Is Building a New Home Right for You?
Whether you’ve been searching the market for a new home for some time, or are just getting started, chances are that the possibility of simply building your dream home has crossed your mind. The truth is, there are many benefits to building your home rather than purchasing an older property that may need renovations, but the process is not without its difficulties. Let’s take a look at the pros and cons of building a home, so you can decide if it may be the right decision for you and your family.
Pros of Building your Home
The biggest positive many find to building their own home is customization. You have the ability to essentially hand pick everything from the square footage and floorplan to the knobs on your kitchen cabinets. Being able to pick everything in the home means it’s exactly as you envision it, with little to no need to discuss the renovations you need to do now or in the future.
Along with all of the finishes matching your style and design vision, everything in the home will be brand new when you move in. You won’t have to worry about an aging water heater or furnace, the old roof that may need replacing soon, or the possibly inadequate plumbing or electricity. Most builders will also have a guarantee on their work and there will be warranties on your appliances, so if you do encounter an issue, you will more than likely be able to have it repaired quickly.
Cons of Building your Home
Generally, the pros of building your own home outweigh the cons, but there are a few things you should consider before you make your decision.
- Time: Building will take longer than simply buying an existing home. The amount of time will depend on the plan and your contractor, but in general, the process will take at minimum 7 months.
- Stress: While it is exciting getting to pick everything that goes into your home, going through each detail can become overwhelming and add quite a bit of stress for some people.
- Cost: In some cases, building may end up costing more than purchasing an existing home. You may have added lot or property costs, fees for certain desired upgrades, and more. These should be discussed up front, though, so you can minimize or eliminate surprises through the building process.
Taking the time to plan ahead and prepare to wait several months before moving in, the process of building your own home can still be an enjoyable, exciting experience.
Gateway Realty is Here to Help
Working with a professional realtor from Gateway Realty can help you make a more informed decision. Contact us today and we will sit down with you and review the pros and cons of building your dream home, including financing and finding the perfect lot.