Pros and Cons of Building Your Own Home
In the world of real-estate investment, renting apartments, and home buying, there is often a road less traveled by prospective homeowners. This is the world of building your own home from the ground up.
While it is certainly not a big real estate secret, building your own home is often an overlooked idea. Many people view it as too much of a hassle, or too much money. Others, however, see building your own home as a way to get exactly what you want out of your home.
Because building your own home is such a daunting task, understanding the pros and cons is a great way to get a better understanding of what home building really entails.
Pro: Creative Control
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If you’re someone who’s particularly picky when it comes to your home (number of bathrooms/bedrooms, floorplan, etc.) then house building may be the perfect option for you. Instead of having to tour homes and find one that meets your criteria, you’re able to craft exactly what you want, how you want it.
When it comes to home buying, you shouldn’t have to compromise, and that’s exactly what you get when designing a house for yourself. If you’re someone who wants a smaller, more cozy home, there are lots of design options that will fit that perfectly. There are also designs out there for families who need a more spacious living area.
You also have many different style choices available to you. Take your pick on what type of aesthetic and architecture you want your home to have!
Pro: Location
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On top of how difficult it is to find a house that fits all your needs, finding one in a location that works for you is even more difficult. Not to mention that by buying pre-built homes, there’s a good chance you’ll be stuck in an overcrowded suburb.
There are lots of undeveloped properties that you can choose from to build your home on. Are you someone who wants to live in the woods in a comfortable cabin? Do you want a wide open property out in the country? Would you prefer to live closer to where you work or where your kids go to school? All of these options are available to you when building your own home.
Con: Money
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Building your own home is not cheap by any means. Unlike buying a property with a pre-built home, you will need to take both the cost of the land and the cost of the house itself into consideration. This means you’re going to be putting down more expenses initially when developing the home.
It’s important to understand how to mitigate these costs before building your own home. Saving up and planning a budget before building your house is going to be crucial to success. Look into online banking apps with easy saving features that will help you budget for your future home building endeavors.
Con: Time
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Buying a home is never going to be a quick and easy process. But when it comes to building your own home, the project can take much longer than traditional real-estate searching. The first thing that needs to be taken into consideration is the time it will take to find the property. Depending on where you live, this could take several weeks to a few months to find that perfect location.
Once you have your location, you’re going to need to spend a lot of time working with architects and construction crews to make sure they understand your vision and needs to a T. Finally, depending on the size of the home, the building process itself will take three to six months to complete.
Conclusion
Overall, building your own home does have its downsides. However, there is one major benefit that wasn’t mentioned, that many home-builders find outweighs all the cons: personal fulfillment. Designing your own home leaves you with a sense of satisfaction that makes the entire process worth it.
If you’re thinking about building your own home, get a head start on planning by consulting with local architects and construction companies to get an idea of how much this project will cost as well as how long it will take to complete. Also, read up on industry tips on our blog. Knowing all of the facts early on in the planning stages will help streamline the process and put you one step closer to achieving your dream home.
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