Should you buy or build a new home? Which option provides more cost-savings benefits? This is a tough question. Both have their pros and cons; we’ll identify the good and bad of each. This way, you can make an informed choice in what will probably be your biggest life investment.
Buying a Home
The median value of a home in Spokane is $177,800, according to Zillow. This is expected to increase by 4.8% in 2018. Of course, the is just a ballpark figure since multiple factors affect the cost per square-foot.
The figure, however, is lower than the $223,000 national average. This is still lower, though, than the average cost of a new custom home construction, which runs an average $289,415. That’s over $66,000 more than the cost of purchasing an existing home.
Don’t forget, though, that an existing property requires more maintenance. The furnace, for example, lasts an average of 20 years and costs $4,000 to replace. If the existing furnace is already near that age, then you’re looking at major repair expenses in the near future.
Building a Home
Sure, the upfront cost is higher, but every component from the foundation to the appliances are new and under warranty. With a custom home remodel, you also only pay for what you want. When buying an existing home, you may have to pay for, say, the recently renovated basement floor, which you don’t need. Home sellers often make renovations prior to selling to increase the purchasing price.
Obviously, we have a bias towards building a home, since we’re in the industry of home construction. Contact Murphy Construction to begin the upcoming New Year with a new home. Our testimonials come from many happy homeowners who built a new home instead of buying a home.
Edited by Justin Vorhees
Serving clients in Coeur d’Alene, Spokane, Post Falls, Hayden, Rathdrum, Hauser, East Spokane, Liberty Lake, Spokane Valley and Area