In a growing market, Houston investors are riding the lucrative wave of real estate. But should they build or buy an already existing property?
Statistically, Houston's metropolitan area ranked #3 in the U.S. in terms of raw population growth year after year as of July 1, 2020.
Quick math shows that Houston increased by nearly 250 people per day on average. All these new move-ins create opportunity, but it also drives up housing prices. This could create ample investing opportunities that should be lucrative due to simple supply and demand.
In the current market, you can probably save money if you decide to purchase an existing home that you appreciate. On average, you'll spend about $65,000 more on your new build vs. a pre-existing house. Upfront costs will be higher when building instead of buying.
However, the cost per square footage for new construction has proven to be less than that of older existing homes. So while you may pay more building a house vs. buying a house, you will definitely get more value for your dollar and create a new investment for yourself that will be in high demand in growing Houston, TX.
Have an idea but need design help?
Contact DAF Group, LLC. where we "Design The Dream" for a free consultation.