Custom homes cost anywhere from $350,000 to $1.5 million or more. Expect to pay $300 to $500 per square foot for custom and luxury builds. Custom homes come in almost any shape and size. They’re a step up from the semi-custom options you’ll find in many suburban housing developments. The biggest difference between custom builds and production builds is the cost per square foot. You will need to find the right custom home builder for your home. The flexibility building a custom home affects the price, and you’ll ultimately be paying more for the customizations you plan with your new home.
Most homebuyers end up spending lots of time and energy either searching for or designing “the perfect home” before signing any contracts or laying down funds. There are two primary advantages to buying an existing home: convenience and cost. Once you are pre-approved by your lender, you can shop around, pick out a home, and make an offer. On the flip side, the most significant disadvantage of buying an existing home may be that you won’t get exactly what you want. You may not be in love with the floor plan and may wish that half bath on the first floor was a full bath or that there was another bedroom on the main floor.
Building a new home doesn’t offer the same convenience as buying an existing house. Not only do you have to find the land, which may not be in an existing neighborhood, you also have to factor in the time to find an architect or builder, and choose every element of the new structure. The big advantage is you are much more likely to get exactly what you want. For many, this factor alone is enough to choose to build over buying. Still, there are other advantages, too, like the ability to create a more efficient home that meets new energy codes and standards for heating, ventilation, and cooling, plus insulation, and air filtration. Better efficiency is good for the environment and can save you money on your utility bills each month.