How To Decide Between Building A Home Or Buy One Already Built

If you’re looking to purchase a home then you’ll know that the average cost of a house in Australia is close to a million dollars. It’s not surprising that first-time buyers are getting older, in most cases, people are in their thirties before they can get on the bottom rung of the ladder.

However, there is another option that many people don’t consider. It’s custom-built homes and they are gaining in popularity. The question is whether this is the right step for you, or not.

The Advantages of Custom Built Homes

Building your own home means you can choose the location, providing land is available, and you can design the layout. This is surprisingly important as most homes don’t have the right layout for your needs. Designing your own, with a little help, makes sure that you’ll love the space when you move in and still love it in the future.

But, perhaps the biggest incentive to building your own home s that it will cost less. The average cost to build your own home is around $300,000, that’s a significant saving on a ready-built home. Of course, it will depend on your position in the market.

In addition, building your own home means no real estate fees and no competition when purchasing. That removes much of the stress, especially as mist menders will release funds in stages in line with the progress of the build.

Don’t forget that building your own home will also allow you to incorporate many modern energy-saving devices such as solar panels, allowing you to reduce your running costs.

Of course, there is also that feeling which you only get when you buy something brand new.

Disadvantages of Building Your Own Home

Buying a ready-built house can take several months as all the paperwork is dealt with. However, the process is relatively hassle-free and quick.

In contrast, building your own home will take considerably longer than this. It can take three months or more to get the planning sorted! You’ll then have a build process that can take 6 months or more.

Alongside this the builders will need to be monitored to ensure they’re not cutting corners and that everything is proceeding both to plan and to schedule.

But, perhaps the biggest stress of all is finding everything and piecing it all together. You need to find your perfect location and deal with purchasing the land while making sure you’ll be able to construct on it.

It’s likely there will be other building work nearby which means, even if your home is completed, you may be living in a building site for some time. While it will eventually get better you need to consider how good you are at tolerating these types of disturbances.

Of course, there can also be hidden costs, that’s things that can’t be foreseen at the time of the build.

Final Thoughts

The decision is yours but, building your own home is generally cheaper and you’re more likely to get the home of your dreams. That makes the short-term hassle worthwhile. It also decreases the likelihood of your moving again, and all the hassle and expense that goes with moving.

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