Should You Build Your Own Home?
Most homebuyers end up spending a lot of time and energy either searching for or designing their perfect home before they sign any contracts or laying down any funds. Research starts from comparing mortgage rates, location, market trends, property taxes, homeowners association fees, and the condition of the property are usually factored into the cost of a house hunt. Every buyer usually has a wish list that includes the things they have to have and the things they would like but could do manage without if they had to.
The process of buying a home that involves several important choices. One of the first big decisions that a buyer will have to make is whether they want to shop for an existing home or build a new one. Both of these have advantages and disadvantages.
Advantages Of Building A New Home
Building your own home doesn’t always offer the same amount of convenience as buying an existing house. Not only do you have to find the land, or decide on house and land packages, which might not be in an existing neighbourhood, but you will also have to factor in the time to find an architect or a builder who will lead your project, and choose every part of the new build.
You can limit the risk that your house will go over budget or take longer than you anticipated by working with a builder with a good reputation and get a solid contract in place.
You can streamline the build process by joining an existing development, though this can limit the amount of choice you have. You will also need to worry about systems like whether the land has access to municipal water and sewage, or will require a well and septic systems, as well the permits you will need.
The main advantage is that you are far more likely to get exactly what you want. Creating a kitchen you love can help you to utilize the area more and save money on food costs and eating out. For many people, this is enough reason to build instead of buy. There are other advantages too, like being able to build a more energy-efficient home that meets energy codes and standard for ventilation, cooling, heating, insulation, and air filtration. Better efficiency is both good for the environment and can save you money on the bills each month.
Better For The Environment And Recouping Investment
Another perk of building your own house is that it can literally be better for you. Older homes could have problems like asbestos, lead paint, or mould. A new build can be built with specific materials making it better for the environment.
You can build for a more sustainable home in the long run by making green construction choices like fitting green or energy star rated appliances, more efficient toilets, plumbing fixtures, and electrical fixtures. You can also choose to install, sleeve, or wire for technology upgrades in the future, such as home automation and solar power.
The upfront costs of building your own home can be higher than buying an existing home, but it can be easier to make back your investment. If you decided to sell your home, later on, you can make more significant profits on a self-build. This is because a newer home is often more appealing than an older property to a lot of potential buyers. Another bonus that is appealing to buyers, a new home usually needs fewer repairs and less maintenance, which will save you both time and money. You also have a warranty with a new home, so even if something does go wrong, you should still be covered, which you wouldn’t be if you buy an existing home.
Money and build feature aside, building your own home can also lead a to a higher level of satisfaction that you won’t get if you buy yourself an existing home. There is a real feeling of emotional connection to living in a home that you designed and created yourself. Everything smells new, and nobody has ever set foot in your house before you do. The home is your creation that completely matches your style, needs, and personality, and is something that you created from scratch.
Risks Of Building A Home
The biggest drawbacks when you build your own home are the higher costs and longer timeframe, both of which can quickly go up throughout the process of building your home.
To reduce the risk of things spiralling out of control, make sure you get references from your potential builder, ad check their past homeowner references. Try to use a lump-sum contract, instead of a cost-plus contract. A lump-sum contract specifies a fixed price for your construction, putting the risk of costs rising on the builder instead of on you. It can help you to avoid unexpected price increases.
To save you both time and money, make sure you maintain good communication with your builder. You need to make sure you are happy with every step of the design and specs of the before the build gets started. It’s not good for you, your builder, or your wallet if you change your mind about things, even small things like the colour or material of your kitchen countertops after they have already been put in.
In addition, your contractor should work with you to help you lower your costs. You can swap out different materials and fixtures to make big savings. If costs are a concern for you, ask before you start if there is a cheaper alternative. If you want something more unusual like ornate materials or custom colours, this will likely cost you more, so keep this in mind.
Create A Schedule And Stay Connected With Your Builder
Make it easier to keep the build on schedule by creating a plan for keeping to a schedule with your builder, and try to have a contract that includes a construction time duration. Avoid open deadlines, as this will slow things down.
If you’re not in the same area as you build all the time, you will need to make sure that your builder keeps you up to date with the progress. Ask them if they can provide progress photos for you to check. Decide who will be the main point of contact during the whole build process.