To build or not to build...

[hockeywife]

Did anyone really struggle with deciding whether or not to build?

We have been house hunting for over a year with no luck.  We've lost a couple of homes to other offers.

Location of new build is great, but yard size leaves something to be desired v. existing homes.  All of the existing homes we've seen would be a compromise in some form or fashion (layout, finishes, etc.), but still great homes that we would be very happy in. 

We put an offer in on a house and it was rejected.  We're trying to decide if we want to resubmit/go higher or just build.  Cost would be comparable.  A little higher for the new build because we'd have to add a fence, landscaping, and a patio. 

If you waffled between building and buying an existing home, what did you choose and why?

[momin2013]

We didn't really waffle on building this house; it was an area of the city we liked with good schools, nice street, etc. The lot sizes were bigger than what we had at the time, so that wasn't an issue either.

The main reason we wanted to build was we liked the idea of being able to customize the layout exactly how we wanted it. For a long time I had a picture in my mind of exactly where I wanted things to be, and I've finally been able to get that in this house - we're very happy with the result.

That said, definitely look realistically at the "extras" when determining the cost. We spent about 5% over the base price (about $25k) for upgrades to the build, and then a bit more than that ($30k) in the first year alone for exterior things like patio, side path along the garage, sprinkler system, landscaping, fence, and trees.

[ssmjlm]

We looked haphazardly for a few months while we decided what we were going to do. We weren't sure if buying a house and then renovating it significantly was worth it. Most houses in the area are the same and our target school district wasn't all that big.

In the end we built and it was so worth it. We sold our house and lived in an apt during the build and that was 100x easier than a big renovation with a toddler. E was almost 2.5 when we moved in the apt and turned 3 just after we moved into the house. Trying to entertain her while dealing with a reno would have been a nightmare.

My area is full of 2 story colonials that were built between 1986-1998 that have not been updated. It's maddening. Oh and don't get me started on the sunken family rooms, gah! Slab living is not for me when we live in an area with a low water table. My parents eventually want to move here, but literally everything is like $400k and needs another $75-100k worth of work.

[auroraloo]

We looked for 2 years and found nothing. We finally decided to build. The lot size is smaller than we would have liked, but it was 1 sacrifice in order to get everything else we wanted. And we chose a lot that has a pond and park behind it, so it will seem bigger since no one will ever build behind us.

It was not an easy decision for us. We waffled for a long time, having to build a bigger house than we really needed, and a couple other things, but in the end it was the right decision.

[sotally tober]

Building is much more our style. We like new things in general and my husband isn't the most motivated when it comes to DIY. We like that we are able to get a house that is completely move-in-ready.

We're on our second new-build and cannot wait for it to be finished. The hardest part is living w/family while we wait because we sold our old home when the market was extremely hot...a good thing for us, but the struggle is real in our current living situation.

Around here, new construction also means smaller lots because they try to cram in as many houses as they can. While my H would love some land, it's not realistic for us to get that + a home that we like as-is. In our experience, closing costs of new construction is minimal (and generally paid for buy the builder) compared to resale homes which was crazy to learn. I like not having to fight for a house when it comes to new construction. Also, we have learned that getting in very early in a community is helpful to get the best pricing. Our house is hardly started and already they're selling the same floor plan for $65k more than we paid...I'm sure this depends on the area though.

[lilac05]

We decided not to build. We looked online (and in person) at houses for 3.5 years before we finally found something. We knew exactly what we wanted, and what we were wanting was out of our price range, but eventually got a foreclosure. It was worth the wait and the stress.

We almost built a home because we were losing hope that we'd ever find something. We had talked to builders, found a neighborhood, etc. The cost would be somewhat close initially on paper, but lots are smaller, no mature trees, and all of the extras add up very quickly. Plus, I have champagne taste on a beer budget. I would want the higher end of everything, but obviously can't afford that. But if I had to make that decision, I might always think about "what could have been." Plus everything had to be right from the start. Now, I have something close, but can do little projects here and there to make it what we truly want. For instance, we have laminate countertops. I would have never been thrilled with installing laminate countertops in a new build (except probably the $$$ stuff), but I'm just fine with it in this house. Someone else made the decision. Now sometime in the next 5-10 years, I'll be able to do what I really want with the kitchen. Or there are things like the trim...I would have wanted an upgraded trim, but I am perfectly content with the stuff in our house (standard, white). I also get decision fatigue really easily and making 15 million decisions was enough to make me want to hide under the covers!

We're happy with our decision.

[rooster222]

We were looking for a house when the market was hot so we considered building. We decided not to because I was worried about the price getting driven up a lot with upgrades. I also get decision paralysis so I was worried I would get stressed out with all the choices. Lastly, I didn't want to live in a neighborhood that would be in construction for the next few years.

[msn06]

We just moved into our new build. We built for a few reasons:

1) our inventory was super low when we started looking at houses there were 4 on the market. When we decided to build there 7 and none were the original four and non had a lay out or finishes I liked.

2) We were able to get a layout that really worked for us and in our target area.

3) We could afford the finishes we really wanted in the house.

4) We could afford all the things we would need at move in (blinds, yard items & upgrades, etc)

5) DH could get two things he wanted a smaller lot (he hated spending so much time mowing at the old house) and a garage bump out so he had room for his things.

We sold our old house in 4 days. We ended up living at my parents house in our town which worked out great for us. I think even renting would have made it worth it.

We got lucky we started when we did. Our model now starts base price $1500 more then we paid. We started the process Feb. Home prices in my area are insane right now. It's crazy since I'm in the Midwest where homes don't sell super quick normally and don't usually go over asking but this past spring and summer they did.