Buy or Build? That Is the Housing Question
Updated: Dec 23, 2019
How much are you prepared to pay to get the house that you desire? If you don’t quite have a rough estimate, then it is time to do some serious introspection. This is because most people want to get out of the rent game as soon as possible. At a certain point comes the ever-repeating question, “Should I buy a ready-made home or build one from the ground up?” To answer this weighty question a prospective homeowner must dig deeper and ask 5 deep questions.
1. Why Do I Want To Own My Home?
Believe it or not, there are many people who are quite content to stay in rental accommodation forever, so to speak. There is nothing wrong with taking this position if it works for you. However, for those who want to own their own home, they must ultimately decide which route gets them there fastest in a hassle-free manner. Whether they are building or buying their reason behind owning their home must be so compelling that it keeps them on track through this often long and adventurous journey.
2. How Much Time Have I Set Aside For My Home Ownership Journey?
Both buying and building a home take up considerable amounts of time. For buying, you need to set aside time to view multiple homes in different locations depending on your needs. Working with an experienced agent makes it less tumultuous. On the other hand, building a home from the ground up is not for the faint of heart. Majority of your time is spent on this project until its successful conclusion. If you do not have a trusted experienced person to supervise the site, then you have to do it yourself. So, be prepared to get your hands dirty.
3. Where Do I Want My Home To Be?
Location, location, location is an often-used real estate mantra for both buyers and builders. Everybody wants a scenic, secure and private location that affords all the benefits of modern urban living. This all depends on the budget you have set aside for your home. If you are buying a home, market forces determine how much the house of your dreams costs. Naturally, depending on your powers of persuasion, you can negotiate more favourable terms. Homebuilding, on the other hand, is a different ball game. Here, you can recruit a competent team close to the site to keep costs reasonable.
4. What Must My Home Have?
There are certain “must-haves” that homeowners want to see in their homes. When buying a home, working with your real estate agent, you can make a comprehensive checklist of your “must-haves” and ensure that most of them have been catered for within your budget. Building a home can ensure that your “must-haves” are included within your home and budget.
5. Am I Mentally Prepared For The Journey?
Home ownership is often a time-consuming journey fraught with the unexpected. The best mindset to have is flexible and accommodating. In home buying, you see different houses owners with their unique views. When building, the multiple personalities you interact with range from contractors to managers. The best way to understand and work with a person is to place yourself in their shoes!