property and move in quickly, typically within 30-60 days of the seller accepting your offer. Still, existing homes - especially older homes - offer charm and character that is difficult to reproduce in a new build, and in certain populated areas, may be the only option to live in a certain neighborhood or area.
Building a Custom Home
A custom home would be too costly and time-consuming if you plan to rent a home. However, a custom home may be an ideal option if you're looking for your dream home or your "forever" home. It may also be the only option if you own property without an existing structure.
You can personalize every aspect of your dream home. Everything can be customized, from the number of bedrooms and bathrooms to the type of flooring and tile used in each room to the ceiling height. You have the option to choose your kitchen layout and whether you prefer an open concept layout or need more individual rooms. You are the first to live in the space, and every aspect is customized to your specific needs and budget.
A custom home is often more expensive and takes longer than buying an existing home. This is especially true if you are comparing it to a move-in ready home. There is significant upfront investment and some stress involved in building and it typically isn’t cost-effective to include some features that you may find in an existing home, such as intricate woodwork.
Choosing the Right Home for You
Be clear about your ultimate goal and your short-term plans before you decide on a home to build or remodel. Are you planning to live in the house or rent it out? How much are you willing to spend? Is there a specific feature you require or want that is difficult to find in a preexisting home? If you buy an existing house, will you have to make renovations?
Whether you decide to build a custom home or choose to purchase an existing home, Dogwood Construction can help you make the space your own. As an Aiken SC general contractor, we are available for custom home builds, interior home renovation projects, home additions, outdoor space construction, or total renovations. With a designer on staff and more than a decade of general contracting experience, we can help you create a functional and beautiful space and we offer a family-friendly approach to home building. Contact us today to learn more or to schedule a consultation. Dogwood Construction serves clients across the greater Aiken County SC area.