Texas is an incredible place to live, and if you live there long enough, there comes a time when you want to get a house of your own. And then you are faced with a choice: buy a house or build one yourself. Each of these has its advantages and disadvantages, which one must consider before making a decision. So, let’s look at the cost of building a house in Texas and how it fares against the houses in listings. And also, let’s discuss some of the benefits and disadvantages of both.
Benefits and Disadvantages of Buying a House
The most significant advantage of building a house is that it takes less time. You have to contact a realtor, and you will have many options. Furthermore, getting mortgages to buy a house is also easier and more straightforward. You can immediately process the transaction when you find a house of your liking.
But the biggest drawback of choosing this method is that you never know what you are getting into. Even after a detailed inspection, there are issues that you will realize only after living in that property. It becomes even more problematic in states that do not require sellers’ legal disclosures.
Benefits and Disadvantages of Building a House
When you build a house, you can tailor it however you want. Everything from the choice of land to the finishing of the building is in your control. So, the chances of going wrong in any aspect are very slim. You can choose the material of your choice and design the house in a manner that makes interior designing easier. The point is there is an element of assurance in building your own house.
However, this assurance costs you a lot of time. You would have to search for reputed construction companies, research different materials, and thoroughly design the overall structure of the house. People who work busy jobs rarely have enough time to do all that. Furthermore, the mortgage on building a house is also complicated. You would also have to fill out a lot of paperwork and get clearances from different departments. The point is it is a lot of hassle but one that can deliver excellent outcomes.
Price of House in Texas
As of November 2022, there are more than 113,000 houses in the listings of Texas’s real estate market. The median price of the house is around $390,000. So, if you are looking for a small house, chances are you’ll probably get around $150,000-$250,000 depending on the type of house and the neighborhoods.
Price of Building a house in Texas
You can build a house for as low as $45,000 and as high as $800,000 in Texas. The average cost of building a house in Texas is $260,000 which does not include the price of land. You would have to cough up an additional $100,00 to get land in Texas. The initial investment while building a house will go into purchasing a land, acquiring permits, clearing the land and excavating a hole. The average prices of cleaning are land and permits are $3,500 and $2,500.
When it comes to building a structure that cost varies greatly. There is no limit to the amount that you can spend while building a house. But still what it would cost is lower than the prices of listings on the real estate market. For example, if building a house costs around $90,000, there is a good chance that you will see the house with similar features and neighborhoods at $100,000-$120,000 in the listings.