![]() ![]() An existing home in the right neighborhood might come with premium features that you don’t care about, like a finished basement or a swimming pool, but that ffactor largely in the purchase price. Advantages of BuildingĬustomization comes with many advantages, including the fact that you’ll only pay for what you want. Here, we’ll break down the financial pros and cons of buying an existing home vs. Clearly, that’s substantially more than the $280,000 to $310,000 average for building a home, but these prices aren’t as straightforward as they might appear. Here’s the big question that looms large in the mind of prospective home builders: Will I save money by building my own home? The answer is, unhelpfully, a resounding “maybe.” In 2019, according to the Census Bureau, the average cost to buy a single-family home was $383,900. Landscaping, outdoor structures, and driveways contribute around $20,000 to the total cost, according to the NAHB. However, even if you already own finished land, chances are you’ll want to make some improvements to the lot before you move in. If the land is unfinished, lacking sewer and electricity connections, this will add costs to construction. However, the Census Bureau finds a much smaller average lot size for new constructions: 9,000 sq. According to the NAHB, the average land cost in 2020 was about $90,000 for 22,000 square feet of land. The cost of the lot on which you’ll build your own home is not included in the figures we’ve provided so far. These costs can vary widely depending on the brands you pick, so HomeAdvisor shows a range of $42,000 to $167,000, and the NAHB shows an average of $75,000. There are also functional components like cabinets, countertops, appliances, plumbing fixtures, and fireplaces. Interior finishes include structural components like insulation and drywall but also aesthetic touches like interior trims, painting, lighting, flooring, and mirrors. According to HomeAdvisor, these costs ranged between $20,000 and $95,000, though the NAHB put the average figure at $41,700. Exterior finishes include wall finishings, roofing, windows, doors, and more. Together, these finishings comprise anywhere from 40-55% of the total building costs of a new home, so these costs add up quickly. Once the basic frame of the house is built and installed with important systems, you have the finishings to think about, both inside and outside the home.
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