Looking to purchase a home for the first time can be quite overwhelming. Among the first of one’s considerations will be as to whether it is preferable to build or buy this first home. A chief concern about building your own home may be that the cost per square foot can be higher. Buying a home that is already been built can have several benefits including ease of remaining within budget, a quicker move-in timeline, and more complete information on the neighborhood you are moving into. However, before you jump the gun and buy an existing home, consider the widespread benefits of building your very first home, outlined below.
Turning Your Vision into Reality – Benefits of Building
Perhaps the most obvious benefit of building your first home is that you will have design control over every detail in the house, and while everything probably won’t be perfect, you will not have to spend extra time and money to redecorate or redesign someone else’s space. Particularly if you have special preferences in terms of efficient energy or insulation, starting from scratch will make sure you are able to have your home exactly as you’d like. Experts also believe that while the upfront costs of building environmentally efficient homes may be higher, “it may be easier to recoup your investment” when it comes time to sell, as your home will be appreciating more quickly than if the house already had a few decades on it. Researchers also say that building your home leads to a stronger emotional connection and feeling of satisfaction with the space.
Building your own home also ensures that you will be living in a place you love; according to the National Association of Realtors, most homes are on the market for no longer than 30 days, which means it can be difficult to both find and successfully purchase a home that you love quickly. This is something to consider, particularly if you are concerned about how you will allot for construction time if you choose to build.
Drawbacks & Solutions
When it comes to this decision, you will undoubtedly want to think about both sides. The first conflict you’ll encounter is the larger upfront costs of building. To address this, you will want to vet a variety of new home builders before signing anything, and you will want to aim for a lump sum contract. This will protect you as the home builder if your builder comes to face price increases due to factors out of your control. There is also the concern that building requires a much longer timeline for move-in, and this can be true. If you are looking to quickly relocate due to a job or other matter, you may be looking for a quicker move-in. However, if you are able to, you can work with your contractor to create a scheduled plan for construction deadlines.
Whichever option you choose, moving into your first home is an exciting step in your life! When it comes to the decision to buy or build, you will want to consider all factors, not just financial ones. Consider your style, lifestyle habits, and the value of the investment you’re undertaking if you choose to build.