Deciding Between Building and Buying a Home

You have decided that this is the year to purchase your first home, or upgrade to something larger, but you can’t decide whether you should buy an existing home or build a brand new home. There are pros & cons to both, of course, but the good news is that whichever you choose, Compass Homes is here to help.

Homesites and inventory homes are available in Central Ohio’s most desirable communities, including Upper Arlington, Dublin, and Jerome Village. The Compass Homes team is ready to help you create a home that’s a reflection of you & your family, and that you can be proud of for years to come. So, let’s take a look at some of the differences between buying and building, so you can determine which is best for you.

Purchase Price

When setting your budget, be sure to consider the upfront costs of either a new build or an existing home. While the existing home may be cheaper per square foot, it may have features and spaces that you don’t necessarily want or need, or that you physically cannot change. A new build, however, is typically built with 9’ poured walls, higher ceiling heights, and allows you to choose the floor plan, features, and upgrades that suit your family’s style of living.

Maintenance

Obviously, older homes have much more wear and tear compared to a brand-new build home, but what does that necessarily mean to you in terms of expenses? Consider the age of the home you are looking to buy, as many of the home’s systems (HVAC, plumbing, roof, etc.) have a limited life span that may need to be replaced or upgraded. The primary benefit to building a home or buying a newly built home is that everything is brand new and under warranty, which eliminates significant maintenance costs for an extended period of time.

Energy Efficiency

Oftentimes, older construction means outdated—and considerably less efficient—windows & appliances. Homes built after 2000, consume on average 21% less energy than older homes. New homes have increased efficiency due both to the efficiency of the installed heating equipment, technology, as well as, the quality of the building materials.

Your Investment

In many cases, a home purchase is the single largest investment that a person will make throughout their life. So whether you choose to buy an existing home or build a brand new home, it’s important to consider area trends and comparable home prices in the area, which can provide insight into what the home is worth and how the value is likely to trend in the coming years. 

Compass Homes can build on your lot, in one of our communities, or can help you select one of our inventory homes that best fits your family. Regardless of which path you choose, Compass Homes strives to guide you to the home with more thought and quality per square foot, for the best value possible. We have worked hard to develop a process-driven culture to work with you to set the right expectations from the very beginning; thereby making the purchase, design or building of your dream home thoughtful, simple, painless, stress-free … and fun!

Contact a sales associate today to get started on the design process or select a home from our inventory that is newly built and ready for move-in today.