Are Custom-Built Homes More Expensive Than Older Homes?
Many people wonder if it is more affordable to buy an existing house or build a new one from scratch. Though the upfront cost of building a new home may be more than the cost of an existing home, there are other factors to consider when determining how much you should expect to spend. For example, with a new home, you will save more on maintenance, landscaping, and energy.
Research has shown that the average home price can be higher than the average cost to build a home. The average cost per square foot of new homes is significantly lower than existing homes. New homes have more square footage than existing homes.
Another significant advantage of a new home is that you pay for only what you want, whereas an existing home may have several features you do not deem essential and may even intend to get rid of later.
An existing home will have more wear and tear than a new home and will, thereby, need more maintenance. If you buy an existing home, you might have to upgrade the electrical system and plumbing system. You will most probably have to replace the HVAC system and/or the old roof or refinish the floor.
There is much less maintenance associated with a newly-built home as everything is new and under warranty, meaning you will spend less on maintenance both in the short and long run.
Newly constructed homes are usually more energy-efficient than older homes as they are built with energy efficiency in mind. They have energy-efficient appliances, doors and windows, high-efficiency heating and cooling systems, energy-efficient lighting, and better home insulation.
Old homes, on the other hand, may have damaged or inadequate insulation. More often than not, they have energy-draining electrical appliances.
You may retrofit an existing home to make it more energy-efficient. Retrofitting an existing home would mean replacing the HVAC, replacing old appliances with new ENERGY STAR certified appliances, adding insulation, and replacing traditional windows and doors with energy-efficient doors and windows. This can cost you a fortune.
Holly Construction, Inc. is a leading residential builder in Marin County. We are committed to helping families build the homes of their dreams. We have mastered the art of creating cost-effective construction solutions without cutting corners. To learn more, call 707-541-0700.
- Posted On August 12, 2021