Morris County is a beautiful region in New Jersey with distinct suburbs, a plethora of outdoor activities to enjoy, an excellent schooling system, and is close to both downtown New York and Philadelphia. It’s a great location for young professionals and those looking to raise a family. So if you were considering relocating to Morris County would it be better to build or buy a home?
Here we’ll take you through a quick guide of building vs. buying a home in Morris County.
Price Difference
If you’re looking at building your own home to save money, you’re better off buying. Like for like, it is generally cheaper to buy a home in New Jersey.
Time Difference and Equity
On average it takes 9-12 months to construct a new home from the ground up. While this may not seem very long, bear in mind it is a year when you’ll be under some considerable stress, and also a year less of building equity. In June 2022 the median price of a home sold in Morris County was $600,000, a year later in June 2023 and that figure had risen to $625,000. Bear in mind that this increase came during a time when high-interest rates had caused many real estate markets to dip in value across the country, so there’s the possibility that you’ll be losing more than $25K for the year it takes to build the home.
Added Complexity
Buying a home can be complicated and even outright nerve-wracking with bidding, negotiations, escrow, and financing being only some of the steps involved. Building a house and staying on top of the process involves so many more moving parts and so many more parties that the level of complexity rises almost exponentially. You’ll almost certainly want to hire a contractor or firm to oversee the building process.
Also, consider that prices can rise drastically. Adding a few thousand extra to a bid to land a home is common enough and factored into the home-buying process. However, when you’re
building a home it’s not as easy to factor in the possibility that prices for raw materials might rise. Add to this you cannot predict by how much. Be aware that you’ll need a significant financial buffer when building a home.
With all this said, the question remains:
Is it better to build or buy a home in Morris County?
For those who absolutely have their heart set on having their own designed and built home, Morris County will have enough vacant lots to suit almost all buyers. However, before you go through all of the requirements, wait for the home to be built, and invest a substantial figure, it’s definitely worth having a look at the market and what luxury homes are already available. One may be exactly the home you’re looking for.
Find out more about luxury homes in Morris County with Frank DeZao Homes. Born and raised in New Jersey, Frank has a deep and lived knowledge of the area and the expertise to guide you on your real estate journey. He can also help with the surrounding areas of Essex County, Bergen County, Sussex County, and Passaic County.
Call 201.953.9376 or leave a message here.