Which is the better option: buying a house and lot or purchasing a lot and building a house?

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I enjoy watching Architect Ed's vlogs and found the content to be particularly insightful today. I also have some additional thoughts for those considering buying a house in 2023.

I can't determine which option is better for you, as it depends on your circumstances and priorities. Here are some factors to consider when deciding between buying a house and lot or purchasing a lot and building a house:

1️⃣Cost: Building a house can be more expensive than buying a pre-existing house, as you'll need to pay for the cost of the land, materials, and labor. However, building a house can also allow you to customize the design and features, which could potentially increase the value of the property.

2️⃣Location: If you have a specific location in mind, you may have more options for purchasing a pre-existing house in that area. On the other hand, if you're willing to consider a wider range of locations, you may be able to find a lot that meets your needs and build your dream home.

3️⃣Timing: Building a house can take several months or even years, depending on the complexity of the project. If you need to move in quickly, buying a house and lot may be a faster option.

4️⃣Personal preference: Ultimately, the decision to buy a house and lot or purchase a lot and build a house will come down to your personal preferences and priorities. Some people may prefer the convenience and flexibility of a pre-existing home, while others may want the opportunity to design and build their own home.

It's important to carefully consider all of these factors and consult with professionals, such as real estate agents and financial advisors, to help you make the best decision for your situation.