Is it cheaper to buy or build a house?

Is it cheaper to buy or build a house?

Is it cheaper to buy or build a house?

For families looking to make a move on a budget, an important question to ponder is, “Is it cheaper to buy or build a house?”

In most cases, it is cheaper to buy a house rather than get one built. 

However, there are pros and cons to both decisions that go beyond price. So, we will take a look at what is gained and lost in both scenarios. 

Buying a house

Buying a house is much more convenient than building a house. 

A real estate agent can filter the properties by number of rooms, bathrooms, living areas, size of the lot and more. 

The realtor also helps you in the negotiating process and makes sure all the paperwork is in order. 

Furthermore, if you are needing to move in a short amount of time for some reason, whether it be a new job or an addition to the family, buying a house makes the most sense. Depending on how long you search, you could move into your new home within a couple of months. 

As for cost, the average price for a new single-family house in the midwest was $114 per square foot as of 2019.

Pros of buying a house: 

  • Cheaper than building a house
  • Ability to make a move quickly — often within a couple months
  • You’ll be moving into an established neighborhood near school, work, shopping and dining
  • More likely to have mature landscaping

Cons of buying a house: 

  • May require repairs or upgrades
  • Could have to make compromises on your desired floor plan or lot size
  • May have lead paint, asbestos or other unhealthy building materials
  • Appliances or building materials may not be the most efficient

The cost of building a house

Building a house may not be as convenient as buying one. However, you will be in full control and be able to customize your home exactly how you want it. 

You also don’t have to worry about any lead paint, asbestos, or mold issues that sometimes plague older homes for sale. 

Plus, you can have your contractor build a more efficient home that is better for the environment and offers savings on your monthly utilities. 

Your contractor can have more efficient heating, cooling, insulation, etc. installed not to mention “green” appliances. 

Also, if you want to get high tech, you can have automated features added.

The average construction cost of a typical single-family home is about $154 per square foot. Full disclosure: the National Association of Home Builders is unable to break down their statistics into different regions, so that price is likely a few dollars too high for the midwest.

Pros of building a house: 

  • Ability to customize and get the exact floor plan you’re looking for
  • No risk of unsafe building materials or existing mold
  • More likely to be energy efficient
  • Brand new with no damage or wear and tear

Cons of building a house: 

  • More expensive 
  • Takes several months to build a home
  • Also have to find and purchase land to build on
  • Most likely, there will be no mature landscaping

If you’re looking to build or buy a house in Bolivar, MO

Whether you’re looking to buy or build a house in the Bolivar, Missouri area, Partin Real Estate can help! 

If you’re building and need a plot of land, we have over 30 years of experience finding the perfect property for folks in Southwest Missouri. 

Looking for a house to move into? We have helped families find their new home or farming property in Bolivar, Pittsburg, Pomme de Terre Lake, and throughout Southwest Missouri Ozarks.

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