Buy vs. Custom Build in Wyoming [Pros & Cons]

You know you’re ready for a brand new backdrop to your daily life. When it’s time for a new home, you have a major decision to make upfront. Are you going to build a custom home or search your area for an existing home that meets your specifications? We know this isn’t an easy call, and we’ve laid out the pros and cons for both building a custom home and buying a home in Wyoming so you can make the best choice.

First Choice builds beautiful custom homes in Sheridan, Wyoming, and beyond. We love creating unique living spaces on the edge of wild places, and we’re happy to lend our insight to the build vs. buy conversation. We admit, as custom home builders, First Choice is a little biased. However, we know building a custom home isn’t for everyone, and we want all of our Wyoming neighbors to have the very best home for them.

Build vs. Buy Decision

We’ve stepped out the pros and cons of both buying an existing home and building a custom home to aid in your build vs. buy decision.

Pros of Buying an Existing Home

Availability

You will likely be able to move into your new to you home much quicker if you select an existing home. Unless you have your heart set on a home where the homeowner has an unusual move-out timeline, you will only have to wait a few months from the time you fall in love to the time you are ready to move into your existing home. 

Cost

There’s no way around it. Existing homes are less expensive than comparable new construction. You will pay less for a comparable home with the features you’re after if you choose to buy a home that’s already been built.

Visualizing Your Home

When you buy an existing home, you can check out every aspect for yourself. It’s easier to visualize living in a place that already exists, rather than a dream space of the future. 

Cons of Buying an Existing Home

Committing to Remodel or Live with Features You Don’t Like

Everyone makes compromises when purchasing an existing home. When someone else made all of the design decisions, they made choices you wouldn't have. Maybe you would rather the downstairs bathroom be located somewhere else. Perhaps you can’t stand the color of the bathroom tile. Buying a home that’s already been built commits you to future remodels or tolerating less-than-ideal circumstances.

Dated Immediately

If your home was built in the past, it will look like it was built in the past. The cupboards may be screaming of bygone fads already. Especially if the previous owner made trendy selections in the past, your new-to-you home will look obviously old. The years take a toll on the structure as well. Your roof, furnace, and other essential items are somewhere in the middle of their life cycle and will need to be replaced sooner than if they were new.

Pros of Building a Custom Home

Everything to Your Specifications

Buying a lot and building a house is the right call if you would like to have input on every element of your design and layout. Every bedroom, bathroom, and living space is laid out exactly as you plan to use it and finished with your favorite colors and materials. Custom homes are your best bet for a frictionless daily routine with a place for everything.

All Features are Brand New

When every appliance and feature is brand new, you will have its entire lifecycle before you need to replace it. You can expect several maintenance-free years from your furnace, water heater, kitchen appliances, and more. New appliances and essential home elements also provide state-of-the-art techy comfort and stylish options.

Cons of Building a Custom Home

Cost

Building a custom home will cost about 20 percent more than pre-built counterparts. If you’re interested in stretching your budget in the short term, building a custom home may not be your best bet.

You’ll Have to Wait

It could take a year or more to bring your custom home project from the planning stages to the end of construction. If you are planning a large custom home with high-end finishes, the artisanship required could extend your timeline even further.

Is Now a Good Time to Build a House?

Many clients wonder if now is a good time to build their custom home. We keep our eyes on the horizon of the housing and construction markets to anticipate the economic trends that influence our livelihood.

Price of Labor and Materials

Labor and materials have been rising at higher-than-average rates in the past few years. Unfortunately, this trend is projected to continue into 2024 and beyond. The only time better than today to start your custom build is yesterday. Locking in your purchase prices now will save you more money. Waiting for pricing trends to reverse could have you waiting for years while your home could have been accruing value while you enjoy living in it.

Availability of Desirable Lots

Prime lots in desirable neighborhoods and near some of Wyoming’s most beautiful natural features are in high demand. If you love a certain location, purchase your lot soon to ensure that you can call it home.

First Choice Builders is Your Best Bet for a Wyoming Custom Home

First Choice Builders create stunning custom homes in Wyoming. We’d love to talk to you about your vision for your custom forever home. Connect with us here.