Building a house has multiple advantages, but it’s not always the best option. If you’re thinking about purchasing a plot of land, or you have aspirations to create your own home, here are some essential considerations to help you make a decision.
Budget
The most important consideration for most budding homeowners is the cost of building or buying a new property. Whether you’re looking to buy a house you can move straight into, you want to take on a fixer-upper, or you’re keen to build, it’s crucial to set a budget.
Make sure you cost every element of the project before you decide whether or not to take the plunge. It is beneficial to have a contingency fund. Many projects go over time and/or budget, which is why consulting with a reputable construction company can provide valuable insights into budget management and project planning.
Analyze your finances, explore mortgage offers and try to save as much money as you can for a down payment. Building is more complex than buying when it comes to budgeting. You’ll need to research extensively to work out the projected cost, as your budget will cover the cost of the land, labor and materials, fees and renovations, interior design and adding services and utilities.
Make sure you cost every element of the project before you decide whether or not to take the plunge. It is beneficial to have a contingency fund. Many projects go over time and/or budget.
Landscaping
Buying land is very different from purchasing a house or an apartment. If you love the idea of building on a plot, make sure that you understand what is involved in terms of seeking permission and landscaping. If the land is covered in trees, or there are wildlife habitats, for example, this can make building more difficult.
You may need to seek expert advice about clearcutting forest harvesting or building close to green spaces, animal habitats or communal facilities. It is important to carry out checks and ensure that a plot is viable before you invest your money.
Time
It is possible to build a new house very quickly, but it’s not always straightforward. In many cases, building a new home takes a long time and it’s a roller coaster ride. If time is of the essence and you need to move urgently, building may not be the best option unless you can rent a property during the build. Once you have ideas in mind in terms of the type and size of property you want to build, you should be able to work with contractors and architects to draw up a timeline.
This will help you to make plans if you do want to continue down this route. If you’ve sold your house, or you are currently renting, you could rent a home, extend an existing agreement or look into options like moving in with family members.
Building a house gives you the freedom to design a bespoke home, which checks every box, but it can be time-consuming and stressful. If you’re considering building a new home, it’s critical to undertake research, figure out a budget and ensure that you understand what is involved.
View plots, get ideas about the design of the house and seek expert advice to ensure that the land is suitable for building. Think about time frames and whether you would be willing and able to wait if the build will take months or even years.
