Buying vs Building A House (Pros & Cons)
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- เผยแพร่เมื่อ 5 ส.ค. 2024
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Buying vs Building a home is a question that many potential homeowners ask themselves.
In this video, I discuss the pros and cons of buying vs building a home.
With current interest rates so low, and demand so high, people are starting to consider building vs buying a home.
With a custom home, you get exactly what you want. With an existing home, you are stuck with a lot of the "bones" of the home, although the interior of the house can be improved to whatever you like.
There are also many other factors like land, competition from other buyers, etc.
Please share this video with a friend on social media!
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⏰ Timestamps ⏰:
0:00 - Introduction
0:39 - Pros of Building a House
2:31 - PolicyGenius Spot
3:45 - Pros of Building a House (cont.)
5:24 - Cons of Building a House
10:23 - My Thoughts
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
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*Are you planning on build or buying a house in the near future?*
Just closed on our first home, looking to build our next within 10 years !
No way! Prices are way inflated!
@@TFerns194 Congrats, best of luck to you
We attempted to buy in DFW. Homes that were listed for 210k were going for 255k CASH. People are out of their minds here!
Marko - WhiteBoard Finance thank you! Keep up the videos please ! They help a lot of us
Negotiation tips for buying a new home. If it’s right at the end of the quarter and they are trying to meet certain numbers, you can typically get a good amount of credits or a reduction in purchase price. It is a bit hard to plan for this but a lot of times if someone drops out of contract right around the end of the quarter you can pick up a deal quite a bit easier than any other time.
I love how Marko is wearing Polo
Lumber prices are insane right now. That has to hurt the cost of building new.
I bought a fixer upper and I'm fixing it's issues. It's more satisfying and I can save money by doing some of the stuff myself. I still get control over paint, cabinets, flooring, etc. because I pretty much had to gut the whole house. I can't change how many bedrooms there are, but chances are you can find a house with the layout you want if you're not super picky. The big con is that my repair budget estimates are always lower than I think.
I’m looking to build my first home. I live in Huntsville Alabama. I’ve gotten my personal debt down to zero so hopefully I’ll be able to afford to build the home I want. It’s nothing to fancy just big enough for my kids and I.
Yessss! You got this.
You got this girl! You will build the home perfect for you and your family. :)
All the best!
Good luck
You seem like a wonderful mom.
After having a home that was 26 years old, I definitely prefer a newly built home or a home no older than 3 years. Trust me, it’s less of a headache.
😅
This is a great video topic -- tons of people always area talking about buy vs. rent, but this is a great question that needs more exposure as well!
We got our first home and it is a 13 year old house that looks brand new and the builder is known to be a good one. We got lucky I guess that nobody wanted it because it looked so plain on pictures. Now, we just need to pay it off in 20 years 🙏.
A helpful analysis of the pros and cons of building a home v/s buying a home. Thank you for sharing the video.
I truly enjoy watching your videos because they are very informative and I can learn from them.
Plus you are extremely articulate and nice.
Keep up the good work man !
Your videos are splendid! Thank you for giving me a new perspective to contemplate!
Glad I found this channel! Your videos are so good!
Property tax is evil tax, pay the house off, God forbid there be a personal crisis and can't keep up that property tax. The county government will sell you out for the property tax on the house you bust your ass to pay off. You truly never own it out right.
Oklahoma only has 2 seasons. Extremely hot and humid (April-,October) and kinda cold (1/2 of fall through April). Lol
I'm building my own house on my own land, I've already got the design down.
Also, I'm not hiring anyone to help me, I'm doing it myself.
Wow that's incredible, how are you doing that? Aren't there like 20 different trades that go into building a house? HVAC, plumbing, electric, masonry, landscaping, framing, etc?
@@Ares_gaming_117 he's the jack of all trades. Master of none
A lot of us that are in the trades will trade time for work when something is just outside their core knowledge. Also theres nothing stopping people like myself from learning the other trades and what codes requires.
@@drewstevens2244 is it feasible to learn all the trades required to build a house yourself though?
@@Ares_gaming_117 yes actually it is. The hardest one is the carpentry side of it all. Myself and 2 people have actually built a 2600 sqft house.
Great video. I know a couple who just built, they love the floor plan -main level living, laundry on main floor open concept etc, which was why they decided to build. Surprisingly they could still build when their jobs weren't in butterfly collecting.
