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Buying a House vs Building Your Own

Congrats on deciding to own your own home! Graduating from renting/living at home to home ownership is something that you should definitely be proud of. Only problem is, now that you've made this decision and your friends and family know about it, you're getting conflicting advice about whether to buy or build!

It is one of those questions that enters everybody's mind, and doesn't really have a definitive answer. So, the pros and cons of each choice will be laid out for you to consider. Personal circumstance is always a big factor, so please take that into account when making these sorts of financial desisions, and of course your should consult your financial professional.

The Case For Building

Building your own home does have a certain allure to it - everything that goes into your house will be signed off on by you, from the general layout to the wooden flooring. It's not everybody's cup of tea, but building your own home does have it's strong point.


  • The decorating style will be all your own. If purple wallpaper is your thing, then there's nothing stopping you
  • Everything in your home will be chosen by you, so everything that's important to you is included. Within budget, of course
  • Your home will be newer, and with that comes obvious advantages, such as modern architectural design, and new plumbing:)
  • Building your own home will often be cheaper than buying a similar home
  • The sense of pride at having "designed your own home" is hard to beat


  • Building delays are pretty much a given, so add a couple months on top of what the builder has quoted to be safe
  • A lot of time and effort goes into building a home, which often makes it a very stressful experience
  • Costs escalate when you want to decorate exactly like the development models - they look good for a reason
  • The enormity of building your own home only becomes apparent after you've started, and it's too late to stop then...

The Case For Buying

Buying a pre-loved home definitely has it's strong points - besides the actual move itself, it's a pretty stress free experience. Sure, the decorating style isn't quite you, but still...


  • You don't have to juggle two house payments, which you would if your new home was 3 months behind schedule
  • Some older homes have a certain charm about them that a new house just doesn't have
  • Move straight in - no 8-12 months of waiting for you


  • Utility costs are often more expensive because of outdated wiring and plumbing
  • Repairs may have to be made, especially if your "new" home is 15 years or older

The above list obviously isn't comprehensive, but should be enough to get your bearings on the issue of whether to build your own home or not. One of the big factors involved is cost, which can swing either way depending on whether you hire a home builder or an actual architect, how you furnish your home, and the surrounding developments (consider the help of your local finance broker for advice on all of the above, as well as what kind of finance you require). Good luck deciding which course of action you take.

*Disclaimer:The advice in this article is of a general nature only. Seek the help of a professional advisor before making any financial decisions.

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