With the market white-hot and inventory maddeningly low, eager buyers are often left to weigh their options. Some choose to patiently wait for more inventory, while others choose to build.

So when it’s time to make a decision, how do you decide which is the better option for you? Because unless money’s no object (We can dream, right?!), you’ll need to weigh the pros and cons of buying vs. building – and what the costs are for each, both financially and emotionally.

Here are some of the biggest considerations for each option.

Cost

Existing: The median cost of buying an existing single-family house is $200,000. And for the average 1,500-square-foot home built before the 1960s, that brings the cost to about $148 per square foot, depending on where you live.

New: Buying or building new construction will set you back an average of $289,415 – $66,415 more than the cost of an existing home. But more often than not, new homes are more spacious, with a median size of 2,467 square feet, bringing the cost per square foot to only $103.

Maintenance

Existing: Older homes obviously have experienced wear-and-tear, which means it will require more maintenance or, over time, replacement, such as roofs, HVAC systems, furnaces and even windows – and while their lifespans range anywhere from 10-25 years, maintenance and replacement aren’t cheap.

New: Maintenance for a new build is considerably lower since everything from major appliances to the HVAC system is new – and under warranty. In fact, the home in its entirety is protected for up to 10 years under a new construction warranty – so maintenance could potentially cost $0 for the first decade.

Landscaping

Existing: A huge perk of older homes and neighborhoods is mature landscaping and large trees. And while that may not be something you necessarily look for or notice, the U.S. Forest Service estimates that mature trees can add to a property’s value and save up to 56 percent on annual AC costs.

New: It will take countless years and hundreds to thousands of dollars to get the landscaping you want when you build. In fact, according to HomeAdvisor, the average cost of adding complete landscaping is $3,249 – and that still doesn’t include mature trees benefitting aesthetics, property value and savings.

Energy Efficiency

Existing: The latest U.S. Census found the median age of American houses to be 36 years – bringing with them older and less energy efficient windows, doors, appliances and more, costing money on energy bills and on replacement in the future.

New: Unsurprisingly, new construction is almost always more energy efficient than older homes that haven’t been updated by previous owners. In fact, homes built after 2000 consume an average 21 percent less energy for heating than older homes.

Appreciation

Existing: Existing homes boast one feature new construction never will: history. Buyers can research the home’s previous sale prices, as well as comparables to get a better understanding of market conditions in the area today and to forecast future value.

New: New homes have no such market history or appreciation and as such, are a little more of a gamble. There aren’t enough data points in order to forecast future value and even the quality of the home’s construction standing the test of time.

At DeLeon Sheffield, we realize that low inventory means occasionally thinking outside the (preexisting) box and weighing all options. But whether you decide to buy an existing home or build from the ground up, let our experienced real estate professionals guide you every step of the way.

Because at DeLeon Sheffield Company, ‘We’re More Than Realty; We’re Family.’