When it comes to purchasing your own home, it can be both exciting and challenging at the same time. With so many choices to make, all of which are long-term commitments, the process can be daunting. One decision you have to make is whether you are choosing to purchase an already established house or build your own from scratch. Both have advantages and disadvantages, so it can definitely be challenging to decide. In this article, we are going to offer you some advice on the matter so that you can make a decision. Sound interesting? Then let’s get started!
Buying: Pros and Cons
Pro: You can move in more quickly
One of the main advantages of buying an existing home is that the process is generally much quicker. While you do have to wait for all the paperwork to be finalized, you don’t need to worry about hiring builders and then the extensive process of building a home from nothing.
So, if you are looking for a quicker solution, then this is definitely the way to go. However, don’t think it will be as fast as moving into a rental!
Con: It can be more expensive
While some people believe that it would cost more to build a home, this isn’t actually always the case. The fact is, existing homes can be more desirable for a number of reasons, and there is much more competition. Without carefully watching the market, you might end up paying an obscene amount for something that really isn’t worth it. This could be because of an increase in the population, for example, or a job opportunity that could bring others to the area.
Pro: You can choose to renovate and extend
While buying a house does limit you to some extent, that doesn’t mean that you can’t make any alterations. By purchasing a home, you can then choose to renovate or extend it in the future, if you have the funds to do so. In some cases, individuals have stripped homes back to a complete skeleton to achieve their desires. Check out these renovation tips for more inspiration.
Con: You will never find that perfect home
When you buy a home, there will always be something that you can’t have. Whether it be a spa bath or a double garage. On top of this, a lot of the time, existing properties will have maintenance issues and things that need to be fixed due to having other owners. Although, with that being said, you can find new homes for sale that have yet to be lived in.
Pro: You will find better locations
Another great advantage of buying an already built home is that you will find better locations. These will generally be closer to the CBD and schools, unlike the land that is available for building on. This could be a significant factor in your decision making.
Building: Pros and Cons
Pro: You are able to customize your home
One of the main benefits of building a home is that you can customize it completely. From the number of bedrooms to the size of your garden shed, the options are endless. You have complete control and can create the home of your dreams. This is something you will never be able to do with an existing property. However, this can take a lot of time and isn’t always possible, depending on the size and location of your land. For example, you might not be able to have five bedrooms, with a pool and a front garden. So make sure you take this into consideration!
Con: It takes time
If you are in a hurry to move into a new home, then building is not the way to go. The fact is that the process is very extensive and can take months or even an entire year until it is ready. Not only do you have to build the house itself, but you also need to worry about landscaping and securing the property. However, that being said, the time length does depend on the area you have chosen to build, and your home requirements.
Pro: You can save money on energy bills
Older houses tend to use older systems, which can chew up your power and land you with hefty electric bills. One benefit of building is that you can choose more environmentally friendly methods that can save you more money. For example, things like solar panels and water tanks can make a huge difference. Even smaller things, like efficient toilets and low-flow faucets, can save you a considerable amount. So make sure you do your research.
Con: There are a lot of hidden fees
When you buy a home, and the price is agreed on, there aren’t many other things to consider. However, when you build a house, you will never really know it’s full worth. Not only do you have the cost of the land, but also the building materials, labor hire costs, and stamp duty. This can add up to be quite expensive, and you won’t realize it until the very end. So if you don’t have the funds, or can’t be granted a large enough loan, you might want to rethink your options.
Pro: There may be perks for building vs. buying
Depending on where you live in the world, there may be different perks for choosing to build over buying. Your local government may offer specific grants and warranty options that can be very beneficial. It can be worth looking into these things before you make a final decision.
And that’s it! By taking all of the above into consideration, hopefully, you are now able to come to a decision on what to do. Whether that be to build a home or purchase a pre-existing property. No matter what you choose, at the end of the day, you will have a fantastic abode and can be proud of your accomplishment. You did it!