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.

 

Pros

 

Cons

 

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…

 

Pros

 

Cons

 

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.

What do you think?
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