The National Association of Home Builders said the median price of building a single family house is about $290,000. Just remember that the cost of a new home build differ widely on the location. So, in case you are wondering how much you can afford and you would like to have a targeted estimate, then you research about the price per square foot in your area. Are you wondering if it is much cheaper to buy or build your own custom home? To answer this question, you have to consider the advantages and disadvantages of new versus the old construction as well as the price you will pay for the costs of a new custom home versus an already existing home. The primary things you need to think about when it comes to buying or building a house are the upfront costs and the ongoing maintenance costs.
Buying Versus Building Custom Home
Upfront Costs Of An Existing Home
The median cost of purchasing an existing single family home is about $223,000. For an average 1,500 square foot house that was built before the 1960s is worth about $148 per square foot. Given that, the exact cost could differ widely depending on the location.