Pros & Cons of Building Your Own Home
Many people have a dream of building a home for themselves one day. And, it’s a growing trend – more people than ever are finding plots of land and building a property to live in or as an investment. It’s not an easy process, however, and there are some pros and cons involved that you should consider before getting stuck in. Today, we’re going to take a closer look at some of those advantages and disadvantages that you need to weigh up.
# Pro: cheaper
Building a home yourself can save you an average of 25 percent on the cost buying an existing property. That could be a significant amount, and with careful planning and budgeting, you could save even more.
# Con: it can spiral out of control
That said, it’s easy for costs to start getting out of hand if you don’t know what you are doing. It’s not a game for the inexperienced. In a worst case scenario, you might end up with a half-finished building – unable to meet the costs of completion.
# Pro: the perfect design
It’s difficult to find an existing home that is perfect for your needs. Many of us will settle for less than the ideal home as it is the best from what is available, rather than being 100 percent perfect. The self-build method gives you the chance to create every room, space, and corner as you like it.
# Con: it’s difficult to find the right land
First of all, you have to find the right piece of land for your new home. Then, you have to make sure that there are no planning restrictions. The ideal spot with the perfect planning conditions is a big ask – and you might have to settle for something that isn’t quite right.
# Pro: it’s easier than you think
There are several ways of building a home yourself. You can hire an architect and building team to do it for you, or contact a company to create a custom home for you. If you go down this route, it’s worth doing plenty of research beforehand. Building company Stringham Custom Homes offer a few useful tips. First of all, avoid services that provide cookie cutter homes if you want to add some of your personality to the property. Secondly, find someone that can do everything from designing your blueprints to laying the final brick. It will make the project much quicker and more efficient for you.
# Con: it can be hard to get a mortgage
Unless you have plenty of experience in building homes, many banks will be unwilling to lend you a home loan. There is just far too much risk from their point of view. They will have concerns that you will make a mess of things, or go way over budget. There are loans available out there, of course, but they tend to be quite expensive when it comes to your interest payments. In many cases, it is far better to fund the build yourself from your savings pot.
As you can see, there are plenty of pros and cons for building a home yourself. Think you have what it takes? Let us know your thoughts in the comments section!