So comparing new construction home to existing home, we want to talk about price.
Obviously, it's more expensive to build a new home versus an existing home. And a few of the reasons why right now is one everyone's talking about the lumber costs. Obviously, when lumber is more expensive, houses use wood, and so it's passed down on to you, the buyer. The other thing that people don't think about is just the supply and demand of getting materials, all of your appliances, lighting fixtures, plumbing fixtures, anything that goes into the house is harder to get, and therefore it's been more expensive
The other thing to keep in mind is labor. The job market is very tight right now, and just getting people to show up and do their job is costing more money than it's ever been because you have to pay those that actually show up more than you typically have had to. In general, an existing home is going to run around 125 or down to 115 at square foot, completely updated. And a new construction home is somewhere around 135 to 155. So that's a quick snapshot of the differences in the price.
Hope this helps!
