Ultimately the decision depends on your personal goals and although this is not a question raised many times, it still does come up from time to time. It is beneficial to create a pros and cons list pertaining to your personal interests and goals.
On a national level, average amount of money you'd be spending on building your home is nearly $300,000. It is important to remember that this number varies from place to place. Costs on a new built home is way more than purchasing a personal previously built home. First and foremost, your responsibility as a home buyer is to discuss all costs with the builder if you do choose to take that route. Of course, the newly renovated home will be cheaper in the long run due to it being energy efficient, new insulation, and a new roof.
Buying an existing home is much easier to be qualified for when you're running your numbers for a traditional loan. Construction loans are much more risky and harder to be qualified for. And, don't forget that they require you to have much more money available than a traditional loan.
A new takes between 120 and 150 days to be build. Depending on the size of the home and any issues that may arise, they can even take up to a year to be completed. Buying an existing home only takes about 2 months to close escrow. The convenience of having the chance to move in right away is reassuring to a family.
Obviously when you build a new home, you have the opportunity to design it the way you want, add windows with the design you want and paint the home the color you want. Floor plans, bathroom designs and type of floors are all up to you whereas in an existing home, you have to work with your realtor to find the best home that matches your tastes. Even then it may not be exactly to your taste. Before beginning the search you have to list exactly what you're looking for.