When it comes to owning a house, the decision whether to build or buy is one you have to contend with. Each option comes with its set of advantages and disadvantages. For instance, buying ensures you become a homeowner in record time as opposed to building which takes longer. Whichever option you settle on, it helps to evaluate the argument for and against each. With that in mind, here are the pros and cons of building your own new home.
Pros
Less Competition
Building has less competition than buying when it comes to getting your desired home. Properties are typically on the market for a little over a month. This means the competition is not only high but it’s also possible not to get a home; between the time it takes for financing to be approved and shopping, ‘your house’ could already be off the market.
Customization
Building means that you get to come up with a design that embodies your dream house. You can personalize every detail from the wall colors to the types of faucets. This beats buying whereby you have little or no control over the layout, number of rooms, or even the types of installations.
With your own construction, you can replicate design features from your parent’s house for nostalgia. You also get the chance to choose the type of contractors whose work is reliable. This is in contrast to buying a home whose construction integrity could be faulty and easily missed by real estate assessors.
Less Maintenance
Building codes and standards keep on changing. This makes building from the ground up a chance for you to make your home up-to-date. You can incorporate energy-saving measures such as solar-powered HVAC systems. Furthermore, new appliances and building material means you will be spending less on renovations for some years to come.
Cons
Time-Consuming
Building a new home can take anywhere between a few to over 10 months, this is according to a US Census Bureau report. This means for the entire duration of contraction you will have to shoulder rent payments; money that could have gone to other expenses if you opted to buy.
Can be More Expensive
According to figures from the National Association of Home Builders, on average the cost of building a single-family house is about $289,415; this translates to over $66,415 more than the cost of purchasing a ready home. The high cost is a result of the level of personalization that comes with your own design and preferences. This could be spacious rooms, expensive décor, or antique finishes.
Stressful
Building is quite stressful, even if you are not doing it with your own two hands; you are bound to get some headaches from overseeing the process. The project manager or foreman will be there to ask questions on specifications, design alterations, and of course payments.
These issues will more than likely leave you exhausted and will eat into your daily routine. The stress from seeing construction can even lead to underperformance in your job and cutting into your family time.
The Bottom Line Building comes with the satisfaction of knowing that you are the first owner of the home. You get to install modern and energy-saving appliances which lowers your utility bills. You can also count on paying less for maintenance and upgrades that come with buying a house. On the other hand, the building has some drawbacks. These include; having to wait for a long time before construction is completed, being stressed due to strenuous decision-making, and lastly, there is the possibility of spending way more on your new home than you would if you chose to buy.
