Buy Existing or Build?
My fiancé and I (late 20s) have been debating whether to build or buy for about a year now and we’re genuinely stuck.
We live in Northeast Ohio where building has gotten pretty expensive because decent lots are hard to find and lot prices have climbed a lot.
We’ve explored a few build opportunities already:
one community had very small lots and felt cramped
another had better lots but pushed us well beyond our comfort budget
We do have a builder we really trust (he built my brother’s house and does great work). He has a handful of non-HOA lots near Lake Erie that we like, and building has always been exciting to us because it feels like such a major accomplishment and something we could really make our own.
However…
We just toured an existing ranch yesterday that both of us unexpectedly really liked. Built in 2008. High ceilings, good architectural design, semi-open floor plan, good bones overall. The lot is honestly one of the biggest selling points — it’s in a more upscale established neighborhood where most homes are at or above this home’s value, and it’s quiet/private while still only being 10-15 minutes from everything we need.
The house definitely needs cosmetic updates:
paint
landscaping
patio
basement finishing
some flooring work
But structurally and layout-wise it’s solid. It also has enough projects/upside that I could see us slowly making it feel like “ours” over time.
The tricky part:
We’re getting married in September, both work a lot, and this summer is already packed. Buying this house now would absolutely make the next 4-5 months hectic between:
selling our current home
moving
wedding planning
potentially starting projects
At the same time, part of me worries this is the kind of established lot/neighborhood opportunity that’s hard to replicate with new construction in our target budget.
Financially, building and buying this house would end up pretty similar all-in, although I’d say the existing house probably gives us “more house” and a better lot for the money.
Curious what others would do:
buy the existing house with great bones/lot and slowly improve it over time
or wait until after the wedding and build next year in a calmer/more intentional way?