When it comes to finding your perfect home, one of the first decisions you’ll face is whether to go the custom-built route or purchase an existing property. Both options have their appeal, but they come with different pros, cons, and considerations. Today, we’re breaking down the major factors involved — from cost to timeline, and customization — to help you decide which path is best for you!

How Much Does It Cost to Build a Custom Home?

Building a custom home is the dream for many because of the power you have to design every detail to your exact specifications. Sounds like the dream scenario right? The truth is, that costs can quickly spiral out of control. While many start with a specific budget in mind, in reality, unforeseen expenses, design changes, and material price increases often push the final price tag much higher than originally anticipated.

On average, custom homes can cost between $200 to $500 per square foot, depending on location, finishes, and builder reputation. And remember — that doesn’t include land acquisition costs, permits, and unexpected delays. As much as you plan, building often ends up being significantly more expensive than initially expected, making it crucial to prepare for some financial twists and turns along the way.

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How Long Does It Take to Build a Custom Home?

Another factor to keep in mind is time. While buying a resale home might take a few weeks (depending on financing), building a custom home can take 12 to 18 months or longer, depending on the project’s complexity. From securing financing and obtaining permits to finalizing design details and waiting for weather delays, the construction process can feel like it drags on forever.

That’s why patience is key when opting for a custom build. Though it offers the advantage of a truly personalized home, it also means you’ll likely wait months or even over a year before you can move in. So if you’re in a rush, buying a resale home might be a more immediate (and practical) solution.

Building vs. Buying a Resale Home

So, why not simply buy a home that already fits your needs? For many, purchasing a resale home is the more realistic choice. In fact, it’s often quicker, more cost-effective, and less stressful than starting from scratch. However, resale homes come with their own challenges. You might find a home you love…except for some features that don’t exactly match your vision. Of course, that’s where buying a home and making upgrades comes into play.

Buying a Home to Renovate: A Happy Medium?

If you’re drawn to the idea of having a home tailored to your needs but don’t want the hassle of building from the ground up, purchasing a resale home to renovate can be a great middle ground. You’ll save time on the front end, get a property that’s already established, and still have the freedom to make upgrades and changes.

Renovations can range from cosmetic fixes (like updating the kitchen or bathrooms) to more significant changes (like adding extra rooms or reconfiguring the floor plan). Depending on the scope of your renovations, this option can be less costly than building new, though it still carries risks, such as unexpected issues arising from outdated infrastructure.

Buying a new build home? You’ll want to check out these related blog posts next:

• Existing Home Vs. New Build: Which is Right For You?
• Why You Should Use An Agent To Buy Your Next New Construction Home
• Are Pre-Construction Condos A Good Deal?

The Bottom Line: Which Is Right for You?

Choosing between building and buying comes down to your priorities. If you crave full control over the design and layout, and you’re willing to wait and potentially exceed your budget, a custom build might be the ideal choice. However, if you’re more concerned about time and avoiding excessive costs, purchasing a resale home and making targeted updates could provide a more balanced solution.

Whatever route you choose, remember that both options come with trade-offs. Whether you’re building, buying, or renovating, careful planning and realistic expectations will be key to achieving your dream home.

Ready to start the conversation about which path is right for you? Let’s set up a time to talk to discuss your needs, goals, and priorities at your convenience! Give us a call at 202.280.2060 or email us directly at jsmira@jennsmira.com.