Upsides of Building
The advantages of building your own home include:
- being able to get what you want (within your budget constraints) and can add “eco” friendly features if you wish so.
- By moving into a brand-new home, you know that you won’t need to do any maintenance for quite some time and is also a great feeling for those buyers who don’t have DIY in their blood.
Downsides of Building
It sounds great so far but there are downsides too which includes:
- It is not easy to find the land for building usually means you will have to live further from the central areas so longer commutes will be involved for many.
- It can be very time-consuming, and it can be stressful to build as there are many decisions which need to be made and often very little time to make them.
- You need to read and understand the plans well and to have money set aside for the items which are not included in the building such as curtains and landscaping.
- There could also be cost over-runs with little changes due to lack of material supply and these costs adds up to large amounts in the end and delays are usually part of the process unfortunately.
Upsides of Buying an Existing House
The advantages of buying an existing house are:
- that you can see exactly what it looks like and you can get it inspected to ensure there are no problems.
- You can search in a great variety of locations.
- You can buy a property which needs renovation and add value if you have the right skill set and it will be cheaper than building the equivalent home in an equivalent area.
- You can also see exactly what the neighborhood and community are like before you buy.
Downsides of Buying an Existing House
The biggest disadvantage in buying an existing property are:
- the amount of competition you face in buying it in the beginning. You may be buying at auction, and you won’t know if you can afford it until the bidding gets underway. You could also be buying someone else’s problems especially if you don’t get all the checks done before buying.
- it is unlikely that you will find a house that has everything you want and is decorated exactly as you would like it to be so you may need to spend more money improving or changing it. And it can be difficult to add features that are important to you depending on the style and construction method.