The prospect of moving to a new home is always cause for excitement in the home buyer’s life. However, once you start looking at property listings, you might ask yourself if it is financially more efficient to build your own home in Nevada rather than buy one. Of course, this decision is not easy to make. There are many considerations, benefits, and drawbacks to both decisions. For this reason, we will discuss if it is it cheaper to buy or build a home in Nevada in this short article.
The median home prices in Nevada in 2020
The National Association of Home Builders reports that the median price of a new property in the US amounted to $320,000 for the year of 2020. This places Nevada below the national average with only around $300,000 that you need to invest into buying an existing home. However, you should take notice of the fact that since 2012, average home price in Nevada have increased by more than 100%! This means that real estate prices are rising by the year, which is something that may influence your final decision.
Now that you know what the current state of affairs in the Nevada real estate market is, let us take a look at the pros and cons of building or buying a house in Nevada.
Is it cheaper to buy or build a home in Nevada – arguments for building your own home
Buying a newly built home in Nevada can be quite expensive. The first solution to this problem that comes to mind is to buy a pre-owned home. But before you dive into real estate listings, consider the following arguments for building your own home rather than purchasing an existing property.
The first beneficial factor of building your own home is the fact that builders and developers try to stimulate people into hiring their architectural and building services. This means that there are many discounts that target people who are interested in building their own home. Regardless, in case you still might be reluctant to a spend certain amount of time on constructing your new home in Nevada, there are many other benefits of this approach. Let us take a look.
Construction discounts
Since you can choose your own builder, you can directly come to an agreement that can save you thousands of dollars on materials or monthly fees. Additionally, you can also determine the location of the property in Nevada, the location and number of rooms, and other particularities such as whether you want a solar panel powered house that can eventually raise the value of the home, etc.
Everything is new
When you buy a property that already exists, you can never be sure whether you will encounter hidden repair costs a few months or years down the line. In most cases, it is really difficult to predict if the structures and major systems are prone to malfunctions. Sometimes the house might need extensive exterior home improvements in order to be inhabitable.
You can save money by choosing which materials you want your home to be built from.
Alt: construction workers making a house in Nevada
In contrast, building your own home allows you to have a clear oversight of which materials are being used. You will also be in the clear when it comes to the skill and expertise of the builders that are constructing the elements of your home. Also, with rising property prices in Nevada, you might consider making this state your home by carefully weighing the pros and cons of living here. One way to approach this is to save a significant amount of money on paying for unforeseen expenses that come with buying a home that somebody used to live in.
Annual savings
If you install a brand new furnace or air conditioner, you will be able to save several hundreds of dollars on your household bills and annual service plans. Another way to contribute to your annual savings is to hire an affordable and reliable moving company to help you move to Nevada. We recommend hiring a company such as Triple 7 Movers Las Vegas since they offer expert service and reasonable pricing.
Design control
As with structures and major systems such as electricity and plumbing, you will be able to take control of the design features of your new Nevada home. This means that you have the opportunity to design your home just the way you want it to be, which is typically not possible when you buy a home from a real estate company. This makes building a new home for your family in Nevada overall cheaper – you won’t have to spend additional money on remodeling the rooms to fit your preferences.
Is it cheaper to buy or build a home in Nevada – arguments for buying your home
Naturally, there are certain drawbacks that come with building a home in Nevada, such as delays and mistakes that occur during construction. Let us briefly observe what these may be.
Building your own home can be time-consuming
Be prepared to wait at least 4 months of construction work before you finally move into the house. Depending on your plans, this can be a major setback.
If you have to move to Nevada quickly, it might be better to simply buy an existing house.
Alt: a man signing purchase agreement papers in a white office
Limitations of design
Building your own home could become costly if you let yourself go and go way out of your price range. Although a good architect can warn you of the limits of your budget, you might be disappointed to find out some of your ideas cannot be realized cheaply.
Construction loans and permits
Some building companies might not settle the construction permit for you. This means you will have to invest more time and money into understanding and getting a construction loan or a permit from the local Nevada authorities. Again, if your moving schedule does not allow you to spend so much time on this, you might consider aligning with buying an existing home in the debate on is it cheaper to buy or build a home in Nevada.
