Building vs. Flipping a House

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This is partially down the road but you can really never stop looking. I was wondering if anyone on here has ever built a house from scratch and if it saved them any money? This would be one where you hire a contractor, see an architect, and go from there. No big name homebuilder involved. If so, did it save you alot of money or did you take what you would have saved and just made the house better? Also, how much of a hassle was it? My second option is buying a house that needs some work and hoping to get it at a very reasonable price. Then I'd gut the insides and remodel it to my needs. Basically be flipping a house, but not one to sell, one to live in. Anyone have experience with that? I currently live in a house built by a big name builder. And personally, it was built like c***. I purchased the place before construction even started and caught a few mistakes then. However, the builder wouldn't do anything about it since I didn't technically own it yet (hadn't closed on it.) Then afterwards I had nothing but problems the first few months and actually still have some water problems now. So what's your thoughts on both and which is easier?