Should You Build Your Own House or Buy One?

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Choosing between whether to build your own house from scratch and buying one that is already ready is difficult. There are big pros and cons associated with both decisions. Buying or building a house is a large investment, so it is always best to proceed only when you are absolutely sure of your decision. If you are struggling to make a choice, we provide some questions that you can ask yourself to find out what is right for you.

Are you financially ready?

One of the most important factors that will influence your decision is the price of the house and land. Homes can often cost hundreds of thousands of Australian dollars. Buying a home that is ready will mean having to make a part of this payment up front or taking out a mortgage that may take years to pay off. You will also have to consider whether you have a good credit score and financial standing before you can take out a loan. Consider land for sale in neighbourhoods such as Lakeside because it is quite cheap. But you will still need to build a home, which can be very expensive, depending on the scale. Construction can often go over time and incur lots of extra, unforeseen costs.

Can you make the time commitment?

Buying a home is more convenient than building one. You can hire a real estate agent to help you find one, and once everything is done, you will be ready to move in. However, you should get a realistic estimate of how long it will take for you to get any repairs or renovations done and how much these will cost. If it takes too long or requires too much work, you may look into building your own home.

Be aware, though, that the process is long and complicated. You will have to find a contractor or builder, spend considerable resources handling these relationships or sourcing materials, and oversee the construction process. On the plus side, you can build the home at your own pace and take time to add expensive sections such as a pool or basement.

Do you have any special requirements?

Most people who choose to build their own homes do so because they have a vision or dream. If your requirements for a home are simple, you can often find on the market a house that is good enough. But you may have a concept or an interesting design that you want to implement, such as a sustainable home or a tiny house. Buying land can help you achieve this. Some people also prefer to live in the wilderness. For them, buying a house in a suburb is not ideal.

No matter what the reasons are behind your choice, make sure that you have thought about all aspects of each project realistically. Underestimating effort or cost is an expensive mistake. Think long and hard and plan for the future. Still, this does not mean that you have to disregard what your heart says.

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