Buying vs. Building: Getting The Most Value From Your Florida Home
When looking into a new home, most people turn immediately to the listings in their area. For good reason, too: you can find a home in less time, get a mortgage for the cost, and move in immediately. But is that the best use of your hard-earned cash?
Investing in any home preserves the value of your money for generations, but building a home can provide more value to you and your family. Whether you’d pay more to build a home or buy one depends on the details of your build, area, and market conditions. When we take into account the quality of life, hidden savings, and future return on investment from building a home, building beats buying every time.
Let’s Talk Money
We’ll start with the most important question: how much will it cost you? According to a 2019 US Census Bureau report, new homes built in the South cost an average of $110.19 per square foot. Compare that to Realtor.com’s $158 median cost per square foot to buy a home in Gainesville. With around 1,000 people moving to Florida every day, demand and housing prices are on the rise.
It’s important to remember that your building cost per square foot will vary. If you want the best new appliances, finishes, and landscaping, your cost per square foot will be above average. The good news is that you have complete control over your costs. You’ll be able to set your budget, determine where you want to splurge or save, and work with your builder to understand the up-front and long-term costs of each decision.
Hidden Costs and Values
That up-front number is a good place to start comparing building vs. buying, but there are a lot of extra costs and values you’ll experience after move-in.
- Repairs, replacements, and renovations. These won’t be needed for a while in a new home. With all-new systems that adhere to current building codes and modern finishes, you won’t need to worry about outdated electrical or decades-old design choices.
- No quirks, no problem. When you buy an existing home, you might not know about the repair history, potential problems, or quick-fix workarounds you’re inheriting. Whether it’s a faulty dishwasher, wallpaper that won’t come off, or just a pink bathroom, you could be stuck with these quirks for a while.
- Skip the runaround and come out on top. With an increased demand for Florida homes, the competition for quality homes can be fierce. Building a home allows you to skip the cycle of touring and making offers on a home without requiring compromises to your budget or wishlist.
- Energy efficiency. With modern-day technology and your choice of appliances, you’ll have the option to create an energy-efficient home. Even using current materials in your electrical wiring, insulation, and more will cut your energy costs compared to an older home.
Day-to-Day Living Benefits
The biggest benefit to building your own home comes when you move in. You’ll get to spend every day living in your dream home with your family. Everything from the layout to the landscaping will be perfect for your needs and tastes, instantly improving the quality of your life at home. With all-new materials and expertly installed systems, you’ll also have the confidence of knowing your home is safe, sturdy, and code-compliant.
The final benefit of building your home is in its future value. Your newly finished home might be appraised for more than you spent building it. It’ll continue to hold its value as the years go on, leaving you a solid investment to pass on to your children or cash in on at a later time.
Thinking About Building? Start Here
To custom build a home in North Florida, look no further than Red Door Homes. We’ll assist you with everything from finding land to completing your Florida dream home. With our experience and professionalism behind you, you can build a family home that checks off everything on your wishlist while staying within your budget. To learn more about our process, contact us today!