Dream House: Should You Build It or Buy It?


 

There comes a time in one’s life when they just want a property of their own. Seeing as how most of us plan for the future, why not make this property everything we ever wanted? You can opt for either building or buying a home; here are some things to consider.

Building it

The first option is to build your own dream home. Even though you might think that this is an amazing opportunity to have all your wishes realized, there are some pros and cons to building a new house from scratch.

Pros

Probably the biggest advantage of building your own dream home is the chance to create it according to your needs and wishes, which can have tremendous benefits in the long run. You can decide on the layout, the number of rooms and the number of stories.

When deciding on the materials, you can opt for eco-friendly ones that can both save you money on utility bills and save the environment. Having new doors and windows as well as Energy Star-rated appliances can lower the cost of the upkeep and maintenance, seeing as how they are under warranty.

If you don’t mind waiting for the trees and hedges to grow out, this is a great opportunity for you to pick exactly the types of plants you want. You know how much space you will have and you can also include a pergola in the backyard or a playground for the kids.

Cons

On the other hand, there are some disadvantages to building your own home. First and foremost, you need to think about the budget. Building a home can oftentimes be more expensive than buying an old house. You need to think about finding and buying the land, hiring the right architects and contractors, and acquiring the materials needed for the building process.

Another thing that often slips people’s minds is that this is a long process. Some experts say that a house can be built in around seven months. However, seeing as how there are often delays with material deliveries, inspections, and permits, as well as due to bad weather, you should plan for at least two extra months before you can move in. In addition, these setbacks usually require more money which you should plan for in your budget.

Buying it

On the other hand, there is a possibility that your dream house already exists, you just have to look hard enough to find it. However, just like with building a house, buying one also has some pros and cons.

Pros

You probably already have a list of requirements that your dream house needs to meet. Finding the right house is much easier when you know what you are looking for. For example, the Australian real estate market is constantly growing so contacting a buyers’ agent in Sydney or in any other big city out there, can make this process even quicker. Professionals that are in touch with the market will come up with a few options in no time.

Another pro is that, once you find the house that fulfills your wishes, you can move in almost right away. Inspecting the house should be your number one priority, and once you determine whether you need to fix it up or not, you can plan your budget. If the house is in great condition, this can be cheaper than building a new house. Additionally, you might even be able to negotiate the price depending on the issues the house might have.

Older homes might also have superior craftsmanship and better materials than new homes which are usually made en masse at the lowest possible price. Moreover, previously-owned houses might already have a well-developed landscape with plenty of mature trees.

Cons

The disadvantages of buying a house could include it not being exactly what you wanted. Maybe you don’t like the floor plan or the yard is not spacious enough. Additionally, if the house is a bit run-down, look at the cost of renovating to see whether building it from scratch would be more practical.

You might have to change the windows and doors, fix the insulation, get better appliances, etc. Sometimes, you have to compromise. Lower price, but not all the amenities, or an expensive project that will fulfil all your needs – the choice is yours.  

There are many other options we haven’t even mentioned, from building a tiny house if you think you can live in such a small space to buying a premade house that no one has lived in. The choices are many; you just need to find what suits you, your budget and needs the best.

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