To Build or Buy? #PropertyInsights

April 23, 2015
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, The process of acquiring a new home is an exciting time for many people, the very prospect of owing a house and not having to answer to a landlord every end of the month is exciting. As you start to look for homes and the more houses you look at, you ask yourself ‘Isn’t it cheaper to just build my own house’? While there are pros and cons to each, you might be surprised when you compare the two. Here’s a look at both sides of the fence.

buildorbuy

Buying a house

Buying an existing house will accord you these advantages: Convenience and Cost. One pre-approved by your lender, you can shop around; pick a house that you like, make an offer and move in. Even though the entire process involves numerous processes such as financing, viewing homes, making offers, home inspections to the eventual closing – the utter convenience of being able to move in right away is compelling enough for many people to choose an existing home over a build from scratch. Also, you already know the neighborhood and don’t have to worry about what your next door neighbor will build. Also, you already know what you are buying as you have seen the property as opposed to building a house where you only have to your imagination and floorplans to work with.

The disadvantages come about when you already settled in and start noticing things that you hadn’t about the house. And you are stuck with layout; there is not much you can do. Unless you find an existing home that has exactly what you want and is in perfect condition, you will have to spend additional money on remodeling, repairs, decorating and/or landscaping. These additional expenses should be factored into the overall price, especially when choosing among various properties or comparing the cost to building your own house.

Building your house

Building your own house from scratch gives you the upper hand over your budget and you get to customize your house fully to the taste and preferences and needs of your family. Also take into account that the construction process is really time consuming from seeking building approval to site supervision each step requiring your supervision and input. It can take anywhere between a few months to a year to complete the building process. The time spent waiting will definitely be worth the effort.

Money and features aside, building a house can lead to a level of satisfaction that you can’t achieve through buying an existing home. The new-home smell, no one else has stepped foot (or pets) on your carpet. This is your creation that matches your style and personality, which you created from scratch.”

At the end of the day, you need a roof over your head. Whether you chose to build or buy your home, will depend entirely on you. Do thorough research and make an informed decision , as your home is probably the biggest investment you will make in your life.

Get more property insights from Pam Golding.

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