Building Your Own Home: An Exploration of the Pros & Cons
When it comes to homeownership, you really have two options. You can either choose to buy an existing property, or you can choose to build your own home. Building your own home is the ultimate in creative freedom. You can completely customize and tailor the home to your preferences and the needs of your family. However, it is also a monumental task, and it is incredibly daunting. This is why we have put together a comprehensive view of the pros, and cons. let’s dive in.
The Pros
First and foremost, arguably, the biggest pro when it comes to choosing to build your own house is that you end up with exactly what you want. By choosing to build your own home, you get to fully customize the home to your specifications, whatever this may be. This might be a little overwhelming, which is why it is advisable that you begin by putting together some inspiration on a vision board. There are a lot of sites and magazines dedicated to interior design which can help you. In addition to finding aesthetic inspiration, you also need to start thinking about the logistics. This means working out how big you want the house to be, how many bedrooms and bathrooms, et cetera. One of the best things that you can do when building your own home is to work with a great contractor like Beattie Development, who can help to make sure that your home has everything you want, from an EV home charger to a swimming pool.
If you live in Vancouver, you will know that the summers can be hot. It's also great to have a swimming pool in your backyard for exercise and relaxation purposes. Working with a trusted luxury custom home builder in greater Vancouver area can also help make your dream home a reality. Not only can they provide expert guidance and advice, but they also have the experience and resources to ensure your home is built to the highest quality standards.
When you choose to build your own home, you also benefit from the choice to build pretty much wherever you want to. Maybe you have always wanted to live by the lakes or have your own acreage, or maybe have stunning mountain views. Regardless of your preferences, building your own home allows you to set up wherever you want as long as you have bought the land and acquired planning permission. Before you commit to purchasing the land, you will need to have it surveyed to ensure that building and developing on the land is feasible. You can then avoid wasting money if the land is discovered to be unsuitable for building. Remember, development can be costly between all the hoops you need to jump through.
Another advantage to choosing to build your own home is that it will obviously be brand new. This means that for the first few years, at least, your maintenance costs should be minimal, if they even exist at all. This could save you thousands of dollars. Although, it is important to point out that there is still maintenance to be done regardless of the fact that your home is brand-new. There will still be yard work that needs doing, and it might also make sense to start to consider undertaking preventative maintenance or upkeep because, while not a necessity at this stage, it would again help you to save money in the long run.
The Cons
Wherever there are pros, there are bound to be cons too, and building your own home is no different. Firstly, building a home does tend to cost more overall than buying a house does. This is obviously a big downside that you will need to consider. Working with a contractor is key to ensuring that your home will be what you want whilst also sticking within your budget. They can help to give you an idea of what you can expect to pay and how you can stick to your budget. Doing this before the build progresses along too far can help to ensure that if revisions need to be made in order to save money that, they can be made and agreed upon before they compromise the build and you end up spending more than you can afford to. The biggest cost considerations when it comes to building your own home tend to be the location and size of the home as well as the complexity of the design.
Another con to consider is that securing a construction loan to help finance the build can be a long and complicated process. On the other hand, securing a traditional mortgage when buying a pre-existing house is a lot more straightforward because the process is more common. For both forms of loan, you will need a down payment; however, when purchasing a house, you can often get away with a smaller down payment. A construction loan is classed as higher risk, which means that you will usually be expected to put down twenty percent. To secure the loan, you also need to go through the application process and provide a number of documents like project plans, information regarding the land like the surveys that you have had carried out, a valuation of the land and the specs of the project itself like the cost and timeline. Construction loans usually have higher interest levels too. The term might be shorter depending on the loan, with some providers expecting you to pay the balance once the home has been completed, or they do sometimes offer you the opportunity to transform the loan into a traditional mortgage.
Finally, if you have a timescale that you need to work towards whereby you want to be in your new home, then building a house might not make much sense. This is because obviously, building a house from the ground up does take a while. On some occasions, the process can take upwards of a year; planning well and hiring the right construction company can help to keep the project on track, but there is still no guarantee that the project will progress quickly. Conversely, purchasing a pre-existing is often far quicker because the house is already built, and you can move in as soon as the sale has completed, so if you want to be moved in sooner rather than later, then building your home might not be the best choice.
The Bottom Line
When it comes to choosing between building your own home or purchasing a pre-existing property, it really depends on you. There is a lot to recommend about building your own, like the total control you have over the end result, the cheaper maintenance costs and the fact that you are the first and sole inhabitants of the home. However, it is also likely the more expensive option, it can be difficult to finance, and it may take longer. In the end, you will need to weigh up the pros and cons.
