Building A House vs. Buying a House: Which Should You Choose?
You might be at the stage of your life when you want a change of scenery and a fresh start. And a great way of doing this is moving house. But if this is something that you’re starting to consider, you could be wondering whether you should buy a new house, or build one.
Your final decision will be based on several factors, including your budget, where you want to move to and the type of property that you want. Plus, you might be unsure as to whether you can find a property that has everything that you need – leading you to feel as though having a house built from the ground up is a better option.
If you’re stuck as to which decision is right for you, read on for some information for both options that will hopefully make the choice a little bit easier:
Let’s start with building a house:
There’s no denying that building a property from the ground up is exciting. But with this new adventure, you’re bound to face a series of ups and downs. Here are a few pros and cons that you can expect with this decision:
- You can create your dream home – as you’ll design your new home with the assistance of an architect, you can make your perfect idea of a house become a reality. You can also customize the colors, flooring and other features.
- Brand-new homes tend to be more energy-efficient and you can have the peace of mind that it’s built to current building codes.
- You’ll be the first owner – an exciting prospect that not many get to enjoy.
- You won’t have to compete with other homebuyers.
- There are plenty of lots to choose from in various picturesque locations – including Wyndham Ridge.
- It can be more expensive than buying a house – as you’ll have to invest in customized features, the land, etc.
- There can be unexpected costs throughout the process – as well as the cost of the house itself you’ll also have to budget for unexpected costs if there are any delays. For example, if you’re staying in a hotel waiting for your home to be completed and it suffers a delay, you’ll have to pay out to stay longer there.
- It can take longer than expected – if there are any delays because of the weather, any issues with the construction, etc. it will push back your move-in date. It can take several months for a home to be built; in comparison to buying a house which can be completed in under 2 months.
- You’ll have to make lots of decisions on the design of your home – something that not everyone likes the thought of.
Now, onto buying a house
Many people opt to buy a home over building a property – especially first-time buyers that don’t have the money or time to wait for a house to be built. But that’s not the only reason, here are some other pros for buying a property:
- You can find a home within your budget – as there are so many houses on sale to choose from, you’ll be able to find one within your exact budget.
- The process can be quick – as aforementioned, it’s quite a quick process meaning that you can move seamlessly with little to no delays (as long as your previous house has sold and you have the upfront finance).
- You can make upgrades over time – although it might not be your dream home straight away you can make certain upgrades and renovations over time to get it to your ideal standard.
- You might need to compromise on location – even though there are plenty of houses to choose from, you might not be able to afford a home within your dream location; You might need to find a property just outside of the location you want to be in. This is an important factor to consider when you’re thinking of buying a house.
- You might need to spend out on expensive repairs and maintenance – as you probably won’t be buying a house that’s brand-new, you might have to spend out on certain alterations once you’ve moved in.
- There can be a lot of competition – depending on the location you’re looking in, you could face a lot of competition from other homebuyers.