Should you build your own home? This is a question many people ask themselves when the time comes to move homes and find a forever home they can live in until old age. The property market can be extremely tough, especially for first-time buyers, and not everyone wants the sometimes mammoth task of renovating an existing building, preferring a turnkey property they can simply move right on into.
But what exactly are the benefits of building your home over renovating, and is it worth the investment? As property values can fluctuate massively over the years, if you’re in this for the long game, there is much value in building your home and it can be a worthwhile investment even if it doesn’t feel like it once the process gets started. The process of building a home involves several stages, from finding the right plot of land to working with architects and builders to bring your vision to life. It’s a journey that can be both challenging and rewarding.
However, these benefits can make it a more attractive option for those wanting a more unique purpose-built home. It’s important to note that building a home is not without its challenges. It can be a time-consuming and complex process, requiring careful planning and management. Unexpected costs and delays can also arise, so it’s crucial to be prepared for these potential hurdles.
You Choose Your Location
When starting literally from the ground up, you get to choose where the ground is. Purchasing a plot of land to develop into a home means you get more say over where you live, and you get to choose the right location and surroundings. Of course, not all vacant land is for sale or ripe for development, but choosing to purchase a plot that is ready to build on and can be transformed into a place to live can be massively beneficial.
More Budget Control
Building over buying existing buildings means you get more control over how much you spend. Once you have purchased the land, you have free reign to spend as much or as little as you need to complete the property. And this doesn’t just relate to the materials and labor you need. It’s your taxes, interest rates, and everything in between. It’s also more cost-effective for the future. You get to ensure the home is built correctly, thus reducing repairs down the line for a longer period, unlike an older building, which might need frequent maintenance and upkeep in the near future.
Choose Specs and Design
When you purchase a property already built, you have to be ok with choosing a design someone else chose and live with this both internally and externally. And while there are many fantastic home designs, if it’s not particularly to your taste, your only choices are to live with it or put in huge efforts to make structural changes, which might not be allowed in some areas. However, when building your own home, you can work with expert home builders and architects to design a property that is bespoke to your tastes and wants so you live somewhere that makes you truly happy.
Plus, you are in complete control of all the materials used, the specifications, features, energy efficiency, and everything else right from the beginning, so you get to dictate what you want and how you want it. This could include unique features such as a rooftop garden, a home theater, or a custom-designed kitchen. That will be included for the right level of finish for your home to enable you to truly live as comfortably as possible.
Low Maintenance
A knock-on effect from the above point is that because you will be building a brand new home, everything will meet modern codes and regulations, meaning you don’t need to make costly repairs to bring it up to standard. And things like replacing the HVAC system, dealing with a failing roof, etc., won’t be issued for a few years to come.
Cost Effective
Do you know self-builds can save you money? This is because what you want and need are accommodated within the build process, meaning you don’t have to purchase an expensive building you then need to pay more to customize. This isn’t true in all cases, and it depends on the type of building you have in mind and the location in which you are building. But for many people who want a certain type of home, building it can actually save you money over buying and renovating.
Everything Is New
This isn’t always a deal breaker for everyone, but if you want everything to be shiny and new, a new building gives you exactly that. Sure, you can use reclaimed items to build and furnish the property, but in terms of the home being lived in, it’s going to be brand new, and you will be the first residents able to make it truly your own home, not working with someone else’s leftovers as you would when buying a property already on the market.
Avoid HOAs
If being regulated about how you live, the standards of your home, and what you can and can’t do in the neighborhood isn’t for you, then choosing a plot of land to develop away from the restrictions of an HOA can be precisely what you need. While there are many benefits to living in a HOA neighborhood, it’s not for everyone, and moving away from these areas, choosing a location that works for you, and building your own home can be a great alternative.
Building a property isn’t for everyone, and the process of obtaining the funds to buy the land and then mortgaging the building can be complex to navigate. However, as you can see, there are multiple benefits to deciding to build your home over moving into an already-built property. If you want to create a unique custom-built property that is in the perfect location and built exactly how you want and need it, the building is definitely the way to go.
