Getting a home is probably one of the biggest financial decisions a lot of people would make in their lifetimes. When it does get to that point, however, there’s usually a fairly common conundrum they face- should I buy a home or should I build mine myself?
The answer to the question seems pretty straightforward until you consider a few things. You want a home with a gym, two pools, three reading rooms, and a pent house with five and a half windows. After an arduous search and no luck, you decide to build your home yourself, and then realize it would take one year, but you want to move in two months. You decide again to buy, but there’s no house in the location you want. So, you change your mind yet again, you’ll build. But you discover you don’t even know where to start from. Now, you’re sitting on the fence with no idea what is best for you.
Let’s help get you down that fence and compare both to see which may be better for you.
SPECIFICATIONS
When buying a home, generally speaking, your choices are limited to what’s available for sale. You might love the Master Bedroom but not the floor plan. You might love the location, but not the house type. You might love the number of rooms but not the fact that it doesn’t have a pool. You may even love everything but your spouse absolutely doesn’t. In the end, you may end up making uncomfortable compromises on your wish list.
In building your home, you have the freedom to choose just exactly what you want, with all the bells and whistles, and can be involved in the construction and installation right from the get-go in order to meet your precise specifications.
Build wins this round.
Buy 0 – Build 1
STRESS
Getting precise specifications doesn’t come without its downsides though. In buying a home, all you really have to do is find one that meets the most items on your wish list, tidy up relevant paper work and move in. The only stress involved might be in actually finding a home that sufficiently meets your needs. Otherwise, it is mostly a pay-and-move-in deal.
On the other hand, if you had to build your own home, you would first need to find virgin land, and then an architect, and then an engineer or developer, or you might have to deal directly with contractors- some of whom may be particularly dubious and sell you inferior materials. If you have to supervise the builders yourself, that can prove stressful if you don’t live near the construction site.
Buy wins this round overwhelmingly.
Buy 1 – Build 1
RISK
Getting a home can be an adventure and adventures often come with their fair share of risks.
When buying a new home, the risks are limited compared to building your home. In building your home, you risk going over your budget, taking longer than anticipated as a result of bad weather or human error, buying a land with unresolved ownership disputes, the use of inferior materials being used and cutting corners, being cut. Building isn’t for the fainthearted.
If you’re the type that loves that kind of adventure, building might interest you. If not, buying is best.
Buy wins this round
Buy 2 – Build 1
COST
Except on rare occasions, building your home saves you more cost than buying a home outright. When you consider that- even if you find a home that meets all your specifications, the seller factors in profit and commissions, you would realise that if saving cost is important to you then building is the best option.
Build wins this round.
Buy 2 – Build 2
PACE
Buying a house often requires, at least in most cases, that you outrightly pay the asking price or negotiated price before moving in. But what if you didn’t have all that money? What if you wanted to pace yourself and build such that your project is never financially overwhelming at any point? Building might be the best option for you.
Build wins this.
Buy 2 – Build 3
TIME
If you are buying a house, you can move in as soon as the deal is completed. If you are building your own home, you don’t have that luxury. Building requires patience- lots of it. As far as time is concerned, buying a house is the best option.
Buy wins this round.
Buy 3 – Build 3
NEWNESS
If you’re buying a house, except it is new, you may have to deal with issues such as maintenance, repairs or even outright replacements and intensive renovations on things like paint colours, plumbing, electrical appliances, doors, installations, structure and floor plans. But when building your home, you can be sure of the newness of everything.
Building takes this round.
Buy 3 – Build 4
LOCATION
If you want to live closer to the city or want a home in an area with sufficient development and proximity to schools, hospitals, malls and other places of interest, buying a home is your best bet as most lands in these kinds of areas have likely already been taken.
However, you might want a retirement home, away from the noise and pollution often associated with a busy city. In this case, you may really have no viable option other than building your home.
This round’s a tie.
Buy 4 – Build 5
On the whole, all factors considered, building might be a better option for the most people.
Luckily, with a trusted developer, you can eliminate the cons of both and have the pros of both.
