Is it best for you to build or buy a house? Building a house can be the most gratifying experience in your life. It is probably the biggest expense you will incur in your lifetime. However, if it does not turn out the way you expected, it could end up as being the biggest frustration and disappointment in your life as well. It is therefore important that all measures be taken to ensure that things are done the right way.
When deciding whether to build your own house from scratch, or to buy an existing resale unit, you have to weigh the advantages and disadvantages that go with each option. You have to know which the right option for you is. A lot of details have to be considered.
Advantages of Building Your Own House
• You can have the design customized according to your specific needs and wants. Although it is best that everything is finalized during the planning and design phase, you can still provide inputs even during the actual construction. However, some last-minute changes may add up to the cost.
• You can be sure that all the materials and components of the house are new and of the latest design if you so desire. You will have a say on everything that goes into your house.
• Usually, new houses are built on areas that are currently expanding. You can therefore be sure that the value of your home will appreciate.
• Especially if you are involved from the start to the end, it is more gratifying to see the home of your dreams come into fruition.
Disadvantages of Building Your Own House
• It is usually more expensive to build a new home than to purchase a resale or an existing home. In addition, you may end up spending more than what you expected and prepared for.
• It takes a longer time to build a new house than to repair a purchased unit. Likewise, unforeseen construction delays may also happen.
• Newly constructed structures often times are not perfect and some reworks may have to be done. These can delay your target date to move in.
• There are additional costs that may be incurred even after you move in such as window treatments, landscaping, house decorations, and many others.
• Finding the right location, getting the services of a competent contractor, and securing a construction loan can sometimes complicate the process of buying a new house.
Building has the very real immediate advantage of getting the home that is exactly to your requirements. You’re no longer living in someone else’s dream, you are realizing your own. Architectural style, lifestyle and tastes are all incorporated to your liking. One important consideration here is how home design has evolved. If you build today you are considering the environment, and the solar passive elements of the home. You’re probably going to have open-plan living, with great room interaction which enhances your lifestyle.
For those thinking of renovating on an existing floor plan, many homeowners opt to leave one standing wall so it is not considered a new build. Before doing so, doing your due diligence on having an inspection for previous flooding or flood cleanup, electrical wiring or outlet fires, black mold, etc.
Is it best for you to build or buy a house? Building a house is the ultimate dream of almost every individual, but to make it as per your requirements and expectations, planning is one of the major key areas that need to be considered while constructing a house. Otherwise, it would not only be a waste of time and money but an impediment to realizing your dream.