Buy or build? That is the question facing many homeowners. It has become increasingly common to build your own home, but this may not always be the best option. If you’re unsure whether to search for a house or buy a plot of land and design your dream home, hopefully, this guide will help you make a decision.
Buying a house
Buying a house has many advantages, particularly if you are in a hurry to move or you’re looking for a simple, stress-free option. When you buy a house or an apartment that already exists, you can move straight in and budgeting is much easier. You can filter results and work with real estate agents to find properties within your budget, submit an offer and then decide whether you want to spend money on sprucing up your new home, renovating or changing the decor. The process of purchasing a property is also faster than trying to build your own home. It can take months, even years to build a house from scratch, and you’ll also need to cross boxes like applying for permits and making sure work is done to a certain standard. With buying, you can exchange contracts and get the keys once the legal processes have been completed.
Building a new home
Building a new home is increasingly popular. The main reason people choose to build rather than buy is to create a unique, bespoke home. When you take on a building project, you have more flexibility and control in terms of the design of the house and you can put your own stamp on it. In some cases, it’s also significantly cheaper to buy a plot of land and build on it than to purchase a house. The total cost is lower and you can also add substantial value, which will benefit you when you come to sell. If you choose to build a house, you may also be able to access areas that you couldn’t afford if you were looking to buy a home. The major drawback of building is the time it takes to construct the building, decorate and apply the finishing touches. Budgeting is also more complex, as you’ll need to factor in the cost of buying the land, building, adding utilities and services, labor fees, and furnishing and decorating your home.
Which option is best?
There are pros and cons of building and buying. Buying is often simpler, faster and less stressful, but building gives you scope to be creative and design a bespoke home that is perfect for you. If you’re at a crossroads, weigh up the pros and cons, analyze your finances and think about what you want to achieve by moving. If you can’t find a home that you love that already exists and you’re not in a hurry, building may make sense. If you want to move quickly, you’ve seen properties that you want to view and you don’t want to undertake work, buying is a brilliant idea.
Many homeowners buy houses when they want to move, but building has become increasingly popular. If you are trying to decide which path to take, compare the advantages and disadvantages, carry out research, compare prices and think about what you’re looking for in your dream home.