Real Estate agencies have a lot to offer but it could be costly. Sometimes people are not sure what the best option is. While some believe that building a house from scratch is such a big effort it is not worth it. Others believe that there is no point in paying so much money for an old house. As you can see, there are reasons for and against it, so in the end, it is up to you to decide which is best. Whether you opt for a Real Estate bargain or you save a lot by putting it up yourself, it is fine.
Anyway, for those who are into building a house rather than getting a good deal in the Real Estate market, here are the places where it is much cheaper to build their dream house. According to recent research by StorageCafe, there are more than 15 states where the building process is less expensive than buying. As you already know, some people prefer buying to get rid of stress. There are endless things that could turn out bad as you are building it. You know when you start but not when you finish. This uncertainty could be hard to cope with.
What are the findings of this Real Estate analysis?
Bear in mind that the cost is approximate and that inflation may have affected prices since last October 2022. Not all states are on this list because there was not enough information about them. So, there are 46 states in total. Hawaii seems to be the state with the biggest difference in costs between buying and building. According to StorageCafe, the median single-family home price is a little more than 1,000,000 dollars in Hawaii’s Real Estate market. However, if you decide to build it, it could cost about 551,000 dollars. The difference would then be more than 490,000 dollars.
No doubt building your home would be the cheapest option in Hawaii. The Real Estate market has exorbitant prices there, so those who need a house should check this option first. The duration of the building could put many off though. Some constructors may even have a waiting list in your area. So, weigh up all pros and cons to see what suits you best. California is the second state where construction could save you loads if you can wait. Saving more than 200,000 dollars is an amount very few can say no to.
Which state comes third on the list?
Colorado is the third state where you can build for less money than when you buy a house. Building a house for about 492,000 may be possible. Buying it could cost about 600,000 dollars, so spending nearly 110,000 should be something to avoid. Utah is not far from the saving figures in Colorado. Buying then is not the best option there since you can manage to save up to 97,000 dollars. The prices of houses in their Real Estate choices could be even higher than in Colorado.
The top five states where you had better build than buy is completed with Virginia. A house in Virginia could cost about 458,000 while those who buy it could get one for 361,000 dollars. The amount you save is pretty much the same as the one in Utah, 96,000 dollars. Delaware, Maryland, Montana, Florida, Idaho, Washington, Massachusetts, Texas, Oregon, and North Carolina are the rest where the building could be worth it respectively. Obviously, the higher Real Estate prices will make it a less interesting option.