Building vs Buying a Home

Acquiring a home remains to be one of the most significant investments the average person can make in a lifetime. You’ll be lucky to find a house that needs minimum renovation for $300,000, especially in and around cities. Even so, it is possible to build a brand new home for under $200,000 with a little help. So, it is clear that building a home is considerably cheaper than buying one.

Everything Depends on the House Design and Budget

It’s almost impossible to find a used property that you really like. Maybe the half bath is too inconvenient, or the master bedroom does not have the walk-in closet you always wanted. For that reason, most home-buyers end up doing some renovation work before moving into the house.

Building a house, on the other hand, lets the owners do whatever they want, as long as they can afford it.

Consider the Price of Land

There’s no doubt land prices are going through the roof right now. But it is still possible to acquire ‘cheap’ space in rural areas. The only catch here is that you might have to travel long distances to get to work or the nearest town. In that regard, it is essential to consider the price of land, its location, and the cost of construction before making the final decision.

Do-It-Yourself vs Hiring a Construction Company

Unless you have a lot of time, plus the skills and tools to put up a house, the only sensible option is to hire a construction company. Labour costs are typically very high when hiring, but the results are of excellent quality. The only way to come up with a similar effect in a DIY job is by going with a prefabricated house.

That said, it is clear that building a home is a rewarding yet time-consuming process, and buying is capital intensive. Now you get to decide which option works for you.