Should You Buy or Build a House? The Pros and Cons

Most of us, at one point in our lives, ask ourselves the same question: “Should I buy or build a house?” 

Searching for a home can be difficult, especially if you’re looking for a specific location, have a limited budget or a unique wish list in mind.  Because of this, some people are tempted to build their own homes from scratch and to achieve everything they ever wanted in a living space. However, building a home isn’t as easy and cost-effective as one might think.

Before you go on a journey of building your new home or buying one, there are several factors you need to consider. In this article, you will find the cons and pros of each option, which will, in the end, help you decide the best option for you.

Pros of building a house

Building a house can be a real adventure and the biggest advantage is that you are more likely to get exactly what you want as long as it fits your price range.
According to data from Core Logic RP Data and Domain Group, in some cities in Australia, it is actually cheaper to build than to buy an existing one and these include Sydney, Melbourne, and Adelaide.

You will have the ability to create a more energy-efficient home, one that meets new energy codes and standards for heating, ventilation, cooling, insulation, and air filtration.

Energy-efficient homes are good for the environment and will save you money on utility bills.
Apart from energy efficiency, you can always choose your own flooring, pick colors, different materials and any design features that will meet your needs.  It is your creation, one that matches your style and personality. So, if this is your dream, maybe check out some home builders from Sydney, because these experienced professionals will surely help you create the home you always wanted to live in.

Although the upfront costs of building can be higher, it can be easier to regain your investment.
Newer homes often require fewer repairs and less maintenance and are generally more appealing to people than older homes.

Cons of building a house

Building a house from the ground up takes a certain amount of time, and so it can take much longer to move into the home than if you were to buy an existing home. Often, the building process can be interrupted by bad weather, natural disasters and human error.
Some other disadvantages of building a new home include:

     Unexpected costs and price increases
     Making crucial decisions like plotting out the land, creating a floor plan and choosing materials.
     You will have to create a new landscape which will cost extra money.
     Because you are not dealing with a seller, you probably won’t have an opportunity to negotiate a lower price.

Pros of buying a house

When you buy a house you won’t have to deal with the stress of purchasing land, working with builders, and making the right design decisions while staying within your budget.

The potential defects of an existing house are often visible or will show up in the pre-purchase building inspection. When you build a house you can’t do a pre-purchase inspection and so you won’t be able to know what problems might be caused down the track of a few months of building (often due to builders taking shortcuts to get the project done on time).
Some other pros of buying a house also include:

     Real-estate agents can help you negotiate the best deal possible
     You can move in right away.
     You can upgrade your home at your own pace.
     You probably  won’t have to grow a lawn or wait for trees to mature due to previous owner’s landscaping

Cons of buying a house

Although buying an existing house is less stressful and more convenient, there are always a few drawbacks to be considered. When you buy a home you most likely won’t get exactly what you wished for and you may have to make a few compromises.

A risk most buyers the face is maintenance issues like piping, electrical systems, repairs, and replacements.

Some other cons include:
     Buyer’s remorse, if you end up not loving your home.
     Higher energy costs, if you bought an older home.
     Neighbor remorse

Final word

Whether you choose to buy a new home or to build a new one, remember it is a step that takes some careful consideration. In both cases, it is best to work with experienced professionals whether it’s a real estate agent or a building contractor. Never rush things, because buying a home is a huge investment and you should always have control over the decisions you make with your money.

Written by
Stella Ryne | All Rights Reserved

Stella is an art historian, traveler, conscious consumer and a proud mother.

When she is not trying to improve the things around her (and herself, for that matter), she likes to lose herself in a good book.

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