The Pros and Cons of Building a New Home
Owning your own home is a big commitment, and whether it is your first time or not, building is one thing that takes a lot of thought. Not only is it an extensive process, but it can also be very overwhelming to have full control over all the big decisions. It’s certainly understanding why some people choose to purchase a pre-existing home.
In this article, we are going to talk about both the pros and cons of building a new home so that you can make the big decision.
Sound interesting? Then let’s get started!
You can create the home of your dreams
One of the best advantages of building your home instead of buying is that you have the opportunity to start with a blank canvas. From the materials you use to the number of rooms and overall style, you can create the home of your dreams. By working with professionals such as these individuals at Oakwood Homes, you can make all the big decisions rather than being limited to the structure of a pre-existing property.
There is no need for renovations
When you buy a home, especially an older one, chances are that in a year or two, you will start making renovations. This could be as simple as repainting the bedrooms or building on an extension. Houses age, and since somebody else may have already lived there for over ten years; there are no doubt going to be some issues that need fixing.
However, if you are building your home from scratch, there will be no need for these renovations. Well, at least not for a very long time. Everything should be brand new and in the best condition possible.
Generally speaking, vacant land is cheaper in comparison to developed land. It’s obvious that more work is done on land, higher will be the value. For instance, building constructions and utilities may drastically increase the price of vacant land. There are numerous external factors that may result in a market price fluctuation. If you’ve decided to buy a piece of land bear in mind the key factors such as the location, seasonality, competition and other factors.
You can stick to a budget
While you might not initially realize it, there are a lot of hidden costs associated with purchasing a house. From agent fees to pest inspections and mortgage registration, you can end up paying a lot more than the initial price of the house. When you build a home, you can avoid many of these and will be able to stick to a budget much easier. Yes, while there are things that can happen, it’s all much easier to predict and estimate. At the end of the day, you know that you’re getting a good deal.
As well as gaining value for money, you need to know that that the home purchase is perfectly aligned to your circumstances. Using mortgage calculators that help you understand advanced features like amortisation and overpayments. This gives you an added layer of versatility and control as you look to find the best financial solutions for your short and long-term futures. You can do this when buying a standard property. Still, the fact that you have no onward chain gives you more time to ensure that the very best choices have been made.
It’s more eco-friendly
Another great advantage that certainly shouldn’t be overlooked is the fact that you can build a much eco-friendlier home. Older houses usually have been constructed with hazardous materials and specific systems that can use more water and electricity. However, you have control over this. With water tanks, solar power, low-flow faucets, and showerheads, you can save on your utility bill and contribute to a healthier environment. It’s a win-win!
It’s a great investment opportunity
If you plan on eventually using your built home as an investment property, it’s undoubtedly a much better alternative than buying a pre-existing property. Since everything is new, they are often in higher demand, and you can charge more rent. You’re more likely to get higher quality tenants and won’t need to do as much maintenance on the property itself. It can also bring in a great price if you wish to sell it completely later on.
It takes a lot of time
If you’re planning on moving into a home in a few months, then building a home is not for you. The fact is, the process takes time, a lot of it. Before you can even start the construction, you need to secure the land, plan, source materials, and hire the right professionals. For some individuals, it can take up to an entire year, and you’ll need to find somewhere else to live in the meantime. While you can rush the process, you might not get the outcome that you really want.
There are many decisions to make
While some individuals like the control that building a home can have, it understandably isn’t for everyone. With so many decisions to make, it can get overwhelming very quickly. The process requires a lot of communication, contacting, and of course, you need to check in with workers. You can’t expect things to turn out the way you want them to. It’s up to you to be proactive; otherwise, nothing will get done.
Possible smaller land size
Previously, plots of land were sold much larger than they are now. While you do have some control over what you purchase, it’s not going to be the same as some of the pre-existing homes in the area. This means you won’t be able to enjoy a huge house, backyard, and front yard. There will always be some sacrifices that you will have to make.
There will be things that you can’t control
As mentioned above, you do have the final say over most major decisions. However, none of us can have complete control over everything. Whether it be mother nature making it rain for three weeks straight or your favorite building material being out of stock, there are always going to be setbacks. These are things that you are going to have to prepare for, which also links back to the fact that the process can take a long time.
The location won’t be as great as pre-existing homes
Finally, another major con that should be taken into consideration is that the location of a new plot of land isn’t going to be as great as already built homes. In general, they are going to be further away from the CBD, as well as any major offices and schools. For some, this can be a significant factor, especially if they don’t drive.
And that’s it! These were both the pros and cons of building your own house. While there are certainly equal sides to both, at the end of the day, it really depends on what decision you feel is best for yourself and your family. Weather that be building, buying, or even renting.