From floor plans to paint colors, building your dream home using a custom home builder can be a daunting task. Is it really worth it?
You’ve got three options when it comes to finding your next home. One, you can buy a house that someone else has built and designed; Two, you can build a house from scratch that has everything you want and nothing you don’t; Three, choose the semi-custom option to get a combination of both.
At Arbor Builders, we understand that making this decision may not be as simple as it seems. That’s why we’ve put together three charts looking at the pros and cons of buying a pre-built house versus the pros and cons of building a house, vs the pros and cons of a semi-custom home.
Is a custom-build worth it: customization vs. convenience vs. cost
The choice between buying your next house or custom building your next house is really a choice between customization, cost, and convenience.
Think about it this way: prebuilt homes may not give you everything you need, but you can generally move in when your real estate agent hands you the keys.
This means you don’t have to worry about labor shortages, supply chain issues, and any other pandemic-related phenomena that could hold up construction and force your family to spend more time in that short-term rental unit than you had originally planned.
These issues are definitely a risk when you build a custom home. Does this minor inconvenience really outweigh being able to park each of your three cars in its own, separate garage or knowing that you can fit your grandfather’s antique dresser in the same bedroom as your king-sized bed?
Don’t forget, there is one major convenience that building a custom home in Central Oregon has: the piece of mind that comes with knowing your home was built with the most up-to-date materials and technology.
This means you won’t have to worry about a forced-air heater that spins the dial on your electric meter whenever it gets cold at night or the possibility of hiring an electrician to replace your telephone wires with fiber optic cable.
Don’t get us wrong, buying your next house from a production home builder also gives you a chance to enjoy the latest building materials and techniques. A new home is a new home, after all.
But you’ll also see fewer choices when it comes to your home’s design process — especially when it comes to how its rooms are laid out and where it sits on the lot — and we just have to ask, why build a house if you’re not going to build it the way you want.
Is a custom-build worth it: Up-front and “less obvious” costs
Prior to the pandemic, it cost about $296,652 to build a single family home. Add that to the current cost of land in Central Oregon — where most available lots range in price from $150,000 to $250,000 — and you’ll still end up spending less money building a home than buying one.
That’s because Central Oregon’s real estate market has continued to be a hot one even in the midst of the COVID-19 pandemic. The median price for a single family home in Bend climbed to $651,000 this past April and many home sellers reported getting offers that were $100,000 over their original asking price.
The fierce competition that comes with a super-hot housing market like Central Oregon’s is another reason why you’ll agree that custom-builds are worth it. Just imagine spending weeks trying to find the right house in the right neighborhood only to be outbid when you make your offer. This isn’t a problem when you work with a custom home builder because once you’ve signed your contract, it’s been signed, and no one else will be able to push you out of the way..
Though there are some less obvious costs people need to think about when building a new home. In addition to the uncertainties caused by supply chain issues and labor shortages, you could find yourself needing two loans — one for the land and one for the construction costs — instead of just one loan that you pay at one bank,
It’s also important to remember that not every buildable lot you see for sale is cleared, graded, and has the utility connections needed to support the home of your dreams. Buildable lots tend to be on the outskirts of a city — rather than in established neighborhoods near the center of town — and that means you could spend more time in your car driving from place to place.
Luckily, teaming up with an experienced company like Arbor Builders will help you streamline this process and make sure the number of surprises you’ll face during the home building process is kept to a minimum.
That’s why you should schedule an appointment with one of our agents today. They’ll be happy to answer any questions you might have if you’re still unsure whether a custom-built home is worth it and get you started along the home building process today.