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Maybe this will help?
Each one has its headaches and "unknowns". You get control via building by choosing a floorplan which you have actually seen in person and choosing a well-respected contractor. You get control when buying by getting a really good inspector. That being said, neither is foolproof at all.
Building;
There are lots of extras that creep up on you. They make their money off of those. Lots of little bells and whistles, even toilete paper holders, add up real fast but at least they are fun. It's nice to have a new house but you probably won't save money. Resale may be higher if you do it right.
Buying;
I bought a 22 year old house so I can only speak from that age. I have friends who bought old farm houses and the work never stopped. I have spent about 2 years fixing little things like leaks, insulation, calking, paint, as well as bigger things like a furnace and AC, and some minor structural damage from a 20 year old water leak. I have spent lots of time and money just bringing the styling of the home up to speed or, should I say, back to a classic style. It was designed in 1981 to the "trendy" standards most of which were still in the 70's. I'm a handy guy which helps a great day. You might want to take energy efficiency into account too. Newer windows and 2x6 construction (in NE) really helps with the heating and cooling. I am still fighting the 20 year old windows. They do not leak so it does not make sense to replace all of them right away. I will be replacing them slowly in the name of comfort.
Given the choice between these two I'd choose building new but SAVE LOTS OF MONEY for the unknowns and gotchas. When we built our house, we spent only about $6K over what we planned but it was for nice hardwood and tile. The contractor was right on the ball and included lots of things that the others did not. He was even done one day early. That is the exception, rather than the rule. I'd say title insurance for the land is quite important if you build too. One more thing. Choose a contractor who is not only well organized but builds a quality home. It's amazing how shoddy some of the new stuff is today and how GOOD some of the new stuff is today. It all depends on their choice of materials and how they use them.
ps. I spent 5 years in the new house and spent most of my time planting in the yard or organizing the home. This can be fun. I did not like having no plants/trees to start with however. I have spent the last two years in the older home working in "reactive" mode just trying to get it where it should be. I like the existing landscaping and plants except for all the pine trees which I have been slowly removing. Choose your poison there. Existing grown trees can be very nice. Building materials and labor are both quite expensive too. That should be taken into account.
A 20 year old house has been quite a lot of work and only recently have we started seeing how it has been transformed. As much work as I thought it would be, it was even more. We're using 30% less energy this year than last because of insulation and calking but it is still not as good as it would be if it were new.
Best of luck, and let us know what you come up with,
Bill
posted by 63.162.18...
, Sun, 12 Feb 2006 08:43:02, Sun, 12 Feb 2006 11:33:01
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