If you’ve been saving hard for a deposit on your first house, or to upgrade your existing home – one of the first considerations is whether to build or buy.
For some people it will be a very cut and dried decision.
Buying is often less expensive and certainly not as time consuming, but there’s something about designing and building your own place that’s really appealing – there’s no right or wrong answer.
Here are some things to consider:
The costs for building and buying will vary greatly. Generally building new is more expensive especially when you add landscaping and paths, etc. But people who go down the build path generally know this and decide to go new because they want all the modern bits and bobs – double glazing, smart wiring, new design. While the cost of building a fully custom-designed home can ramp up pretty quickly, using an existing design may be a way to get the home of your dreams without breaking the bank.
What Do You Want?
If your needs are simple, it won’t be too hard to find an existing home on the market. But if you’re slightly more discerning, you may struggle to find your dream home. Write up a list of “non-negotiables” which will make or break a deal. This way you’ll get an idea fairly quickly about how realistic your plans are on your budget.
Time and Stress
The buying, selling and moving home process is time consuming and can be stressful for some people. If you’re building from scratch expect that to multiply, although stress can be mitigated by doing your research first. If you’re building your home, you’ve got to have your eyes wide open – the more research you do the less surprises you’ll encounter as you go. Look into things like potential builders and their reputation – talk to people and get references before choosing one. The key aspect to a smooth, stress-free build process is a builder who’s not only good on the tools, but a good communicator.
Location, Location, Location
Where you want to live will have a big impact on whether you build or buy. In central, urban areas that are popular with families whose kids are at school, there might not be a lot of land available for a new build, but there will be plenty of existing stock – although it will depend if people are selling. New subdivisions are the perfect opportunity for people considering whether to build because the standard and quality of homes in their neighbourhood will be as good as their own. As new subdivisions are a fresh start, the pioneers of that area will set the tone for years to come, and will form a new community within the region.