This answer is local first and foremost. Next it is based on your skills and finances. For the most part, first homes should not be new builds. You pay more, there are more uncertainties, etc.

Can you not find an existing build that is livable day one? That makes the most sense for the most part.

Look for a newer build pre owned home that someone has done proper maintenance on. It will be the best way to go for you, right now. If the interior needs to be painted, then that is something you can do, because its rare to find a house that has the rooms painted exactly what you would like them to be. Once you have lived there a few years, you will know exactly what you want to do for your next home.

Simple: buy an existing home in good condition. Renovating an existing home or buying land, designing and building a new, custom homeare are entirely different levels of the game.

Learn to walk before running.

Since this won’t be your last, don’t build. Buy. Then as you live there you will learn the things you like in a house and things you don’t like. That list is important when you try to design a house to build later in life. Good luck!!

That is the most consistent feedback you'll ever get. Agree get a home that requires fewer projects. I bought 3 homes prior to building and still didn't get it completely right!

Actually, renting(with short term leases) may be the better initial step. I seldom recommend renting, but venturing out for the first time may make renting just for the experience of learning about homes a cheap education. Much less expensive than buying(even a place in good shape) in the short run.

I see several shows on TV about first time renovators or flippers. Those shows are not really factual. And definitely do not show all the pitfalls and results of bad choices.

We bought a fixer upper as our first home and found raising kids, working one and a half jobs, and working on the house to be exhausting. So, we sold and bought a new house. And ran into a whole new set of problems.

That is why it may be a better idea to explore what you can deal with to start. Renting gives you the opportunity to see what would be involved without being on the hook to actually have to foot the repair bills.

You need to live in several houses and work with the limitations and advantages of each house before you are ready to build a custom house on your own lot. There will be many choices to make during a custom build (lot choice, house orientation, exterior features, room features, appliances, HVAC, etc.) , and you need to know what you want when a builder offers you alternatives. Its a very stressful process for most people.

If you want to buy a house, I would start out by finding one or more neighborhoods you like, based on commuting distance, noise, safety, shopping access, and other factors important to you. Then look at the availability and pricing of smaller houses in that area so that you know what is a fair price for a house with the features and size you need.

If you are lucky, you will find a house that may sell under market price because it has problems that you could reasonably fix. For example, the entire house may need interior paint and wallpaper removal because nobody has updated it for 20 years. Or the yard may look like a jungle because nobody has had the bushes and trees trimmed in 10 years. Many problems with an older house are very visually unappealing (like a bad paint color, or junk sitting all over the house), but fixable. Those houses don't sell at top dollar because most buyers are very visual, and they are looking for a reason to "rule out" a house. Most buyers want a house to be move-in ready. That can present a great opportunity for someone who understands what it will take to fix the problems (don't get in over your head), and then uses it to negotiate a lower price.

Bruce

Your most cost-effective option is to find an existing home in a neighborhood you like, in decent shape but not necessarily a showplace, with a layout and design you can live with.

You can't lose with basic repairs, maintenance, cleaning, and painting. But renovating or remodeling are much more expensive, and building well beyond that, and you seldom get back what you put in when you sell the house.

Everyone has priorities, and I don't pretend to know yours. However, in over 3 decades of home ownership, I've never had any real interest in either building a new house or beginning an extensive remodeling project. To put it bluntly, I'm not made of money, and I have other ways I enjoy spending what I do have.

By the way, if you want to cure yourself of any residual interest in renovating or building, just look around this forum -- or any other -- for all the threads from people who are struggling with their projects. I've seen too many cases where remodeling or building stressed a relationship or marriage to the breaking point. No thanks.

You are approaching it as if it is a binary decision - renovate or build a new home.

In the real world most people buy a home that is used and make minor cosmetic changes to it based on priority and how difficult it is to change after moving in. For example most people would repaint a house before moving in or would refinish wood floors because it's much more difficult to do so after furniture is moved in.

As others have posted, decide what you can realistically afford - have an ample amount saved for normal maintenance as well as the inevitable expenses incurred when one moves in that one probably hasn't thought of like window coverings.

In my experience remodeling a house - i.e. making major structural changes like changing kitchens and bathrooms is not something to deliberately opt for unless one has some experience in terms of handling smaller projects.

Build. You will learn more in such a short period of time it will amaze yourself, your family, and your friends . . . if you survive.

Key phrase: "...if you survive--financially, emotionally and physically..."

I'm curious why you think you would need to 'renovate' an existing house. If that means that you can't afford anything that doesn't need extensive renovation, I'd say you are not ready to buy...yet.