It’s an age-old question: to build or buy a house?
Some people prefer to buy a house that is already built so they don’t have to worry about the insurmountable stress of overseeing a construction project. Others dream of creating their perfect home from scratch, filled with all the amenities and details they desire.
No matter which route you choose, there are many factors to consider when making this decision. If you want to know whether this path is for you, let’s look at the good sides and the bad sides of building a house.
The Pros of Building a House
Let’s start with the positive aspects of building a house.
1) You get to design your own house
When building your own house, the room for creativity is expansive.
If you’re the type of person who’s very particular about how a house’s architectural design looks, this might be a benefit that trumps every other point.
But besides the design of the house, you also call the shots of the practical elements of it. You can decide the size and measurements of each bedroom and bathroom. If you want to have a pool in the backyard, you can make it happen.
You also have total control over the materials you include in your building plan. If you’re concerned about the environment, for instance, you can install eco-friendly and energy-efficient appliances and lighting as you see fit. This is something that would cost more when buying a pre-owned house.
2) You have location-freedom
Buying a pre-owned house means you’re limited to properties already built and in the market, which can be quite expensive especially if they’re located within the city centre.
By building your own house, you have more leeway when it comes to choosing where you want to live. You can look for cheaper land in rural areas and build your dream house there, with all the same amenities on a smaller budget.
You can also live in newer neighborhoods, which comes with added safety and comfort that you may not get when going for a pre-owned house in a seedier part of town.
3) You become the first owner of your home
Another perk of building a house is that it will be yours from the start.
You won’t have to worry about inheriting any minor or major issues that the previous owners may have left behind. Plumbing issues, structural cracks, and various other property-related problems are far too common in pre-owned houses.
Instead, you can start fresh with all new, up-to-date appliances, fixtures, and materials. In short, you’ll have peace of mind knowing you’re getting your money’s worth and there aren’t any hidden problems that the previous owners may not have mentioned.
The Cons of Building a House
While having complete ownership of your house seems like a dream to many, others equally dread it. Here are some reasons why people choose to buy instead of rent.
1) You’ll have a lot more on your plate
Building a house requires significantly more effort and dedication than buying an existing one. You’ll be involved in the creation of every little detail, from the decor to the minute structural elements.
This means that you’ll have to hire and coordinate with a team of architects and contractors, both of which may or may not be reliable. You’ll also be responsible for the legal paperwork, such as permits and licenses that you must secure to build your house.
If that type of dedication sounds too overbearing for you, then you may want to consider buying an existing house instead.
2) You can’t move in right away
Another downside of building a house is that it takes much longer than buying one. The entire process can take one to two years before it’s ready to move into, and that’s only if the construction goes smoothly.
You may also have to consider certain aspects, such as acquiring permits and licenses, hiring a team of workers, and finding the right construction materials. All these tasks can add up to months or even years before you
A pre-owned house is already standing, on the other hand, is ready to welcome its new owners. It’s a great option for those who don’t have the time or patience to go through the entire process of building a house.
3) Post-move-in costs can be high
While the cost involved in building a house is already quite considerable, some people gloss over the fact that you’ll also need money for maintenance and furnishing in the future.
Your home will require regular upkeep, such as painting and re-plastering, to maintain its functional state. Furthermore, the lawn and garden may require additional landscaping, which can take a chunk out of your finances.
These costs may add up to more than what was initially budgeted, so don’t forget to have some funds saved up, take out a loan, or change up your existing one as suggested by financial experts at Homestar Finance.
Building a House: Yes or No?
Every prospective homeowner has to take their set of circumstances into account before making this major decision.
Many find building a house to be fulfilling and exciting, while others may find it too time-consuming and costly.
As such, the answer is something completely personal to you.
That said, you must be thorough with your decision-making process. Consider your budget, timeline, and lifestyle before making a final decision.