It’s time to downsize. Maybe your kids have moved out, you’re having difficulty keeping up with all the cleaning, or your home isn’t built for safety and accessibility as you age. Whatever the reason, you know this home just isn’t working for you anymore.
When it comes to how to downsize your life, there’s one big question hovering in your mind about your new home: should I buy it or build it?
That’s the question we tackle in today’s blog. Let’s start by addressing the elephant in the room: cost.
Is It Cheaper to Build or Buy a House?
The costs of buying a smaller house versus building one are actually quite comparable. According to research from FIXR, the price to buy a 2,000-square-foot home in Georgia is $350,000, while the cost to build a home of the same size is $400,000. In this example, the cost of purchasing land to build a house is not included, making building a tad more expensive than buying. However, keep in mind that if you buy a home, there will be other costs associated. You may need to do some repairs, upgrades, or even remodel your Lake Oconee area home so that the existing structure matches your needs. The cost of remodeling on top of buying a new home adds up quickly — and expensively!
While we’re on the subject of cost, you may be wondering how to create a budget for your dream home. Check out our blog on the topic for the information you need!
Is It Better to Build or Buy a House in 2023?
You’d have to have your head stuck in the sand to be unaware of the turbulent housing market and construction industry in 2023. If pick a high-end already built home, you’re likely to end up in a bidding war where other buyers may offer over $100,000 the asking price, says the Atlanta Journal-Constitution. Of course, building a home in 2023 poses its own set of issues, including shipping delays and increased material costs.
We address these issues and tell you what PAXISgroup is doing to make sure your home construction goes smoothly in this state of the industry blog.
Build vs. Buy: What’s Faster?
Since you’re starting from scratch, building a home often takes longer than buying a new one. However, with homes in Georgia's Lake Country in high demand and bidding wars abounding, purchasing a home can be just as time-consuming (and, often, more stressful) than building your own. Also, the pressure to snatch up a house before other buyers can make an offer may lead you to make hasty decisions. And, if you’re looking for a home where you can spend the rest of your life, don’t rush into it. We recommend taking time to assess the home, consider your options, and ask yourself whether you can see yourself growing old there.
The Bottom Line: Getting What You Want
Downsizing isn’t just about moving into a smaller house; it’s about creating a home that fulfills your every need and want so that you can live the lifestyle you’ve always dreamed of. Those qualities are hard to find in pre-built homes. After all, they were built with someone other than you in mind. Of course, you can remodel a pre-built house, but that adds a significant amount of money and time to your endeavor. Why not get what you want right from the get-go?
Personalization is baked into the process when you build versus buy a new home. You work with a designer who takes the time to understand your desired lifestyle, needs, wants, and all that other good stuff. You have a say in everything from the floor plan to the number of windows to the material on the roof. Though building a custom home may seem like more of an investment, in the end, putting in extra time and resources upfront means you’ll get a home you absolutely love — and will continue to love 10 or 20 years down the line.
Just take a look at these beautiful Lake Country custom homes. Can’t you see yourself curled up on a balcony with a cup of coffee, watching the sunrise sparkle on the water? Or hosting friends and family in a spacious kitchen designed just for you? See how custom builders like PAXISgroup translate client requests into fantastic, functional homes by reading our project spotlights like this Pura Vida (meaning pure life) inspired home.
Your Guide to Custom Home Building
Downsizing is a massive life transition; use it as an opportunity to transform your life with a custom home. Create a haven where you can connect with loved ones, engage in your favorite hobbies, and get some well-needed relaxation.
Learn more with this Process Guide: Using Design-Build to Construct Your Dream Home from PAXISgroup.