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Is it Better to Buy or Build a Home in North Carolina?

Posted by Katie Egan on Friday, March 5th, 2021 at 2:34pm

 is it better to buy or build a home in north carolina

We all have to look for a new home eventually. Whether you’re moving from an apartment or a condo into a single-family home, you’re looking to downsize, or you’ve outgrown your current home; there are many reasons to think about buying or building a home in North Carolina. But which one is best? After reading this guide, you should be able to start formulating your new home plan.

The final cost of buying an existing home and building a new home will vary. New construction homes tend to already come with popular, contemporary and updated finishes and features. This added perk will give your home a greater resale value later on. There are many other reasons to build a home in North Carolina. You’ll need a professional real estate company to help you decide and weigh the pros and cons of whether to buy or build a home in North Carolina.

Read below so you can decide whether you want to build a home in North Carolina. The team at Landmark knows the Western North Carolina area well and we can help you find the perfect home. Many of our agents are from this rustic slice of paradise, or they’ve moved here to be closer to the magic and allure of the Highlands-Cashiers plateau. We have lots and homes for sale in Highlands, Cashiers, Sapphire Valley and more.

What are the Benefits of Building Your Own House?

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There are many benefits of building your own house in North Carolina.

  •         When you buy an existing home and there is a feature you know you’ll eventually want to add or remove, that will take time, money and planning. When you decide to build a home in North Carolina, you can plan ahead and account for all of the custom features you want in your home, and with any luck, you won’t have to spend any time, money or energy renovating it in the future.
  •         New construction homes also tend to have less maintenance, which is appealing for all types of buyers. New homes will be built to meet the most current building codes and they’ll usually have upgrades like up-to-date technology and possibly even smart home features. When you build a home in North Carolina, you shouldn’t have to replace or fix major appliances like air conditioners or roofs for a long time.
  •         Then there is the obvious home buying pro of living in a brand new house. It’s all yours. No one has ever lived in it before. You can make your own mark and you won’t have to deal with marks, stains or anything left behind by a previous owner. This includes home repairs that weren’t done right, too. Some people make home repairs only to realize that a previous homeowner did something before that needs to also be repaired. Bottom line, you won’t have to clean up (or pay for) other people’s handiwork.

Can I Build My Own Home in North Carolina?

Here’s what North Carolina law says about whether or not home buyers can build their own home in the Tar Heel State. If you have any questions or would like advice on finding a builder to build your new North Carolina home, any of our professional real estate agents will be happy to help.

S.L. 2011-376 Imposes requirements on property owners who superintend (supervise and manage) building construction projects on their own property.

G.S. 87-1 says that a construction or alteration project estimated to cost $30,000 or more must be supervised by a licensed general contractor in the state of North Carolina. However, construction projects in which the property owner will solely occupy the building that’s being altered or built on his or her property are excused from this recommendation. 

If the person is eligible for the owner-contractor exemption, the property owner can, in theory, act as his or her own general contractor and supervise the project themselves.  However, the property owner cannot acquire a building permit under this exemption and ask an unlicensed person to do the work. This can only be assigned to a licensed general contractor.

Is Now a Good Time to Build a House?

While the supply of existing homes for sale may be dwindling, home builders and new construction is booming. Now is a good time to build a house while the momentum for new construction is there. And in terms of a long, lasting home, it’s always a good time to build a house because a new home lasts longer than an existing home that’s already been built.

  •         When you start from scratch and make sure you include everything you want, need and picture yourself needing in the future, you won’t have to buy a new home again, or for quite some time. A new construction home means you may have to pay more now, but when you think about it, you’ll save a lot of money in the long run on repairs and renovations.
  •         Buying a home also means going to multiple open houses, possible bidding wars and possibly having to settle at the high end of your budget and maybe not getting everything you want. When you opt to build a home, you determine how much you spend and what you get. When you buy a home, you could end up at the high end of your budget and not necessarily get everything you want. When you build a home in North Carolina, you’ll feel confident that you’re getting everything you want.

Is it Cheaper to Buy or Build a New Home?

Deciding whether it’s cheaper to buy or build a new home depends on a few factors, but ultimately, it may be cheaper to build a home in North Carolina. Look at it like this:

Consider the Median Cost

The median cost of purchasing a single-family home is $223,000 and it’s about $148 per square foot for the average 1,500-square-foot-home built before the ‘60s. On average, it costs about $290,000, so you may end up paying more for an existing home versus building one yourself.

