Most of us, at one
point in our lives, ask ourselves the same question: “Should I buy or build a
house?”
point in our lives, ask ourselves the same question: “Should I buy or build a
house?”
Searching for a home can be difficult, especially if you’re looking for
a specific location, have a limited budget or a unique wish list in mind. Because of this, some people are tempted to
build their own homes from scratch and to achieve everything they ever wanted
in a living space. However, building a home isn’t as easy and cost-effective as
one might think.
a specific location, have a limited budget or a unique wish list in mind. Because of this, some people are tempted to
build their own homes from scratch and to achieve everything they ever wanted
in a living space. However, building a home isn’t as easy and cost-effective as
one might think.
Before you go on a
journey of building your new home or buying one, there are several factors you
need to consider. In this article, you will find the cons and pros of each
option, which will, in the end, help you decide the best option for you.
journey of building your new home or buying one, there are several factors you
need to consider. In this article, you will find the cons and pros of each
option, which will, in the end, help you decide the best option for you.
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Pros of
building a house
Building a house
can be a real adventure and the biggest advantage is that you are more likely
to get exactly what you want as long as it fits your price range.
can be a real adventure and the biggest advantage is that you are more likely
to get exactly what you want as long as it fits your price range.
According to data
from Core Logic RP Data and Domain Group, in some cities in Australia, it is
actually cheaper to build than to buy an existing one and these include Sydney,
Melbourne, and Adelaide.
from Core Logic RP Data and Domain Group, in some cities in Australia, it is
actually cheaper to build than to buy an existing one and these include Sydney,
Melbourne, and Adelaide.
You will have the
ability to create a more energy-efficient home, one that meets new
energy codes and standards for heating, ventilation, cooling, insulation, and
air filtration.
ability to create a more energy-efficient home, one that meets new
energy codes and standards for heating, ventilation, cooling, insulation, and
air filtration.
Energy-efficient
homes are good for the environment and will save you money on utility bills.
homes are good for the environment and will save you money on utility bills.
Apart from energy
efficiency, you can always choose your own flooring, pick colors, different
materials and any design features that will meet your needs. It is your creation, one that matches your
style and personality. So, if this is your dream, maybe check out some home
builders from Sydney, because these experienced professionals will
surely help you create the home you always wanted to live in.
efficiency, you can always choose your own flooring, pick colors, different
materials and any design features that will meet your needs. It is your creation, one that matches your
style and personality. So, if this is your dream, maybe check out some home
builders from Sydney, because these experienced professionals will
surely help you create the home you always wanted to live in.
Although the
upfront costs of building can be higher, it can be easier to regain your investment.
upfront costs of building can be higher, it can be easier to regain your investment.
Newer homes often
require fewer repairs and less maintenance and are generally more appealing to
people than older homes.
require fewer repairs and less maintenance and are generally more appealing to
people than older homes.
Cons of
building a house
Building a house
from the ground up takes a certain amount of time, and so it can take much
longer to move into the home than if you were to buy an existing home. Often,
the building process can be interrupted by bad weather, natural disasters and
human error.
from the ground up takes a certain amount of time, and so it can take much
longer to move into the home than if you were to buy an existing home. Often,
the building process can be interrupted by bad weather, natural disasters and
human error.
Some other
disadvantages of building a new home include:
disadvantages of building a new home include:
●
Unexpected costs and price
increases
Unexpected costs and price
increases
●
Making crucial decisions like
plotting out the land, creating a floor plan and choosing materials.
Making crucial decisions like
plotting out the land, creating a floor plan and choosing materials.
●
You will have to create a new
landscape which will cost extra money.
You will have to create a new
landscape which will cost extra money.
●
Because you are not dealing with a
seller, you probably won’t have an opportunity to negotiate a lower price.
Because you are not dealing with a
seller, you probably won’t have an opportunity to negotiate a lower price.
Pros of
buying a house
When you buy a
house you won’t have to deal with the stress of purchasing land, working with
builders, and making the right design decisions while staying within your
budget.
house you won’t have to deal with the stress of purchasing land, working with
builders, and making the right design decisions while staying within your
budget.
The potential
defects of an existing house are often visible or will show up in the
pre-purchase building inspection. When you build a house you can’t do a
pre-purchase inspection and so you won’t be able to know what problems might be
caused down the track of a few months of building (often due to builders taking
shortcuts to get the project done on time).
defects of an existing house are often visible or will show up in the
pre-purchase building inspection. When you build a house you can’t do a
pre-purchase inspection and so you won’t be able to know what problems might be
caused down the track of a few months of building (often due to builders taking
shortcuts to get the project done on time).
Some other pros of
buying a house also include:
buying a house also include:
●
Real-estate agents can help you
negotiate the best deal possible
Real-estate agents can help you
negotiate the best deal possible
●
You can move in right away.
You can move in right away.
●
You can upgrade your home at your
own pace.
You can upgrade your home at your
own pace.
●
You probably won’t have to grow a lawn or wait for trees
to mature due to previous owner’s landscaping
You probably won’t have to grow a lawn or wait for trees
to mature due to previous owner’s landscaping
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Cons of
buying a house
Although buying an existing house is less stressful and more convenient, there are always a few
drawbacks to be considered. When you buy a home you most likely won’t get
exactly what you wished for and you may have to make a few compromises.
drawbacks to be considered. When you buy a home you most likely won’t get
exactly what you wished for and you may have to make a few compromises.
A risk most buyers the face is maintenance issues like piping, electrical systems, repairs, and
replacements.
replacements.
Some other cons
include:
include:
●
Higher energy costs, if you bought
an older home.
Higher energy costs, if you bought
an older home.
●
Neighbor remorse
Neighbor remorse
Final word
Whether you choose
to buy a new home or to build a new one, remember it is a step that takes some
careful consideration. In both cases, it is best to work with experienced
professionals whether it’s a real estate agent or a building contractor. Never rush things,
because buying a home is a huge investment and you should always have control
over the decisions you make with your money.
to buy a new home or to build a new one, remember it is a step that takes some
careful consideration. In both cases, it is best to work with experienced
professionals whether it’s a real estate agent or a building contractor. Never rush things,
because buying a home is a huge investment and you should always have control
over the decisions you make with your money.
Written by
Stella Ryne | All Rights Reserved
Stella Ryne | All Rights Reserved
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Stella is an art historian, traveler, conscious consumer and a proud mother.
When she is not trying to improve the things around her (and herself, for that matter), she likes to lose herself in a good book.
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