Is Building a New Home a Better Deal Than Buying an Existing One?

The biggest question that people are faced with while getting a new house is that should you buy one or should you build one? There are advantages and disadvantages to both sides, and the most significant contributing factors are budget and time. People who want a house instantly and want to move in quickly, the best way to is to contact a broker and buy an already built property. If you’re going to have a house designed the way you want within a fixed budget, you should contact an architect and build a house from scratch. There are many other factors which come to play when you go about house-hunting fo the first time. Let us look at a few things which would help us arrive at a fitting conclusion on should we buy a new home or build one.

Formulate a strict budget

strict budget

It is essential to know how much do you want to spend on the house, and that will help you chose if you’re going to build or buy. If budget is not your primary concern, then it doesn’t matter if you purchase or create but if you don’t want to spend a lot and have a house to yourself, building a new home is the way to go. You save a lot on building material and labour cost, in the past few decades, the US, Canada and a few European countries have seen a massive spike in the number of self-built homes. People with help from their friends and family have been successful in building beautiful two storey wood houses using recyclable material and adopting a more natural form of living by using solar panels instead of grid electricity. The most significant investment in homes like this is the land which is a self-appreciating asset.

Luxury v/s comfort

Keeping the budget in mind, you can opt for small luxurious homes which will be fitted with the sophistication of urban life. Still, you will fall short of open land space, and an artificial air conditioner will cool your home and gardening will be out of the scene. When you build a home, you can apply cost-cutting on a lot of things and chose comfortable living over luxury. You will be able to have a lawn to yourself where you can grow vegetables, place a workshop, have an outdoor coffee table in your backyard or a sandpit for kids. Building a home by yourself will teach you a lot about the construction itself, and you will save up on future servicing and maintenance costs as you know the house in and out.