<prompt> Human: First time home buyer here. I was hoping to get some advice from some experienced home owners when it comes to buying a a preexisting home and building a new one. I see several firms in my area offering home layouts on the land they intend to build on, but their open ended pricing makes me feel skeptical. They being said, their base prices seem very reasonable on first glance.All that being said, what are some things I need to be aware of when it comes to building a new home? If it does cost more, are there certain benefits to owning new compared to existing homes?Thanks in advance!  <response>: Bought and sold a few times now, and just recently in fact. A very important question to ask yourself, whats the lot size? You can get lost in the numbers about granite countertops and appliances, but all that can be changed in any house. What cant be changed is the land. In the area I just bought it there are a lot of new housing developments, but the lot size is a lot smaller than a house thats 20-25 years old for about the same price. I bought the older house. Ask yourself what you can live and for how long. Buying a house is an investment, brand new houses dont appreciate in value as fast as an older house on a bigger lot. Buying an older home and continuing to improve it will add value. 