Buy or Build? What’s The Right Decision For Your Next Family Home?

New homes are built all the time, but there is a marked difference between the generic properties that pop up in every town and the custom-built projects designed to optimize family life in the home. However, before you make the decision to build your own custom home, check out the pros and cons below. 

Pros of building your own home 

There are plenty of advantages to using a custom home builder to create a property for you from scratch. The first of which is that it enables you to customize the property exactly to your needs and wants. Indeed, you will have control over the shape of the building, how many floors it has, the number and layout of rooms, as well as many other features such as staircases, as well window position, and size. Not to mention all of the interior decor such as cabinetry, paints, and lighting. 

For people who see their home as an extension of their identity, custom building one from the ground up allows them to craft something that genuinely reflects their personality and values. For example, if you are planning to expand your family or already have small children, you can build your own child-friendly home.  This is something that is much coveted in the world of real estate. 

Eco friendly 

One of the best things about building your own property is that you can do it with your own values in mind. Of course, as many people are becoming more away from the damage we are doing to the environment, being able to build a home that minimizes this can be seen as a huge advantage. 

 

The great thing about building a home from the ground up is that you can ensure both the structure and the technology installed inside are as eco-friendly as possible. For example, some people choose to build their homes cut into the hillside. This way the earth can provide added insulation. Also, the building itself has as low an impact on its surroundings as possible. 

Others choose to build homes that rotate with the path of the sun. Therefore maximizing both natural light and heat throughout the day, and minimizing their use of energy. Indeed, the list goes on and on with other eco-structural designs including building from reclaimed materials like old tires, using on-site geothermal energy instead of being tapped to the grid. Even building from local materials such as adobe means fewer resources need to be used in making supplies and transporting them to the site. 

There are a wealth of internal eco-friendly features that those building their own home can consider as well. Currently, some of the most popular are using recycled insulation made from old plastic water bottles, installing appliances with the best energy efficiency rating, and making more eco-friendly behavior integrated into the design of the home. For example, creating a recessed space for recycling bins so they are easy to access and empty but also hidden from view.  Or there is setting up a greywater system where kitchen and bathroom runoff can be transported directly to the garden with very little effort on the part of the resident. 

No chain 

Another benefit of choosing to build your own home is that you don’t have to worry about other people swooping in, offering more money, and taking it out of your hands. Sadly, this is something that often happens with properties on the real estate market. It happens especially in times when the market is booming, or in particularly popular areas. 

Indeed, many people have the experience of having to raise their offers way over the asking price when buying a ready-constructed home to ensure they close the deal and this is a process that can last an extended period and cause untold stress. 

Cons of building your own home

Building your own property isn’t all roses. There are challenges that anyone thinking of a custom home will need to consider.

The cost 

First of all, the cost of building a new home from scratch can be much higher than buying an existing home. It is worth bearing in mind that when you are building it you are in charge of your budget and choose what to keep or cut. This is something that means you always have the ultimate decision over what is included and spent. 

A custom home takes longer to build 

Due to the way that the real estate market works, it is often a lot faster to buy an existing property than it is to go through the process of building your own. Indeed, a custom build can take anything from 6 months plus. 

Once you have sold your current home, you will need to find alternative housing arrangements until your custom build is ready. This can incur additional costs. 

Although many people that buy a home can find themselves in this situation as well. This can happen when the chain breaks and a homeowner has sold their property, but the one they were going to buy falls through. 

Additionally, some homeowners choose to take an offer on their house, without having bought a new one. Something that means they would end up in much the same situation as those building their home. Yet with less of a guarantee that they would have a perfect home for their needs at the end of the rental period.