Should You Build or Buy a House?

in Property & Architecture

If you’ve been thinking about moving for a while, you need to think about whether you want to buy a house or build one. There are pros and cons to both, but you need to decide what makes the most sense for you and which option would suit your needs.

Building a House

There are a lot of costs involved when building a house, and it is often more expensive than buying one. However, if you choose to build a prefab house, this will reduce costs significantly.

Building a house involves many up-front costs. You have to buy a plot of land and get the correct permits before you begin building. You’ll need to hire a crew to prepare the site, get mats from, and hire an architect and a contractor. You also have to get the site plan drawing done by a professional as per your requirements.

Because it’s your house, you will be able to collaborate with the contractor and choose which building materials are used during the building process, but if you want the best quality or unique materials, it’ll be expensive. You’ll have the final say on all fittings and fixtures, though you may have fewer options if you’re on a tight budget.

You’ll have to hire a plumber and electrician to install utilities. There will be other costs depending on what amenities you want, and you’ll have to factor in the costs of new furniture and appliances. Since you’ll be buying a plain plot of land, you’ll have to hire a landscape architect to plan out how your garden is going to look and get things planted.

Obviously, the size of the house you want to build will determine the overall cost as well. You should also have a contingency plan in case the project goes over budget.

One of the best parts of building your own house is designing a custom layout. You’ll have the ultimate say on the floor plan and the design of the house. You get to personalise your own home and plan for the future so you can age in place and plan for senior home care.

One of the downsides of building your own home is that it takes a lot of time. It can take up to two years for your house to be built.

Buying a House

Buying a house is cheaper than building one. If you buy an older home, you should expect some signs of wear and tear. The price of a house will be dependent on the size of the building and amount of maintenance it requires. An additional cost of buying a house is getting a snagging survey done and doing any remodelling and renovations to fix the snags. Try getting a feel by searching online within your geographic area to see what the market offers, e.g., ‘Homes for sale in sarasota FL‘.

If the house isn’t the perfect home you envisioned, you can make modifications, such as knocking down walls or adding an extension, though this will add to the cost. If you can’t afford to build a new home but want the same feeling of satisfaction as you would when walking into a brand-new home, you should consider buying a new build.

While you may not get to choose the layout of the home you buy, being able to move into a house that’s already been constructed is more convenient. To make the house seem more like a home, you can redecorate and move the furniture around to your liking. You’ll also have the added convenience of mature landscaping.

It only takes two months to close on a house, but you should also take into consideration the time it takes to research houses and view the homes for sale in the area in which you want to live. Surveying and conveyancing can take several weeks, and the renovations and extension will take time to complete after you’ve bought the house. Hiring movers from to moving your belongings in will also take time. Even with these time-consuming things, buying a house is certainly more convenient for people who are on a tight schedule and don’t have the time to wait for a house to be built.

You may be happy with moving into an existing property or find that building a new one is the best option for you. At the end of the day, it all comes down to time, what you can afford, and what will make you happy. Carefully weigh up the benefits and risks of building versus buying before you make any rash decisions.

Image Credits: Michael Tuszynski

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