Thinking About Building Your Own Home? Here Are Some Pros and Cons...
A lot of people dream about building their own home from the ground up. But do the benefits outweigh the challenges?
A recent article from realtor.com outlined the pros and cons of building your own house (versus purchasing an existing property), including:
Pro: You get exactly what you want. When you build a home, you don’t have to compromise; you can make sure every room, every finish, and every detail is exactly what you want—something that’ is not possible when you buy an existing home.
Con: It is generally more expensive. Building a home typically costs more than buying an existing home—so if you want to build a home, you will likely need a bigger budget than if you were to buy an existing home of a similar size.
Pro: Less maintenance. When you build a home, everything is brand new. That means you are much less likely to have to deal with any significant maintenance or repair issues in the early years of living in your home—which can save you time, money, and frustration.
Con: More time-intensive. Depending on the size and complexity of the home, building a house could take anywhere from months to years. Home builds are also notorious for running into delays and taking longer than the builder or homeowner originally anticipated—and waiting that long for their home to be move-in ready just isn’t feasible for some people. If you are looking in the Dallas-Fort Worth market this is a major consideration as demand far exceeds supply in new construction homes.
The Takeaway:
What does this mean for you? Building a home is a big decision. There is no right or wrong decision, but if you have been thinking about building your own home, it is important to understand both the benefits and the drawbacks—so you can make the best decision for you. Having an experienced, knowledgable real estate professional supporting you through the buying process makes all the difference in the world!