Considerations When Building your Own Home

When looking for a new home, you can either buy one or build your own. Often, home buyers would first consider the easier option, which is to buy the best home available in the market. The easier is not always the best. Building your own home might take more effort and involvement, but does have great advantages;

You get what you want – You get the size of the kitchen you want, to which side your front door is placed, or the ceiling height just right. You have a say on how you would want your house to be, from the conception of plans to building it. This is quite impossible if you are buying a house instead, where you are forced to accept what is already there. Sure, you can change the paint color or maybe knock off a wall and redo it, but it is not the same as having complete control on the design and construction.

Defer maintenance costs – When everything is new maintenance cost is low. This will allow you some leeway in your budget. The money you saved can be used for your moving in expenses or on buying furniture and appliances. When building a new house, you don’t inherit old appliances, patched up roof, or outdated furniture that need repairs or replacement.

Knowing your home inside and out – No unpleasant surprises. You know exactly the kind of walls you have, the condition of your roof, or the state of your heating and water systems. You don’t have to worry if your foundation is strong enough because you built it or if your attic is hiding some kind of termites, or if your roof is leaking somewhere. You get the peace of mind knowing your home completely.

Opportunity to save – There are more opportunities to save in building your home than in buying one. You get to choose the materials, designs, and contractors to use – without sacrificing quality. You get the choice of splurging on things that you think are important to you like a luxurious bathroom and save or cutoff things that you don’t need like an extra room. You also get to save more if you are in the home building industry and doing some of the work yourself.

Given the advantages, there are also some drawbacks to building your own home that every home builder should be aware of;

Extended move in timeline – Building a home can take some time, a few months to a year. You will need to consider the time before you can finally move in, where you have to arrange living accommodations. These could add to your expenses as you might need to rent a home while waiting for your house to be finished.

Costs – Construction materials, labor, and engineering or architectural designs are more expensive today than they were ten years ago. You will need to be vigilant in your expenditures especially if you are working on a budget.

Budgeting shortfalls – Sometimes, outcomes don’t match expectations. Poor financial planning and other circumstances can lead to you going over your budget, leaving you with an unfinished house or in debt. Unlike buying a readymade home where you know exactly how much you will be paying for, building one consists of smaller expenses that can easily add up to large amounts.

Dealing with the construction – You will need to spend a lot of your time dealing with the construction. That would include talking to your designers, choosing the materials, dealing with the contractors, and monitoring the progress.