Building a House vs. Buying a House. In this post we’ll talk about the main advantages for each.
You may be faced with this question at some point in your life, ‘to build, or buy?’
There are challenges with both, especially when you have a specific location, limited budget or unique wish list in mind. It may be a lifelong dream of yours to build a home from scratch, so let’s take a look at some of the pros and cons to help you in your decision.
‘Which is more expensive?’
Naturally, it’s the first thought that comes to mind. ‘Is building a custom home going to be more expensive than buying one?’
Unfortunately, it’s hard to give a straight answer because the costs associated with building a custom home will depend on many things, like what type of build you choose, the style, the location, materials, and how much customisations you add. Then on the other side, we have a fluctuating housing market and interest rates, it really is hard to draw an exact comparison.
With rising prices over the past 2 years, it’s understandable that new-construction homes, and the materials to make them, are suffering from some price increases, but the price to buy an existing home continues to rise year on year, too.
According to realtor.com(US report), in today’s market it might cost you more to buy than to build, but let’s look at some other advantages for building your own home.
Recent home we built in Courtenay, BC named ‘Coastal Vista’
Advantages of Building a Home
For sure there can be some challenges around finding land and the timeline to build new, but building your own home offers an amazing experience unlike any other.
Here are some of the main advantages of building your own home.
- Make your dreams a reality (a specialty of ours here at Cameron!) – You can get exactly what you want and need in a home, and fulfill your life long goals.
- It’s unbelievably rewarding – It’s one of the most rewarding feelings out there (just ask our clients)
- Many degrees of customisation – whether you want to customize a little, or a lot, there are options for all. Inspire homes/Tier1 (T1) homes are spec homes, Vision homes/T2 for moderate customisation, and our Infinity Homes/T3 range for infinite design and build options.
- Energy efficiency – Save the environment and your wallet with a more efficient home that meets new energy codes and standards for heating, ventilation, cooling, insulation, etc. Want ultra-efficiency? Camerons are well versed in building Net Zero (BC Energy Step Code 4 and 5) homes
- Save with Solar – If you choose solar panels, the excess power your home generates can be sent back to the distribution grid and BCHydro will credit you on your next bill. You could potentially be in for some really low monthly bills (if not $0 in some months)
- New home warranty – Cameron is backed by Pacific Home Warranty which gives you extra protection on new home construction.
- It’s brand spanking new! – everything from pipes to heating and cooling systems will be new. That means no costly repairs in the near future – and no dipping into that vacation fund!
See related: Common myths about building custom homes
Advantages of Buying a Home
Buying a home can be more convenient, if convenience and speed to move-in is what you’re after. Along with a shorter wait time to get in and skipping the many build and design decisions that come with a custom build, there are a few other advantages to buying a home that are important to consider.
- It’s ready to go – The dream of owning your home can be realized sooner.
- Wait time – If you’re under time pressure, due to work, family, or other external forces, buying a home is a safer bet for sure. Custom builds can take between 4- 6 months from start to finish before they’re ready.
- Less decisions, less stress? – For sure the process is easier. You might feel overwhelmed even by the thought of it, but don’t let that put you off. After 35 years of helping families design their perfect home, we’ll guide you all the way.
- No need to worry about finding a lot – Finding a lot to build a home, especially in the Comox Valley area, can be a real challenge. Land is currently at a premium and many suitable lots have already been turned into homes, so buying a home may negate all the stresses around that land purchase.
- Budgeting for a custom home can be hard – It can be, but our chief goal at Cameron Contracting is to keep your build on-time, on-budget, and work closely with you if upgrades are needed.
Also read: Pros and Cons of Building a Custom Home
Want some customizations? That’s doable with our Inspire Spec Homes.
All the fun and control, without the stress. Our spec homes (Inspire range), are a great solution for those who want to skip the stress of major build decisions, while still having control over key features around the home. Either take one of our classic designs and build from the ground up but add a few tweaks of your own, or if you’re buying during our build state, you can adjust finishing touches such as appliances, paint color, lighting and the like.
Have a look at what some spec homes Cameron has already built which are ready to move into. View homes for sale ->
Sit back, relax, and enjoy the process
One of the biggest decisions you’ll make is whether to buy a home, or build your own. Our years of experience as home builders has taught us how to help our clients enjoy the process. We’ll ease you through the tough times and share moments of joy throughout the build.
Come Visit Us
Meet our family. We can’t wait to hear about your vision and what you value in a home. We will also share our family values with you and explain why they are integral to our building approach.
Experience our quality first hand at our Home Center showroom and browse the vast number of upgrades possible from flooring to cabinets, countertops, fireplaces, and more. Enjoy getting inspired, seeing what’s possible and maybe even selecting those perfect final touches to your dream home.
Liked this article?
Check out more resources in our Guide to Building a Home in the Comox Valley.