Relocating is always an exciting time, but the question we see out there a lot is, “Should I buy a custom home or an existing home?”
There are pros and cons to both, and in this blog, we’re going to highlight those so you can make a fully informed decision.
1. Customization and Personalization
Let’s start with the personalization side of things.
As expected for a custom home, builders would work closely with you to design a home that reflects your style, preferences, and functional requirements. From the floor plan layout to the selection of materials, fixtures, and finishes, you have complete control over the customization process. Yes, the cost might be a bit higher, but you get everything you want.
On the flip side, buying an existing home may limit your ability to personalize it fully, as you may need to compromise on certain features. The pro? It will be a more cost-effective option.
2. Location and Lot Selection
A custom home allows you to choose the location and lot that best suits your needs. Conversely, buying an existing home limits your options to what is available on the market, which may restrict your choices.
3. Quality and Condition
Hiring a company like ours to build your home offers the advantage of brand-new construction and modern building standards. You have the assurance that your home is built with high-quality materials, the latest construction techniques and meets current energy efficiency and safety standards. A big trend right now is smart home features which have become pretty standard now with the advancement in technology.
Existing homes, as you may expect, may vary in terms of their condition and quality. While some may require renovations or updates, others may have been well-maintained and are move-in ready. If the home you’re looking at requires some TLC, then a custom home might be worth considering.
4. Cost Considerations
Custom home construction typically costs more due to the customization and the construction process itself, but building custom allows you to have full control over the budget and prioritize where you invest your funds.
Buying an existing home may be more affordable initially, but if there are elements that are dated, then there could be hidden costs for repairs, renovations, or upgrades.
5. Timelines and Time Commitment
Building a custom home requires time and patience, so it’s important that you have a place to stay during the process or start building before you sell your current home.
6. Energy Efficiency and Technology Integration
Custom home construction allows you to incorporate the latest energy-efficient technologies. Timers on lights, fans, appliances, etc.
Existing homes may not have the same level of energy efficiency unless retrofitted or renovated, so there will be a cost associated if you want to implement those.
7. Maintenance and Repairs
There are lots of great benefits when it comes to maintenance and repairs for a custom home… there typically isn’t much! Everything comes brand new, and you will benefit from brand-new systems, appliances, and components.
Buying an existing home, especially an older one, may involve unexpected maintenance or repair costs in the near future. It’s essential to consider the potential ongoing expenses associated with an existing home. Long term, a custom home could be a more beneficial investment.
8. Passive Design Strategies
As you can imagine, custom homes are very well thought out, and passive design principles are integrated into eco-friendly home construction to maximize natural lighting, ventilation, and thermal comfort.
On the other side of that, existing homes may not have the passive efficiency unless retrofitted or renovated.
9. BC Government Grants
The BC government has grants to help upgrade your existing home; click here to see what grants are available to you!
We hope this blog was informative and gave you some good insight on whether to build a custom home or buy a new one.
The best part is we’ll help you with both! Get in touch with us to get a quote on your next project!