Settling down in your own house is something every family strives for. Even though most people desire to have a brand new house, especially a custom-made one, that is unfortunately too far-fetched. Building a house tends to be a far more costly endeavor than building one. However, if your budget allows it, there shouldn’t be any major obstacles to stop you from fulfilling your dreams. The key is to come up with the best choice possible, whether it’s budget related or not, here are some of the pros and cons of building a house vs buying one.
Get straight with the budget
Numbers never lie, and statistically building a brand new house from scratch costs around half a million dollars, give or take. And this merely includes the building project, exterior, and interior construction, and makeover, but you would additionally need to give out extra money for refurnishing and décor. On the other hand, to buy a pre-existing house instead a building one, you would need to put aside around $200,000. Not only is that ultra cheaper than building, but it would help you save money for other vital refurbishments you would need to do. Prices have significantly risen over the past year, both the building material costs and real estate, so it goes down to your budget to determine what you would opt to do.
- If the budget is not an issue, then you opt to look into some of the pros and cons of building a house to get the gist of what to expect. Here are some pivotal items:
Longevity and durability
A new house implies that nobody has lived there prior to your family, hence, everything would be customized to your wishes and preferences. As you would build it from top to ground, you’d ensure that you use quality construction and roofing materials; you would use an insulation calculator to determine which and how many insulating materials to use to adequately cover the house, and you won’t rush things to ensure everything is in top-notch conditions. Only with quality insulation, perfect construction materials, and building amenities, you could rest assured that you’ve provided longevity and durability to your home.
Uniqueness and customization
When you build a house, you build your piece of heaven, to you would be able to personalize it to fit your needs, tastes, and lifestyle. One of the greatest advantages of building a house is having the ability to perfectly customize every single part of it. This is not possible when buying a house, because no matter how you alter it, it may never truly suit your preferences. Hence, when building a new house you could customize every single petite thing from the layout and flooring to doorknobs and lighting.
- With these things in mind, it’s equally vital to know what some of the negative sides of building a house are. Here are some:
Emergent costs
No matter how hard you try to stick to your building budget, there will always be some hidden costs popping out. Prices alter sometimes weekly, and if you have calculated that you would spend around $1000 on bathroom supplies, that price can double by the time your bathroom is finished. Hidden costs are everywhere in building projects, from unexpected expenses to post-move costs.
Wait time and stress
Although you’ve set a clear deadline with your contractor, numerous things can postpone a building process, from hazardous weather to lack of material. Building a house takes a lot of time, period! From planning, and design, to approval and final move-in, it could take months, if not a year. The ongoing stress around the building process is only going to rise, so if you are in a rush or not prepared to succumb to such pressure, it’s wiser and more lucrative to buy a house than to build one.
All in all, the best thing any new homeowner should do is set a steady budget and talk things over with a professional real estate agent. Get everything out and consider both options mindfully before you embark on a building vs buying adventure.
