Build or Buy?
I’m currently in the process of building a home for the second time in my life. As I work out the details and get over the hurdles associated with new construction it occurs to me that many people might be wondering if building their own home would be right for them. Powell River real estate is a hot market. The inventory of homes for sale is extremely low. Buyers may be frustrated with the options that are available for them to purchase. Perhaps building is the answer? It’s exciting to imagine! Here are the things you need to consider when making your decision of whether to build or buy…
The Cons of Building:
There is no question that purchasing a resale home is much easier than building new. It is an uncomplicated process with set costs, less stress and convenient financing options. Building a new home takes a long time. By the time you choose your lot, plan the design, arrange the contractors and do the landscaping, several months will have passed by. If you are handy enough to do some of the tasks yourself, or if you run into unexpected delays (which are common), you could see the better part of a year pass from start to finish. In the meantime, you need to have an alternate place to live and lots of extra time to spend overseeing the construction of the new house.
Building is also more expensive. Contractor wages, the cost of all the building materials and home finishings add up fast! Not only that but getting financing for construction is complicated. Lenders ask for a larger down payment and they provide the funds in several advances as you complete the work. You must carefully consider if you can manage the hundreds of decisions, hefty expenses and general stress that comes along with building your own home.
The Pros of Building:
It’s not all bad though, house construction offers you a brand-new home that is exactly what you want! New homes are extremely efficient with the latest building practices and materials that are designed to reduced energy consumption and provide the most comfortable living space. You will have fewer repairs and maintenance to do because a brand-new home lasts a long time without requiring any work. It is exciting to live in a home that you have brought to life, a place that fits your character and style to a T! Each colour on the wall, each plant in the garden, every handle and door knob will be to your liking and something you can be proud of. It is a wonderful experience! New homes are also a great investment as they tend to fetch a higher resale price than an older home does.
To build or buy? It’s a question not to be taken lightly. In summary, if you are the kind of person who is confident, a good communicator, flexible and not easily overwhelmed then you have the character to build your own home. Now that you know the pros and cons of each side you can make the decision that is best for you. Don’t forget to think about your partner and/or family as well; the decision will have an effect on everyone involved. Happy home ownership whichever road you choose to take! As always, I’m here to chat about Powell River real estate if you have any questions or comments.