Should You Build A Custom Home Or Buy A Resale Home?

There are a lot of factors to consider when you're deciding whether or not to build a custom home. In this video I compare and contrast the pros and cons of building a custom home vs buying a resale home.
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[@guytech7310]

1. Issue is that building costs have gone up. Do to increased material & labor costs as well as building codes. For instance a house built 30 years ago did not require about half of the requirements today that require more expensive items, such as AFCI & GFCI breakers & outlets. The costs for items like copper wiring & PVC have more than doubled in cost in the past 5 years.
2. Some local & states now require engineered septic systems which can costs 10s of thousands more. Also zoning regulations may limit your home design & older homes are grandfathered in.
3. Some regions will struggle to find skilled laborers as most are older generations such as the boomers that are retiring. There isn't much interest in trades by younger people, especially like framing, roofing, flooring.
4. Another important consideration is avoiding HOAs which can be extremely annoying. HOAs can limit parking your vehicle in your own driveway overnight. Limit the plants and outside decorations you use. This would apply to both custom homes & existing homes.

[@kennixox262]

One of the problems with a resale home is the necessity to undo the previous owners bad taste, weekend DYI projects gone wrong and a whole host of other issues. I'd rather do new. Now, in my case, purchased a home built in 2004 and gutted it down to the studs, inside and out and replaced ALL the systems and utilities. Now, it has a conditioned attic, windows from Germany, excellent insulation, upgraded wiring, plumbing, HVAC, level 5 drywall finish, mud-in recessed lighting tracks and slot defusers. Basically a brand new home in every way which looks like it did on the outside and totally different on the inside.

[@briankloc]

Once you did all that work, was the total cost similar to if you had bought a lot and built new?

[@kennixox262]

@@briankloc Yes, but I wanted to live in the community. The houses are becoming dated and more and more people are doing the same. When I purchased, the price of the house was a good deal as the seller was motivated. Literally, there was nothing left standing but the frame of the house. Also, this house did not have a pool and was able to have the perfect pool design, basically a long lap pool with swim jet. As for the overall price, $1,8 million an another $900.000 to remodel. Which is in line with similar homes in the neighborhood. I worked with my real estate agent so as not to over improve for the neighborhood. A complete teardown was out of the question. Looking at the outside of the house, one would never know that anything was done. Massive energy efficiency which required tearing off the exterior stucco.

[@millicentsquirrelhole582]

Smart marketing by this guy. Wise money managers will build in the obligatory 20-25% grey/gray hidden surprise costs that emerge in the resale or new home venture. I subscrubed. Thanks.