Owning a home is a big decision. And it is normal to be torn between building it to fit your particular tastes or buying one that’s been built. No one can decide for you, but we believe you’ll do better with more information. So we look at the advantages of both. In the end, it is your thought process that determines which one to pick.
Building Your Custom Home
Brand new: building your custom home means you get the chance to use everything in it first. For some sentimental reasons, this can be very appealing.
Designed to your taste: since it is a custom home build, your new home is constructed to your liking. The plan, architecture, style, etc. are unique and customized to fit your lifestyle. From the front door to the flooring of the bathroom, you decide everything. That gives your home a personal touch.
No significant repairs: since your custom home is newly built, you don’t have to spend extra money on repairing or remodeling the house to fit your taste.
Up to date: when you build a new home, you’re building in compliance with building codes and using new technologies. Thus, your custom home will be more energy-efficient and avoid using toxic materials such as lead paint and asbestos.
Longer time: building a custom home will take longer as the builders have to factor in all your demands. Other factors, such as weather, could also affect and slow down the building process. This means you can’t move into the house on time, even though you’re already spending substantial money on construction.
Risk: there are risks to building your custom home. Human errors from the builder, weather, substandard materials, etc. could affect the house and building process. There’s also a likelihood of cost overruns.
Location: building a house usually means moving farther away from the city center as new settlements are generally on the outskirts.
Buying a Home
Certainty: When you buy a house, you know what you’re buying. You inspect the house, and you’re aware of its defects before purchasing. So there’s no risk of the house not meeting your expectations. Most times too, when you’re buying a home, you’re buying into an established neighborhood. Thus, relocation is more comfortable.
Faster: once you have the financing, buying a home is a swift process. You can relocate on time and become a homeowner after making the major investment.
More room for negotiations: when buying a house, you can easily negotiate property price with the seller. Most of the cost for materials is fixed with building, so the room for bargaining is lower.
It may not fit your taste: the likelihood of buying a house that fits precisely into all your plans for a dream home is very low. When purchasing a home, it is usually more of settling for what you can get.
Cost of upgrades: you’re likely to spend extra money on renovating the house you bought to fit your specifications and current standards. The remodeling costs can be substantial at times.
Competition: buying a house means you’re likely competing with other buyers. This can be tricky when purchasing in a sought-after neighborhood, and you may end up paying more than the home is worth.