Building my own home has always been a dream of mine. While I moved into my first home just a little over two years ago, and it wasn’t a custom build, I did get to watch the whole process from pouring the slab to installing the roof. The reality of building a home can be a rewarding and prideful experience or it can be just stressful. Hopefully, if you have built a home, it was rewarding!
If you’re thinking about building your own home, there are definitely some advantages and also a few downsides to consider before you take the leap. To help guide you, here are a list of pros and cons to consider when building your own home! Let’s start with the pros:
You can customize it!
One of the biggest perks that come with building your own home, is that you can customize it yourself. This freedom allows you to design it to your exact requirements, without having to compromise. Of course, depending on the location that you’re building it you might need to stick to homeowner association restrictions, but in terms of how it looks – that’s up to you!
From the faucets to the tiles, paint, and any other fixtures and fitting, you’ll be able to decorate your new home just the way you like it. Also, there’s something so exciting about getting a demolition company to demolish an unsalvageable house to place your dream home in no time at all!
It’s more modern
Yes, you can easily find modern homes currently available on the market, but it’s likely that you’ll have to update it in one way or the other to suit your tastes. However, with a new home, you can incorporate up-to-date technology from the get-go.
Little to no maintenance
When you’re purchasing an existing home, and if it’s been around for several years, you’ll typically have to deal with several maintenance tasks after moved in. Whether this is replacing the heating, fixing leaks in the roof, or getting rid of mold, these issues are bound to put a hole in your budget.
When you build a new home, these issues certainly won’t affect your home for some time. These types of easy-to-maintain properties are particularly appealing to young families or those who have previously lived in an older property.
It takes time
One of the biggest downsides to building a property from the ground up is the fact that it can take a long time to come to fruition. And when you’re eagerly wanting to move into a home, this wait sometimes isn’t feasible for everyone.
On top of the wait, you’ll also have to ensure that you have the budget to rent an apartment, home, or an extended stay hotel while your new home is being built. Although this might not be an issue for some people, for those on a tight budget, it might not be attainable in the long run.
Not only do you have to potentially pay for temporary accommodation, but you should consider the possibility of the cost of the home build being higher than you initially expected. Most people may think that what the developer initially quotes is the final price. However, several costs can pile up along the way – from delays in building due to inclement weather to change orders. Therefore, it’s important for you to try and be flexible if it’s your dream to build your home from the ground up.
There are many pros and cons to consider if you’re thinking about building your dream home. Before you decide on whether building is the right option for you, it’s a good idea to research the process and to look at all of the pros and cons. By comparing the pros and cons to that of buying an existing home, you’ll get a better insight into which direction you should go. But, regardless of which you opt for, keep in mind that you’ll soon be a homeowner, with a property that you can make your own – even if it’s just decorating it like me!