"You're in complete control when you build a home" You'll think so at first lol
Thanks for sharing the pros and cons! New build homes are great however you do pay a premium for new. Higher taxes, HOA fees, and home prices. But you do get a great product 🏡💵
imagine divorcing over building a home
Keep it to yourself… you’re giving women more ideas…
@@josealexe9249 hahaha
When you buy new, you can easily add $100,000 to the starting price with lot upgrades and finish upgrades. New homes are very expensive these days.
New build has always been expensive. If you are buying from a developer, they may be able to keep costs down, but they will skimp as much as possible on quality.
As far as custom made homes, engineers and architects dream of being able to do that in my area. It is still too expensive for many.
It's insane trying to buy a place here in Washington 😭
I always wonder how those people on the HGTV shows can afford those homes !
That is why i am here. Hehe
They have invested and uses their investments.
Its fake and the people are actors.
@@reliic lol
Worth staying until the very end! Let’s go! 😂
LOVE the last point of “it’s just a house”. In this culture of IG and FOMO, it’s so easy to get lost in the dream, but at the end of your life, you ain’t taking the house with you and it will not bring you that ultimate joy.
You never seen a hearse hauling a U-Haul :)
thanks for this video man!
Thanks for sharing Marko!
My mom wants to gift me her land. I think I will go for it. Good news
Def leaning more on buildin!!!
The ending definitely made me like and sub 😂
Thanks for sharing
I’m in Idaho and neither option is good, there isn’t much inventory and there are a ton of people moving in from out of state. The cost to build is out of control because the cost of materials have quadrupled in the last 6 months. On top of that most builders are a year or two out of even starting your home.
😂😂😂 love the ending!! 🤣
That ending killed me 😂😂
You deserve more subscribers :)
I smashed the like button😁
LMFAO that ending! xD
Thanks!
Thank You
His wisdom & humor😂💞🙏🏽
Good stuff thanks
12:55 - Greatest outro ever!
Heh...
Marko, thanks for this video. Here in Miami, it is difficult to decide between buy or build because most homes are extremely old, expensive and need renovation (money pit), or building a new home means living over an hour from downtown (with traffic maybe 1.5 hours) and paying an expensive price.
The housing market is honestly crazy right now.
Quick question. I use credit karma to check my score. I recently refinance my car for a way better rate. 60 month term with 18.9% which I had 11 month into it and had paid 60% off already to a 24 month term with 3.1% interest. The bank screwed up and labeled check with wrong adress causing a delay so for a month and a half there was 2 auto loans on my credit opened but this had no affect on my score. As soon as old loan was paid off and closed. My score dropped 10 points instantly. Why does this happen when closing auto loan and how long does it take recover. Thanks and enjoy your info
I swear it always the bloopers for me😂😂😂
Lmaooo the end 🤣🤣🤣 let's gooo son 🤣🤣
I honestly stick to the end for the "Eraser Talk"
I subbed because of your outro LMAO!
which one is more expensive per square feet? Building or Buyding?
I’m a Domino’s franchisee too😀..considering buying vs building. Both are crazy expensive so we’re staying on the sidelines. Building costs $170ish sf in my market for what we want. Existing homes are mostly selling 140-160sf and we have to update most of them. I don’t believe these prices hold where we live. Was $150sf to build & 120-130ishsf for existing homes before pandemic.
Hopefully, you got in....
Subscribed! Marko, my wife and I are done renting so we're in the market somewhere in L.A. county where the $ list for ~1500sq ft home w/ 3-4 bedrooms is ~$750k. Sorry if I missed it in the video, but is buying land then building...actually cheaper than trying to get an existing house in the valley which are selling beyond $850k after bidding wars? Thanks for the video, esp the "just a house" reminder.
Cost of building supplies have sky rocketed!
Wow! Thanks Marko, do you have a book? I would love to read your book
I think a good idea for a vid is rent vs buy.. a great vid as always. Thanks.
How much does it cost to build a one bedroom house inside wall to wall size 30ft x 15ft with a basement and the bedroom in a upstairs attic/loft? Small footprint on hilly land ?
Just an opinion for a guy that’s lived a little. If you have the land and it’s paid for or you have been gifted the land then go for it. If not it’s a real pain to get a loan from the bank. Also adding utilities to the land might take over a year depending on where you live. I live in the Bay Area and our utility company is about a year out. Heaven forbid there is an endangered burrowing owl on your land, then you will really be in trouble.
If your unsure on how to build can you buy a layout already made but hasn’t been started on building
Could you make a video on how to find good rental properties and more about buying rental properties for passive income? I see you own one (where the dominoes franchisee stayed)
What is your opinion on buying land and place a double wide trailer/mobile home and build up on that trailer/mobile home?