Customize Everything

When you build a home in North Carolina, you’ll also be paying for exactly what you want. When you buy an existing home, some things included in that price may be interior and exterior features you don’t necessarily want or need. You may be paying a premium for a finished basement, but you may never use it. That doesn’t make much sense, does it? Buying an existing home may be the better option if it already has exactly what you want. If you want to customize your home to your heart’s content, we recommended building a home in North Carolina

Longer lasting Appliances

It’s also a good idea to consider your appliances while you’re mulling over whether to buy or build a new home. Things like your HVAC system will be new and under warranty. Sometimes everything in the entire home is even protected for up to 10 years. When you buy an existing home, you may have to make repairs or replace major appliances in the first two to five years. Building a home in North Carolina lets you customize your space and gets you everything you want while you save money in the long run.

How Much Does It Cost to Build a House?

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According to HomeAdvisor, it can cost $150,000 to $450,000 to build your own home. Of course, this price estimate varies by region, materials and square footage. A custom home is also different than a production build, where developers have various lots and floor plans to choose from in planned subdivisions.

A professional real estate agent can help you decide whether you want to buy or build a new home in North Carolina, and if you opt for the latter, a Landmark agent can help you decide whether you want a custom home or a production build. We know the area and we can help you choose the best custom home builder, find the right lot, help you choose which part of town you want to be in, and the perfect mountain community for you and your family.

Rules and restrictions vary by state, city and county. This is another reason why it’s best to work with a professional. They can help navigate the home building process and make it easier, so you can focus on your upcoming move.  

Is it Better to Build a House or Renovate?

Some people think that renovating their home will make it feel like it’s 100% theirs. They can customize things and make their vision come to life. This decision could lead you down a rabbit hole. Shows on HGTV make this look easy, but they leave out the hard and complicated parts. You may start with your living room, but you’ll soon notice all of the other parts of your home you want to change or fix. Then you’ll end up spending even more money, whether it’s now or years later. You may also start renovating only to find that you need to replace something or something isn’t working right.

Starting from scratch with a new home means you’ll avoid all of that and you’ll get to customize everything to your heart’s content before you even start living in the home. You’ll walk in on move-in day and you can start living in and enjoying your perfectly designed new home right away. It will be your sanctuary and you won’t have to change a thing.

What is the Most Expensive Part of Building a House?

The interior and interior finishes are normally the most expensive aspects of building a home. This is, after all, where you’ll spend the most amount of your time, so you want it to be perfect. This is where you’ll raise a family, make memories, cook family dinners, and so much more.

Here are some things to think about:

  •         Flooring. Do you want hardwood floors?
  •         Cabinets and countertops. Granite anyone?
  •         Doors and trims
  •         Installing drywall
  •         Appliances. To upgrade or not to upgrade?
  •         What about a fireplace?
  •         Think about a finished basement
  •         Or a deck
  •         Plumbing fixtures
  •         Lights and mirrors
  •         Insulation

You’ll also want to consider landscaping costs as most home builders don’t do much on this front. A well-landscaped yard could cost up to $4,000. You’ll also want to consider any costs associated with the driveway, porch, patio or deck.

Is it Better to Buy or Build Your First Home?

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Buying your first home is a sacred experience and we all want to get it right the first time. One way to make sure you’re getting everything you want is to build a home in North Carolina. The downside is that you’ll have to wait until the home is finished to move in, but if you can figure out other living accommodations while you’re waiting, this option is probably your best bet. You shouldn’t have to (or want to) renovate it later on. If you want to expand your family and make sure you have guest rooms for visitors, you can think about those things when you build your home, and there won’t be a need for buying a new home in the future due to a growing family, for example. Building a home in North Carolina allows you to plan for everything you need now and in the future and to act accordingly. If you plan well, building your first home is a better idea than buying an existing property.

Buy or Build a Home in North Carolina with Landmark Today

Now that you know the ins and outs of buying or building a home in North Carolina, you’re one step closer to making your decision. We can help you find a reputable builder in North Carolina, or we can start helping you look for existing homes to buy. If you’re still not sure and want to talk about the pros and cons of building a home in North Carolina or choosing to buy an existing one, our agents will be happy to answer any questions and go over why they love living here. If you know you want to buy or build your dream home in North Carolina, contact us today to get started. One of our favorite things is introducing people to our favorite place in the world, and we hope you love living in these luxury home communities as much as we do!

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