September 2023: Buying versus Building a Home

It’s a place that I’ve walked by 1,000 times but never really tried it out, besides a classic turkey sandwich which was awesome. Wich!t offers everything from pancakes to burgers and everything in between. I was in a spicy type of mood and went with something that is technically off the menu, which was the Roll-On wrap. This was served on an organic whole-wheat tortilla and was inspired by the Spicy Tuna Maki, but this wrap included white tuna, English cucumber, roasted red peppers, scallions, romaine, and my favorite, wasabi aioli. This wrap was on fire, both in taste and spiciness. The first bite, I thought I bit off more than I could chew because this was one of the spiciest wraps I’ve ever had in my life. By the 2nd bite and one diet coke later, this wrap wasn’t getting much easier to eat, but honestly, the amount of flavor in this wrap was unreal. Although it was very spicy, it still had a nice balance of tuna and veggies on the inside. I had to double diet coke this meal, it hit like that! I felt really good after devouring this wrap and would totally order this again, even as spicy as it was. Wich!t gets an 8.1 on the FoodiePhil scale and next time I drop by, I’ll be sure to bring a gallon of milk, a washcloth to control the sweat and of course, a big appetite! Wich!t is located in a great spot, and I highly recommend checking this place out. 

Where should I go next?! Send me your recommendations!

1. The pandemic’s impact on new construction

As we have discussed in previous newsletters, the pandemic has had quite an impact on new construction and prices have soared. The supply chain has caused lumber costs to triple over the past year and there are also shortages of many supplies that are needed to build a home, including the builders themselves. Most people experienced shortages during the pandemic, including toilet paper and water flying off the shelves, but we didn't expect to have shortages like this in new construction. With price increases, builders and buyers are not very happy with the sticker shock. According to NAHB Chairman Chuck Fowke, the unprecedented price surge is hurting American homebuyers and home builders and impeding housing and economic growth. The lumber price hikes are not sustainable and there needs to be an immediate remedy to help increase production. The pandemic isn’t the only reason for the high costs to build a home. Other factors include the shell of the house, which includes walls, windows, doors and roofing. Additionally, interior finishes such as cabinets, floors and countertops will also drive the price up in a new construction home. Kitchens and bathrooms are easily the most expensive rooms to build in a home. You then must think of the mechanicals, which include heating and plumbing. All in all, there are a lot of factors that go into building a new home that not all new home-building homeowners necessarily think about.

2. Is it cheaper to buy or build?

You will save more today by purchasing an old home than building a new one. You can currently purchase a single-family house for a median price of $380,000 according to August 2021 Housing Market Trends Report - Realtor.com Research. Although the home purchasing process is extensive and can sometimes be draining, this saves you a huge headache compared to purchasing. The typical time it takes to close on a new mortgage for an existing home is between 4-6 weeks, much shorter than the 3-6 months that it takes to build a new home, but the pandemic has been increasing these turnaround times due to price hikes and shortages. The one benefit that you have in building is everything will be new, but your head has to be in the game and know that it’s not a quick job. Right now, it is cheaper to purchase a home, but a newly built home could end up costing less in the long run.

3. Buy or build?

We feel that you really can’t go wrong with either, but if you’re looking for something that is a bit more stress-free, we would recommend going with the home purchase rather than a new build. 

Got a question? Contact me today to chat with a financial advisor or discuss your next steps.