Custom Home Building vs. Buying an Existing Home: Making the Right Choice for YOUR Family

Hello again from Yaro Realty and Construction! If you're a homeowner in Kentucky or really anywhere pondering whether to build a custom home or buy an existing one, you're not alone. Many of our clients have faced this decision, each with unique needs and visions for their future home. Here at Yaro, we're dedicated to helping you navigate these choices, ensuring you're informed and confident every step of the way.

The Appeal of Buying an Existing Home

Immediate Availability

One of the biggest draws to buying an existing home is the convenience. It’s there, it’s ready, and you can move in within weeks—a significant plus for anyone under time constraints. Like when a client once told us they needed a ready-to-move-in home due to a sudden job relocation; the speed of purchasing an existing home was unbeatable.

Cost Considerations

It's often perceived that buying an existing home is less costly upfront compared to building from scratch. This can be true, but remember, the sticker price isn't the end of the financial story. We've seen many homeowners caught off-guard by the renovation costs needed to bring an older home up to their standards—like a couple who purchased a home only to find that updating the 'charming' kitchen doubled their expected expenses.

Another thing that isn’t often considered is age of the water heater, A/C unit, furnace, roof, foundation etc. Although they may not “cost” anything up front within 5-10 years some of this stuff can really add up. Always make sure to analyze these items and get a good inspection when buying an existing home. Since we also help families buy homes outside of what we build, and are in construction ourselves we have a bit more knowledge and can provide more guidance than your “normal” agent.

The Limitations of Existing Homes

Limited Customization

Here's where things often get sticky. You might find a home that ticks most of your boxes, but it’s rare to find one that ticks them all. One family was looking for a home with a large, sunlit art studio; they settled for a less-than-ideal space, planning to renovate, only to find city zoning restrictions that quashed those plans. This is a classic example of the compromises often necessary when buying an existing home.

Market Competition and Inventory

In popular areas like Lexington or Wilmore, the real estate market can be fiercely competitive, and the inventory of homes that meet specific needs can be low. This means you might have to act fast and possibly settle for less than what you want, or engage in bidding wars that push you over budget. This may not be as applicable now in the post COVID world, but we have seen this still happen when a great home in a highly sought after area pops up even in 2024.

The Benefits of Custom Home Building

Complete Customization

Building a custom home means getting exactly what you want, where you want it, with your budget in mind of course. From the floor plan to the fixtures, every detail is chosen by you. Imagine creating a home with a complete in-law suite with private access because you expect long-term guests—something nearly impossible to find in pre-built homes.

Higher Quality and Craftsmanship

When you build with Yaro, you’re not just building a house; you're crafting your future home with the highest quality materials and modern technologies. This means your home is built to last, with less need for repairs and renovations down the line. We had clients who initially leaned towards buying but chose to build when they realized they could ensure a home free of the toxins often found in older homes, a serious concern for their allergy sufferers who care about what materials are used in their homes.

Time and Cost: The Reality of Custom Home Building

Longer Timelines, But Worth the Wait

Yes, building a custom home takes longer—typically anywhere from 10 months to over a year. But think of it as time well spent ensuring that every nook and cranny of your home is exactly as you dreamed. It’s about investing in a place that will feel right, without the need for costly and inconvenient modifications down the road. We can’t speak for every builder, but we take the time to do what’s right the first time, and that does mean sometimes a longer build time.

Budgeting and Financial Considerations

Building a home is an investment, and while the initial costs are higher, the long-term benefits—like energy efficiency, lower maintenance costs, and higher resale value—can offset these. We work transparently with our clients to match their budgets and needs, ensuring there are no surprises. We let people know up front the cost of their taste and specifications and do not do the “bait and switch” method some companies resort to in order to get you to sign.

Personalization vs. Compromise: What's More Important to You?

Deciding What Matters Most

Reflect on what's more critical for your family's happiness and well-being. Is it moving in quickly or ensuring that your home won’t require compromises or costly changes? Each family's answer will be different, and that's perfectly okay. Sometimes having the 20% of your home that isn’t exactly what you want or how you want it is not that big of a deal, other times it truly is and makes all the difference in your every day life.

Yaro’s Expertise in Helping Families Decide

We pride ourselves on guiding families through this decision process. For instance, by helping a family visualize their daily life in both scenarios, they decided building was the best choice for them, appreciating the ability to design a home tailored to their active lifestyle with customized outdoor living spaces and a home gym. We don’t just think what looks pretty, we also consider what is practical? What will help make your life easier and your home more inviting and useful for your daily habits?

What to Expect When Building with Yaro Realty and Construction

Streamlined Custom Building Process

We make the building process as smooth and enjoyable as possible. With regular updates and a clear timeline, we ensure you’re never in the dark about what stage your home build is at. We live in the community and are nearby likely to where we are building so we have a reputation to maintain and want to see others in our community proud to be in their home that we built.

Tailored to Your Lifestyle

Every Yaro home is built with the homeowner’s lifestyle in mind, adapting to needs that may evolve over time. Whether it’s accommodating a growing family or changing hobbies, your home can grow and change with you. We do our best to consider and think of what the 5-10 year future looks like up front so we can ensure you don’t outgrow or evolve out of your home.

Conclusion: Choosing the Right Path for You

Choosing between buying an existing home and building a custom one is no small decision. At Yaro Realty and Construction, we provide the expertise and support you need to make the best choice for you and your family. If you’re ready to explore what your dream home could look like, reach out to us. Let's discuss how we can turn your vision into reality.

This article aims to provide a balanced view, helping potential homeowners understand the pros and cons of each option while showcasing the unique benefits of building a custom home with Yaro Realty and Construction.