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Buy or Build: How to Save Money Building a New Home

Is building a new home cheaper than buying and renovating an older residence?

Yes and no. In all honesty, there’s no definitive answer regarding the cost of building a new home versus updated an existing residence. Factors such as location, house size, local real-estate markets, and architectural design all complicate the economics of choosing to buy or build. But when done correctly, building a home can save you money, and innovations in residential construction offer Hawaiians specific cost-saving advantages when it comes to new home construction. Wondering if you can save money and create the perfect home? Here’s a few things to consider:

 

  • Builders and architects are increasingly aware that bigger homes are not always better. Recent trends in home design focus on utilizing space efficiently and creating spaces that are both beautiful and functional despite their smaller size. In places like Hawaii, where real estate comes at a premium cost, it might be less expensive to build a smaller home rather than trying to update and remodel a larger, older residence.
  • Freedom to use the best materials with the lowest cost. Some of the latest building materials are higher quality and less expensive, and when sourced locally, might be available at a builder’s discount. Whether you incorporate reclaimed lumber or opt for high-quality synthetic flooring, building a new home gives you the freedom to use the best products with the best value, a great alternative to trying to match or replace the potentially expensive materials used in an existing home.
  • New homes are more energy efficient than ever before. From design plans that facilitate airflow to keep homes cooler to solar technology and eco-friendly water systems, building a home means incorporating “green” home features directly into your design plans instead of attempting to incorporate them retroactively. While this may increase the upfront cost of construction, the long-term financial savings are considerable.
  • Everything works. Building a new home means never being forced to replace an old roof or faulty plumbing three months after signing the closing papers. All the “surprises” of home ownership are eliminated, and many builders now offer long-term warranties to replace or repair your new home at no additional cost.

If you’re ready to start the process of building a new home (and potentially save money doing so,) contact us today to connect with the best architects, draftsmen, and contractors in your area.

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