Lol. Great video man. Thanks
There are still bidding wars, but instead of bidding on the home, contractors bid on the work you will pay for
Hey Marko I have a question. So let's say I bought a plot of land for $100k and then build a home on it and the value of the property goes up to $1m. I want to know if I will only have to pay property tax on the 100k I bought the property for or on the 1m the property is valued at now?
on the $1m
Hey Marko, kudos for predicting the 2020 market dip.
Do you think another one is coming soon ? Would it depend on the election result ?
Any video covering criteria to assess when considering to refinance??
I just finished the whole process of building a home and have fully moved in to my new 6,000 Sq. Ft. Georgian Colonial w/h finished basement and large 2 car garage 5 bed all w/h on suite bath's and closest space, then there's the master bedroom, library sitting/family room 2 half baths gourmet kitchen, my office, game room and storage etc.. I started the building process when I was 18 now I'm 21 and I live alone. money is not a concern for me never was/has been, I started to invest at 16 now I pull in around $25,860 USD a month and am also a looking into trade schools, I also have some passive income thanks to your videos on the matter. my parent's helped me with a lot of this and I learned a lot from them they've built 7 homes all around DC/Maryland so I have plenty of experience for me to learn from.
How are you bringing in almost 26k a month?
Im tired of being out bid or not having an FHA HOUSE everyone wants cash otlr conventional for their lump of shit... so I'd rather buy land for $5000 out a trailer on it and build on it slowly
What percentage of your budget should be dedicated to hidden costs? 20%? 30%?
I want land but my realtor said buy a house get equity then buy land
But I just don’t feel it- I’ll owe money on a property still, I know I can rent it or sell it but living in California is hard as hell
Like I just don’t see it
I'm 15 and my literal dream is to build a house in a forest and live there. Thank you, the video helped! ;)
same with me ahah i'm 14 tho
I know is off the subj but... Any used car dealership in Vegas you know about that you trust or so?
Hi Marko do you know how much to build a one bedroom house nowadays
I'm gonna SMASH the like button lol
*_In my opinion building is too expensive at the moment for price per SF_*
But maintenance and repair of older homes can make you spend more $$$.
I want to build a home in San Antonio Texas. They have quite a few lots for sale.
Marko is chingone 👍🏼🙏🏽❤️🙌🏼👌👏
2:10 of course there is bidding war between the builders
LMAO, the end of this video killed me
But in the long run is building a house better ?
When you hire an architect, do u still have to hire a contractor?
Architect designs. Contractor builds
hello marko i have a question
the process of building a home and the stress/headache involved outweights the pros of having less headaches down the road with a new home.
My dad wants to give me his house. It's a pretty big house around 4200 square feet with a 14000 lot but wow... It's one of them old 1980's homes! I don't wanna be rude and say no but really i think it's more than i need. I'm trying to buy a more modern home myself that's why I'm here.
At the end 🤦🏽♀️🤣😂😂😂 a fool
If the house owed taxes do we have to pay those taxes??
I want to what happens to home prices after the federal reserve stop playing smoke and mirrors with rates under the new administration.
Buy don't build; unless you are really rich/millionaire.
0:09
Say I have a double lot side to side, and want to build a home for resale as well as cut property taxes.
I don't have to worry about stress as I am single and never married.
What if the cost of buying a fully finished home is way!!!! More expensive than a vacant lot.
too expensive. i just closed escrow a house 3400 sq/ft 4 car garage for 420K
I placed a bomb on the like button. sorry
One of my friends built his modern custom home 4,800sqft for 850,000 and sold it for 1.2 two weeks ago so I’m guessing building saves you
@Marko - WhiteBoard Finance I will check it out but my friend lived in the house for 3 years and made 400k profit
When he sold it
We are in the middle of building a home with Ryan Homes
Everyone watchin this moving to texas lol.
I gave it a like but you only stunting on section 8 with a 3,600 sf house lol
Why do I watch 'til the end? Lol
Forget custom build homes. Get a cookie cutter. You get incentives, better warranties, and you don’t have to wait a year or 2 for it to be done.
"Teachers, are you even real people?" Come on, Marko.
what?
Marco..!
POLO 🗣️
*Marko
@@WhiteBoardFinance oups 🤭
Good luck with finding an honest construction company. We hired an all American roof company and the subcontracted to another but smaller all non-american company. Miserable job.