Affordable Dreams: Building Homes in Delaware at a Lower Cost
For the many aspiring homeowners facing a challenging hunt for a place to call their own in Delaware, there’s a game-changing alternative to consider: building your dream home from the ground up.
Securing a house in today’s real estate landscape can often be a strenuous task, putting a significant strain on your finances, thanks to dwindling housing stock and soaring costs. However, a surprising revelation has emerged—opting to build your own abode could prove to be a more financially savvy move than purchasing an existing one.
Delaware has garnered the attention of experts at StorageCafe, who’ve recognized it as one of the states that most favor home construction. In their rankings, Delaware proudly claims the sixth spot as one of the most cost-effective states for embarking on the adventure of homebuilding in the United States.
What does this mean for potential homeowners? Well, it translates into substantial savings. On average, Delawareans searching for their perfect home could pocket a substantial $96,000 by choosing to create their own haven, rather than buying a pre-existing one.
The math behind this is rather intriguing. The median land price in Delaware, at $176,000 per acre, coupled with a median lot size of 0.22 acres, results in an estimated home building cost of $394,000. This figure encompasses expenses associated with land, construction, and various other costs. In stark contrast, the median listing price for a single-family home in the state stands at around $490,000.
Consequently, the disparity of $96,000 presents a compelling argument for aspiring homebuilders in the First State. It’s an advantage that, sadly, eludes many in other parts of the country.
In a time where housing costs continue to rise and housing inventory remains limited, the prospect of building your own home not only offers an exciting avenue for customizing your living space but also proves to be a financially prudent choice for those who call Delaware home.