It takes around 7.7 months to build a new house. There are two ways that you can look at this. Either it’s a small wait for the house of your dreams or it’s a grueling waste of precious time that leaves you stressed out.
This is just one example of a pro and con of building a new house. If you’re on the market for a new house and you’re not sure whether to build or buy, you need to understand what the advantages and disadvantages are so that you can weigh up your options.
Keep reading for an extensive guide to the pros and cons of building a house and whether you should buy it instead.
The Pros of Choosing to Build a House
If you’ve ever daydreamed about your perfect home, then you know that one of the best ways to achieve it is to build a house. You’ll have agency over every part of the design, and that’s a huge advantage.
Here are some more advantages of building your own house.
Custom Home Construction
Without a doubt, the most appealing thing about choosing home construction is that you can build your house exactly how you want it.
Working with an architect, you can design your home to suit your lifestyle needs and preferences. This means that you won’t need to do any remodeling or make massive changes to a house that you’ve purchased.
Older homes are often not energy efficient. With the move towards sustainability in the construction industry, when you choose to build a house, you will benefit from increased energy efficiency.
This means that you’ll have lower energy bills and more sustainable home. You can also choose to make it as energy-efficient as possible, with features such as solar roof shingles. You can make it as energy-efficient as possible by installing solar panels in Riverside ca. This means that you’ll have lower energy bills and more sustainable home.
Better Property Value
Your new home will have a higher property value than the one that you buy. This is because everything is brand new, with a longer lifespan. When, and if, you choose to sell in the future, you’ll benefit from a higher property value.
Choose to Build Wherever You Want
Of course, the land that you choose to build your new home on will depend on budget and availability. In general, however, you’ll have free choice of where you want your house to be.
You can decide on the location, whether you want it in the countryside or suburbs, and so on. You get the benefit of having your dream home in your dream location. Often, when buying a house, you need to decide between the better home or the preferred location.
A new construction is built to meet current building codes and up-to-date technology. So, for a few years, you won’t need to worry about any costly repairs or frequent maintenance.
Read Also: Alternative Home Building Materials You Should Consider
The Cons of Choosing to Build a Home
The buying experience for consumers during a home build is quite inefficient and inconvenient. You need to find contractors to get an estimate, and this takes weeks. You then have to sign off on these estimates even though there isn’t any clarity and hope that you have the budget to cover the actual costs.
This is just one of the major cons of building a home. Check out some more here.
The most obvious con when choosing to build a home is the cost. It’s generally much more expensive to build a house than buy one — especially because you cannot negotiate prices when building. Negotiating a price is common in the resale market, but construction and design costs are pretty set in stone.
There are also many hidden costs that will pop up along the way. In addition, you can expect a hiccup or two that will set you back a few more dollars than you’d hoped.
Applying for a High-Risk Loan
If you’re planning on building a house, it’s probable that you’ll need to apply for a construction loan. These are riskier than a mortgage loan, which means you’ll likely have to pay higher interest rates.
Getting the construction loan is a complicated process. The loans usually only cover the duration of the build, and interest rates are around 1% higher than mortgages.
It Takes Time
Buying a house is oftentimes a much quicker process than building one. The average home takes seven months to construct, but it can sometimes take much longer if there are unexpected issues along the way.
If time is of the essence, building a home can be very stressful, especially if there’s a living gap between selling your old one and moving into your new home.
Extra Land Costs
If you buy a piece of land that hasn’t yet been prepared for construction, there are extra costs and time involved in this. You’ll have to pay for the land to be serviced with electricity, drainage, and road access.
To Build or Buy Your New House?
Ultimately, the cons don’t outweigh the pros of building a new house and vice versa. It comes down to your preferences and what you’re willing to sacrifice.
If you have a tight budget and time constraints, then buying a house is likely the better option. On the other hand, if you’re committed to living in your dream house, then it’s going to be easier to build it rather than try to find it on the market.
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