Is it better to build a new home or buy one? It’s a common question that many people ask when they are ready to move to Wyoming, and for good reason. In the U.S. in 2021, the cost of buying a new home was up nearly 17% over the previous year, with the median home sales price landing at $346,900, according to the National Association of Realtors. A number of factors pushed home prices to record highs, including strong demand from buyers restless to move during the pandemic, the inventory of homes for sale at an all-time low and soaring material and labor costs. With home prices still holding relatively steady in 2022, the decision whether to build or buy has serious implications for any homebuyer.
Below are some considerations to help you decide whether to buy an existing home or build new.
The Pros of Building a Custom Home
Because the price to build a new home can be hefty, your first inclination might be to purchase an existing Cheyenne residence. However, building your own could save you a surprising amount of money. Although you might not have built before, here are some attractive perks to keep in mind.
- You get exactly what you want. When searching for a home, finding one that checks all the boxes can be tricky – especially when you have a certain location, budget and wish list in mind. With a custom home, you get to select the floor plan, floor and wall coverings, trim, cabinetry, appliances and other features you want to include in your house from the start. It also means you avoid the expense of remodeling an older house to open up the floor plan, replace outdated features, add more storage, etc.
- Everything is new. Unlike buying an existing home, when everything in your home is brand-new, it is unlikely you will have to deal with major repairs for several years. For example, a new Gateway home includes a one-year builder warranty that covers workmanship defects plus a 10-year structural warranty. This gives you longer to settle into your home and enjoy it without worry.
- Build with better efficiency. Rising utility costs are often a concern for homebuyers, but newly built homes typically include materials that lower energy consumption and improve comfort when compared to older homes. These materials include energy-efficient vinyl windows, better insulation to keep out drafts and highly efficient HVAC equipment.
- You can choose your builder. When you build a custom home, you can vet and hire a reputable local builder that you can trust to bring your vision to life.
The Pros of Buying an Existing Home
So now that we’ve established some benefits of contracting a builder to build a new home, you might want to weigh the advantages of buying an existing home.
- You may be able to move in faster. Considering the timeframe involved with building custom, if you are crunched for time, it may be more convenient to buy an existing home. You simply need to shop around, choose from the homes that you like and close the deal.
- You can live in an established neighborhood. If you’re set on living in a specific area near a school or workplace, it may be easier to find a home there rather than trying to find a lot to build on.
The Best of Both Worlds
Did you know that building a home isn’t necessarily more expensive than buying an existing home? It all boils down to your budget and selections. When you build a new home, you control the price points of the materials and features that go into that home. If you work with a design/build company like Gateway Construction, we will take your budget into consideration from the moment you begin designing your home until the day you move in.
As you consider whether buying or building a home is best for you, recognize that both options involve significant expense and potential headaches. Think about your move-in timeline and your expectations for your future home. If a new home build is in your future, Gateway is ready to help you bring your dream to life! Our in-house designers can create a custom plan that is uniquely yours, build from your plan design or create a semi-custom design based on one of our popular floor plans. Our experienced team will streamline the building process to make it enjoyable and hassle-free.
In addition, Gateway also offers a limited selection of move-in ready homes! These newly constructed homes feature our most popular floor plans and amenities, built with our signature commitment to quality and workmanship in the most sought-after Cheyenne communities. To talk about constructing a custom home or to tour our inventory of available homes, call our team at (307) 632-8950 or contact us online. Let’s start building your future today!