Choosing Between Buying Or Building Your First House
Can’t choose between building and buying a house? There are pros and cons for both decisions, but the final answer depends on several factors including your current financial standing, your long-term living plan and the current market conditions in your city.
With that said, the excitement of getting your first house is unexplainable. But don’t go shopping for furniture and appliance for your future abode just yet. Take a hard look at your current situation and decide if you want an existing house rather than a home made from scratch.
Your Home, Your Decision
Getting a house is one of the biggest financial decisions you will ever make in your life which is why you should take your time to look at different options and decide which one suits your needs the best. for The process can be overwhelming and often stressful, especially for first-time buyers, but in the end, looking through options and taking your time to make the decision will be worth all the effort.
If this is going to be your first home, chances are, you’re willing to go the extra mile in search for the perfect abode. First-time buyers should first know whether they’re going for a built structure or to have one constructed. While this sounds easy, both have advantages and disadvantages and this article will surely help you in deciding.
Choosing an Ready-Made House
If you already have a lot going on in your life and can’t seem to get out of your busy schedule, then opting for a built house is the way to go. Even though you’ll still have to meet with agents and attend open houses, this option is far less time consuming than erecting a brand-new house. This way, buyers can immediately move into the house after striking a deal with the seller, assuming there are no hiccups in the process.
On the other hand, putting together a house from the ground up will not only require months of dedication but also inevitable delays that you can have no control over like typhoons and calamities. Under such circumstances it can become almost impossible to continue construction, which can result in additional stress on top of already-high expenses. On top of that, you may also have to rent another place to stay until the project is complete.
You’re also likely to face more expenses and delays once the construction has finished. Some of the expenses include painting and finishing, and if you’re aiming for an architectural house, you might send more time and money on expensive art and intricate design details.
Now, if you value accessibility more than anything else, remember that built houses tend to be near the central business district and close to facilities. This means that you can use public transportation more frequently, or you can walk your kids to school if you prefer enjoying roaming around the neighborhood.
Above all, decide whether your first buy is going to be your humble abode for the rest of your life or you’re planning to sell it in the future. If you’re planning to move in 5 or 10 years, you should look for the right home with a value that will rise over time.
Ooba’s chief executive officer Rhys Dyer said that the key to adding value to the property is proper upgrading through a renovation project or upscaling. This is crucial so that later when you decide to sell your first home to move into your second one, you won’t be left without a roof over your head.
Choosing to Build Your Own House
In comparison to an established house, building your first house is definitely time-consuming and because this is going to be your first serious financial investment, it is crucial to dedicate time and effort to the construction process.
And since this your personal construction project, you have the freedom to do as you please. You can ask your architect to design it the way you want. Do you want five bedrooms? A spacious living room? You have the leeway to incorporate your preferences into your home, so long as it fits within the space and budget constraints.
But if you’re lucky enough to have a flexible budget, you can practically ask for whatever you want in your house. In the long run, it will be rewarding because the end product will look exactly what you wanted it to and even give you the value for your money. The satisfaction you get from seeing a dream come to life will make all the time and effort worthwhile.
And as far as time is concerned, yes, it will take months for your house to be ready but then you will avoid open houses and high real estate agent fees, saving you time to really focus on your dream nest – and less stress (at least in the long run).
Also, unlike a built house that may already have maintenance issues, a newly constructed house have lesser problems because of the fact that it’s new and unused. This will save you tons of cash because if there will be issues with your new abode, it will be covered by a guarantee.
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