Average Cost To Build A House On Your Own Land – The content is for educational and informational purposes only and should not be construed as professional advice.
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Average Cost To Build A House On Your Own Land
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Time and money are two important factors when deciding whether or not to buy a home. To help you make the best choice, I’ve broken down the pros and cons of building a home.
In a survey by the National Association of Home Builders, the average cost of building a new home in 2022 was $644,750.
Meanwhile, the average price to buy an existing home (already built) in 2022 was about $535,500.
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Doing some quick math, you’ll find it costs about $109,250 to buy an existing home instead of a new one. That’s a lot of money! (Think Disney cruises, with a difference.)
Now, the price of both existing homes and new construction has increased over the past two years. But building a new home usually costs more than buying one. That makes a lot of sense, doesn’t it? Buying a new item (be it a purse, a car or something else) is always more expensive than buying a pre-owned item. Think about the cost of a pair of jeans from a thrift store compared to buying new. This is a great example, but you get the idea – it’s cheaper to buy used!
And because of inflation and supply chain issues, builders also pay more for building materials and the resources needed to build homes, such as labor and fuel. Home building is everything
. . . You may be right! Or home building may be a scary idea for you. Whether building or buying a home is a better option depends on your situation.
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When I have a big decision to make (and what’s bigger than buying a house?), I like to weigh the pros and cons. So, here are the pros and cons of home construction to help you decide if it’s the best option for you.
Well, we know that one of the downsides of building a home is that it costs more than buying an existing home. It’s not bad if you can budget for it, but this extra cost can be really prohibitive for some people. Consider other disadvantages of home building:
Be it! These small details and decisions helped Jason, a member of the Ramsey Baby Steps Facebook community, get into a new home building frenzy and spend more money than he originally planned.
“During the construction process, I was very adamant about how everything looked and I wanted high-end fixtures, a tile line in the shower and more expensive extras,” Jason said. “Why not? If I’m going to do it, I might as well do it now. “
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For Sarah, a member of our Baby Steps Millionaires Facebook community, building a home in the countryside wouldn’t have happened if she had bought an existing home. Before construction began, he spent about $100,000 installing a barn, utilities (electric and water) and a septic system on the land.
I already mentioned the biggest advantage of buying an existing home! An existing home with similar features will cost you less than a new home. But when comparing the cost of a new home to an existing home, make sure it’s an apples-to-apples comparison. Just think about the square footage or the number of bedrooms. Location also plays a big role in price! Here are some other benefits of buying an existing home:
There are two sides to everything, and buying an existing home isn’t all sunshine and roses. Here are some pros you might not have thought of:
I hope you get a good idea of what you want to buy or build a house. Next, let’s look at the cost of building a house.
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The sale price of the newly constructed home is $644,750. This is a great price, but remember that this is an average price. Many homes are built for less than this, but larger, more expensive homes lower the average price.
The price of a house depends on its location. Building a home in a desirable neighborhood can cost twice as much as building a home in the sticks.
The cost of living, and that includes the cost of housing, varies greatly from city to city and state to state.
If you’re looking to move to a country with a low cost of living, here’s my advice: stay away from the east and west coasts. Midwestern and southern states have a lower cost of living. Also, work with a real estate agent who knows the market.
Average House Price By State In 2023
Whether you’re building or buying, make sure you stick with a home you can afford. This means your monthly take-home pay should not exceed 25% of your take-home pay or you will be poor!
That 25% limit covers principal, interest, property taxes, homeowner’s insurance and, if your down payment is less than 20%, private mortgage insurance (PMI). If your new home is in an HOA, be sure to budget for Homeowners Association (HOA) fees.
Is the price of the house within your budget? Check out our free calculator. For a mortgage you can pay off quickly, talk to our friends at RamseyTrusted about a Churchill mortgage, a 15-year fixed-rate conventional loan. (We
Recommend these loans because other mortgages will drown you in interest and fees and leave you in debt for decades.)
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Maybe you’re on the fence about buying or building a home. I get it – it’s a big decision, and you want to make the right choice!
If you are a first time home buyer, I recommend going the cheaper route and buying an existing home. You’ll save money and gain experience as a homeowner before taking on the challenge of building a new home. It will also give you time to build (decrease the value of your home and how much you owe). When you sell your first home, you can use that equity to pay for your next home.
If you’re a seasoned home buyer, home building can be a fun adventure for you (as long as you stay within that 25% limit and cover other home ownership expenses like maintenance and utilities).
Ginny and her husband, a member of our Baby Steps Millionaires Facebook community, saved up for their new home by doing a lot of housework.
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“We built it ourselves and did the work ourselves – trim, paint, concrete floors, cabinetry, etc.” he said.
So, if you’re busy, getting your hands dirty with some DIY projects can be a great cost-saving opportunity!
Whether you’re buying or building, affordable home ownership is a great way to build wealth.
The best way to decide whether or not to buy a home is to discuss it with a real estate agent. They will know where to find the best deals for years to come
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