Build a House Or Buy a House: Which Should You Choose?

by Magical Penny on March 24, 2020

Are you wanting a change of scenery but are not sure as to whether moving home or building a house is right for you? This quandary affects many people across the country.

Of course, your final decision will depend on several factors – including your budget, the location you’re in and the style of house you want. But if you’re in the first stages of researching, it’s important to first uncover the advantages and downsides of both options:

Buying a House 

Lots of people choose this due to the ease of it, and the variety of properties that you can choose from. This is particularly popular with first-time buyers or those who want a seemingly stress-free solution. 

The Pros:

Budget-Friendly Options – one big plus point for this choice is that there are plenty of houses to choose from within your budget. This way, you won’t have to worry about spending more than you can realistically afford – you can still find your dream home without it costing you the world.

Upgrades Can Be Gradually Made – even if you settle for a property that’s not exactly how you want it, you can make changes over time. This will make budgeting a lot easier and the process more simple from the start – if you have the vision and see the potential in the property of course. 

Quick Process – nowadays, the moving in process is typically very quick. This means that you can move into your new home within a timeframe that suits you.

Now, the Cons:

Location Compromise – even if there are a variety of properties to choose from, it might not be possible to afford a house in your dream location. A key factor that you should keep in mind throughout the process, it could make finding your ideal property feel impossible. 

Competition From Buying – this might depend on the location you’re in, but you could face a lot of competition from other buyers. 

Building a House 

There’s no denying that many people love this option. Building a property from scratch is very exciting. A new adventure for you and your family, the end result of the project will be very fulfilling. However, there are also some cons that you should consider before settling on this option. 

Let’s start, however, with the pros:

Create Your Dream Home – with the help of an architect and a home construction company you can design your dream home from the ground up. From the style of house that you want to the colours and other interior features, your ideal home will become a reality.

Choose Your Location – when you opt to build a home, you generally have a lot of options of locations to choose from. Whether you choose a piece of land with other properties on or head out to a more secluded location, your new home will compliment your lifestyle perfectly. 

No Competition – when you’re buying a property, you’ll have to compete with other homebuyers who are equally keen to put an offer in. However, with this option, there will be no competition.

Now, here are the cons:

Delays – one unfortunate downside of choosing this option is the potential for delays. This can be due to the weather, issues with construction, etc. and can put a blocker on when you can move in.

The Cost – one big thing to consider with this option is the price of it. From designing the property to investing in customised features, the land, etc. there are several costs that will make a large impact on your budget.

Unexpected Costs – from the cost of delays to extra materials, there are other costs associated with this decision that could make it an impractical option for many.

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