Depends on your needs and budget.
If you already own a home/lot that is paid off, building is a great option as you can get a construction loan easily to build the home of your dreams or if you love your location stay, tear down, and rebuild!
If you own a home/lot that has a small mortgage on it, you will most likely be able to get a loan to pay off the mortgage and to build new.
If you do not own a lot/home to tear down, you will need purchase a lot first and then build. Your bank can help you identify what loans are best for this (not all banks do construction loans).
✔️ You get to build your dream home!
✔️ Often less expensive to build a new home than to buy an existing new home
✔️ You often get instant equity
❌ Time intensive (takes 10 months to 18 months)
❌ Potential contractor issues/delays
❌ Potential cost increases (for labor and materials)
✔️ Immediate move in
✔️ Established home values
✔️ Established neighborhood
❌ May not be your ideal layout
❌ May not be your desired neighborhood
❌ Purchasing at market value
❌ May not be any available inventory
Do you have questions you'd like to discuss over the phone?
I'm never too busy for your call.