Buying vs Building a House in Largo
The time has come! You’re bustling with enthusiasm, visions of a fantastic future dance in your mind. Lady Luck has smiled and, now, you can finally become a proud owner of a house in Largo. But, how should you go about it? Should you browse the listings, hoping your dream home will come up? Or, should you bite the bullet and build your dream house from scratch? Buying vs building a house in Largo is a dilemma that can keep baffling you for quite a while. But that’s why you’re here today. To break the circle and make a decision that will benefit you the most.
Buying vs building a house in Largo, FL – the costs
When considering buying vs building a house in Largo, the price is always the primary concern. So, naturally, we’ll take it as a starting point, too.
As of May 2021, the average house price in Largo, FL stands at around $258,000. However, we must emphasize that this is only a median price. Actual values can range widely, based on several factors, the most important being:
- Overall condition
Depending on these characteristics, the prices can range from under $100,000 to upwards of $1.3 million. Since this is quite the price range, it’s imperative to draft a responsible budget. This will let you know how much house you can afford and allow you to react the moment your dream home comes up.
When it comes to building a new home, the situation is a bit trickier. Mainly because it all depends on your personal preferences. As a general guideline, new home construction can cost anywhere from $100/ft.sq. to $200/ft.sq. However, customized and luxury homes can far exceed these values, bringing the cost well above $200/ft.sq., and even up to $500/ft.sq. Bear in mind, though, that these are only construction costs. You’ll have to include a whole plethora of other expenses, such as:
- Buying land and preparing it for building;
- Architecture and engineering (including drawings, plans, permits, etc.);
- House framing;
- Installations (plumbing, electricity, HVAC, etc.);
- Interior finishes (flooring, appliances, furniture, etc.).
Prices of these services vary from contractor to contractor. But, in general, you can expect this venture to leave you anywhere from $240,000 to $350,000 lighter.
A forgotten expense
There’s one expense almost everyone forgets to include in their calculation. Moving is one of the things you can easily overlook when buying or building a new house. After all, the excitement and sheer joy can overshadow the idea of relocation. And, there’s nothing worse than having to organize a move last-minute. Therefore, you should prepare for this undertaking way ahead of time. Find a reputable moving company in Largo and leave the matter in their capable hands. Experts from this area can lead the process and, therefore, ensure a smooth transition to your new home.
Buying vs Building a house in Largo: Pros and Cons
As with every life-defining decision, it’s essential to weigh the pros and cons before making up your mind. Buying vs building a house in Largo definitely falls under this category. So, let’s see what each has in store.
The Pros of buying a house
- The house is already finished. Therefore, you don’t have to wait for months to move in;
- You can see exactly what you’re buying if you schedule a walk through with your real estate agent;
- You can negotiate the price and get a better deal;
- Excellent option if you’re looking to move in a hurry. The buying process is quick and straightforward. Therefore, you can close the deal fast, hire reputable movers, such as Big Man’s Moving Company, and settle in quickly.
The Cons of buying a house
- What you see is what you get. You won’t have the luxury or freedom to choose the layout, colors, etc.;
- There’s bound to be some renovations. Even if the house isn’t a fixer-upper, you’ll probably have to do some work to make it suit your needs.
- Coronavirus has caused the housing market to explode. Homes sell fast and, more often than not, for the asking price. So, you’ll have to move fast if you have your eye on a specific house;
- Sustainability can be a general problem when buying older homes. Materials used rarely meet today’s standards. Therefore, expect to pay a bit more for utilities. Of course, this number isn’t astronomical, but it adds up in the long run.
The Pros of building a home
- You can have your dream home. During the planning process, you can tweak virtually every nook and cranny to your liking;
- Warranty that can extend for years. Reputable Largo contractors even give ten years warranty on some components, thus reducing maintenance costs and giving you much needed peace of mind;
- Sustainability. New materials, components, and appliances are amazing energy savers. You can save up to 20% on utilities (monthly). Considering that these are all long-lasting, this sum will quickly add up.
- Health benefits. As an extension of the previous point, new materials and components are much more health-friendly. From insulation to HVAC systems, they all minimize the negative impact on your health.
The Cons of building a home
- Long wait time. On average, building a house in Largo takes around seven months. That’s quite the wait, especially considering that this is an estimate based on a best-case scenario (ideal conditions, weather, supply chains, etc.). Since this is seldom the case, be ready to wait longer;
- Possibility of living as a tenant while work’s in progress. If you sell your old home to start working on your new one, you’ll probably have to vacate it within one or two months. That leaves five months (at best) to rent an apartment while waiting for construction. This is an added expense and one you’ll have to incorporate in your calculations;
- Timing the sale. As a flip side of a previous point, you may choose to live in your old home, at least until the work on a new one reaches the final stages. And, although a housing market is on fire, selling a house in a hurry is never wise or profitable;
- Finding a perfect patch of land takes time, energy, and money. You’ll probably have to scout around for months for a plot that meets your needs.
Now that the weighing is over, there’s only one more question left unanswered. Who’s the winner of the “buying vs building a house in Largo” death match? The truth is – there isn’t one. In the end, it all comes down to your preference and possibilities. If you want a dream home and have the finances for it, building definitely takes the laurels. But, if your budget is tight, then buying can provide the necessary peace of mind. Either way, your new home will signify a new beginning of a better life for you and your family.