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Is Building Your Own Home Cheaper Than Buying In The Long Run?

By Brian, January 21, 2015

Acquiring a piece of property is an important decision. It’s even more important when you consider that you’re acquiring a home that you will be spending most of your adult life in. This is where you will raise your family, this where you will grow old. Some people suggest building your own home rather than buying, and it does have its merits. However, like every decision, you have to take everything into consideration. It’s not just a matter of practicality. It’s all entirely up to you. What we can do is to lay down everything in order to help you with your decision.

 

Pros of Building vs. Buying

When you build your dream house from scratch, you’re going to end up with something you’re not just invested in monetarily, but also emotionally. This is the house where you’ll be making your memories, and you did it with your own two hands (in some cases, the phrase “own two hands” is quite literal, as some opt to be their own contractors)! You can have everything your way. All the design choices will be tailored to your tastes and specifications.

 

When you’re buying a home, it can be relatively cheaper and you can have your home right away. Of course you’re going to have to settle with what you get. It’s still your home, but there might be some things that are not to your liking. This will entail some renovation on your part, and that can be quite costly as well. If you’re raising a family, buying an existing home is also a good option especially if you want to raise your family in particular location (real estate near schools etc.).

 

Cons of Building vs. Buying

When you’re building a home from scratch, it’s guaranteed to take a long time. Also, you might go way beyond your budget just for the materials alone. If you’re thinking of building your own home, you have to be patient and you have to be prepared with whatever building from scratch entails. There will be setbacks, both major and minor. You must be ready for that. So while the mortgage won’t be a hassle in a long run, you have to get ready because you will be spending A LOT while you’re still building your house.

 

The decision is not easy. Whether you decide to buy or build rests entirely on your shoulders. If you can’t handle the financial difficulties that come with building your own home, then there’s nothing wrong with buying. However, if you do intend to move forward with building your home from scratch, there are several options available to you to make your job easier. The top Houston Architecture Firm Randall Porterfield, for example, is known for their reliable service and their rates. There are other architecture firms and contractors around that could fit your budget as well.

 

Building your own house is all about making things work. It can be really rewarding in the end, and it’s definitely worth it if you can afford it. However, in our economic climate, it really depends on your income and your financial stability.

 

What do you think?

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