Advantages of choosing to build
There are many advantages to building your own dream home, the first of which is that it will be a home unique to you and your particular tastes. You’ll have the final say over every decision, from the location to the general layout of your home, right down to the light fixtures installed and the type of flooring used in the kitchen.
Renovations in an existing home are messy, time-consuming, and costly. They’re also prone to causing problems. Perhaps you want to expand a room or change out the bathroom lights – suddenly you find yourself with a hole in the wall that you hadn’t planned for or a loss of power in the house thanks to a cable hidden away where you didn’t expect one. And regardless of how much you renovate, the house may never truly become the living space of your dreams.
By building your own home, you also give yourself the freedom to budget. Marketplace houses often come with hidden fees – not all of which can be determined by talking to a realtor or on a tour of the property. Therefore, the money spent to purchase the house may not always be representative of the cost of living in it. Although you should still maintain a flexible budget while building your own home, you’re less likely to encounter these types of surprise expenses.
Another good surprise, on the subject of surprises, could be your taxes at the end of the year. The plot of land you choose to build on could set you up to save money for years to come, with the opportunity to grab lower interest rates, and insurance premiums, and even save on taxes. Solar panels, modern insulation, and water-saving appliances can be installed to further increase your savings. These options are more environmentally friendly and budget-efficient, allowing you to save money every month on utilities.
Steps to consider when choosing to build
Much of your potential frustration when choosing to build comes from the construction team. If you lack the skills to design a home yourself, make sure to hire an experienced architect. Everyone who works on the construction of your home will be relying on their prints for instruction, which is why quality at the architectural stage is a must.
It also goes without saying that you will not be able to live inside your home as it’s being constructed. There is a chance that construction could take longer than planned, and there should be an emergency allowance in your budget to accommodate the possibility.
Finally, there may be some lingering dust or debris from construction during the first few months. Humidity on brand-new walls may lead to a higher risk of mold, and there may be a handful of stray nails in your new yard.
Making an informed decision
In order to make an informed decision, it is important to first have your finances in place and a realistic budget. Talking with construction professionals is a good starting point, as they can help you understand what to expect.