Are you somebody that is about to become a homeowner? Congratulations! Owning a home is an amazing achievement and a milestone that many people spend their lives trying to reach. You may be asking yourself a very important question, should you build or buy a house? Both options have their own sets of advantages and disadvantages. Before you decide, let’s take a look at what building and buying a house has to offer.
Building a House
Building a house is a huge commitment and a lot of work! It is not something to be taken lightly. Before you start, you should be aware of everything involved in the process. So, what are the pros and cons of building a house?
Pros of Building a House
- Personalization! You can pick out all the house’s materials, styles, and locations if you build it yourself. If you’ve had an idea of your dream home, this is the way to achieve it.
- Lower maintenance: A brand new house will have up-to-date technology, plumbing, electrical, HVAC, and more. This means few maintenance issues and costs.
- A house you build yourself will be brand new, and you will be the first person to stay there, making it feel more like more.
- You get to build the house to your exact needs when it comes to bedrooms, bathrooms, stairs, and additional features.
- You can claim certain tax benefits, such as depreciation in the first few years.
Cons of Building a House
- Long construction periods: Building a new house can take up to a year, and there can be many delays and disturbances.
- Finding the right real estate agent, construction team, and architect can be difficult and expensive. You should check out different options like Plantation Homes.
- Getting regulation and development permits can be costly and take a lot of time because of red tape.
- Building a house can be very stressful and takes a lot of your time away from things like your job or family commitments.
- You might have to rent a different place to live in a while your house is being built.
- The process of taking out a loan for building costs can be long and tedious.
Buying a House
Buying a house can seem easier upfront, but there are some difficulties you may face. Let’s take a look at the pros and cons of buying an already made house.
Pros of Buying a House
- Buying an already built house is a quicker process, and you can expect to move in as little time as a few months.
- An established house is likely to be closer to city centers or in a suburban area with good schools, supermarkets, restaurants, and nearby transport.
- You can compare house styles and prices of different houses on sale.
- Buying a house can be cheaper because you can negotiate on closing costs and get a great deal.
- Certain additions like pools and home theaters may already exist with a house you buy, but you would have to pay to make them in a new house.
Cons of Buying a House
- Older houses will require a lot of maintenance work because of wear and tear and old electrical, plumbing, and HVAC systems that may not be up-to-date.
- You may have to do extensive renovations in the bathrooms, insulation, and flooring. This can be a huge added cost.
- Older houses are not so energy efficient as newer houses with the latest technologies.
- The house can be very lived-in, which may not suit you if you want a completely fresh start.
- There is a lot of competition in the housing market, and you may not be able to but in a bid on your dream house quick enough and risk losing it to somebody else.
- You may have to take out a personal loan which can be costly in the long run.
- Older houses can be health hazards, with mold, lead paint, and asbestos.
What’s the Verdict?
So, should you build or buy a house? We’ve outlined all the pros and cons of building and buying a house for you. Both building and buying a house are huge commitments and not easy decisions to make. You must consider all aspects and take your time to make a choice.
Keep in mind your budget, time constraints, any specific requirements you have from the house, the style you like, the area in which you can find some good land or an already established house, and any other perks or disadvantages you can think of.
Congratulations on becoming a homeowner, and good luck with making your choice!