Comparing costs between building and buying a home in Colorado can help you decide which option is best for you. Building a new home is usually more expensive than buying one, with the average sales price for a newly built home in 2022 at $644,750. On the other hand, the average cost to buy an existing home in 2022 was about $535,500. That’s a difference of almost $109,250. Location also significantly influences the price of building a house, with desirable neighborhoods more expensive than remote areas.
Pros of building a home include customization, low to no competition, little maintenance, and lower energy costs. However, building a home involves managing several details, expenses, long wait times, and hidden costs. On the other hand, buying an existing home offers a price advantage, quick close, room to negotiate, and an established community. However, existing homes may require more maintenance and repairs, have limited customization, and have potential environmental concerns.
Weighing the pros and cons of building and buying a home in Colorado can help you make an informed decision. Researching costs in your desired location, understanding the complexities of the process, and consulting a professional can help ensure you make the best choice.