When the time comes to move out of mom and dad’s, most people will either rent or buy their own property. But what if you have always wanted to build your own house? Think about it, you have seen land for sale and feel that it would be the perfect place to build a home to your own specifications. Could there be anything better? Well, the good folk at Exit Real Estate Consultants tell us that there are pros and cons to building your own home. They say that you should consider these carefully before making any decisions.
Why Build a Home?
It can be expensive to buy the home you want but if you decide to build your own, you have the opportunity to design it exactly how you want. You will get more for your money as well, as self-build homes can be cheaper than homes already built. Moreover, you are unlikely to find a ready-built home that already has everything you want.
Another reason that people choose to build rather than buy is because they want to get involved in the process. From the initial design to every little item that goes into the home, self-builders can have a say. They can choose things such as which tiles they want in the bathroom, what type of showerhead in each ensuite, and the flooring that they prefer in every single room. They can even choose where they want the doors and windows.
Those who are passionate about the environment can also take steps to make their home eco-friendlier. Things like solar panels, underfloor heating, and triple glazed windows can all make a home greener.
Designing a home for your own needs and those of your family can be immensely satisfying and rewarding but it can also be incredibly stressful. This is something all budding self-builders need to be aware of before making this decision.
The Downsides to Building Your Own Home
Although you can get more for your money with a self-build home, and they can be cheaper than those already built, without a good contractor, costs can quickly spiral. To ensure your home stays on budget, you will need a good project manager who can keep work on schedule, as delays usually mean higher building costs.
Unless you have the funds to complete the project from start to finish, you will need to apply for a self-build or construction loan. Although it is possible to secure such a loan, it can be a complicated process and you will need to have a minimum of 20 percent as a down payment as lenders view this type of loan as higher risk than traditional mortgages. You might also need to pay higher interest rates on this type of loan.
There is a lot to consider when building your own home and it can take much longer for a self-build home to be completed than it would to simply complete a purchase on a ready-built home. You need to be prepared for delays as these are often part and parcel of house building. A large majority of self-build homes run over schedule, so you need to be flexible about where you are living until your home is ready to move in to.
Buying a home is a stressful process but building one can be even worse, especially when things don’t go to plan.
There is no doubting that building your own home can be extremely satisfying. If you have the stamina and the temperament to get through the process, you could end up with the home of your dreams.