Building Your Own Home: Is It a Smart Move?As the economies of the world fluctuate and financial certainty is never quite a sure thing, it is prudent to consider all of your options when seeking a new place to rest your head and shelter your family. As such, you may have considered building your own home from nothing but a plot of land, but is it really a smart move? Well, this article aims to enlighten you on the many aspects that need to be considered when building your own house, so that you can make a more informed decision and possibly enjoy living in the house of your dreams sooner than you had expected.
The Benefits of Buying LandAlthough the majority of people are more inclined to buy a property that they can already see and evaluate, there are actually a wide variety of benefits that you can enjoy when choosing to build your own. And while the list could go on, the following are the most common reasons why buyers are enticed to purchase a plot of land, rather than a pre-existing property:
For some families, not all houses accommodate their unique needs. Some have disabled members of the family, and require special additions such as wheelchair ramps or guiding rails. Furthermore, some individuals and families enjoy unique hobbies which require specifically designed rooms, such as wine collecting or photography. In such situations, a prebuilt property sometimes does not offer what the family needs, necessitating a unique design to accommodate.
- Accommodating Your Family
Constructing a home is not an easy task, and requires a lot of extra effort if you want it to be crafted to your unique specifications. However, it can also be more affordable than buying a property if you build it in a smart way. Additionally, you can choose to build your house in parts, with a basic layout to start, and then you can add on to it at a later stage once you have more capital. This way, you can enjoy an affordable place to live in, with room to expand after a few years. This can turn out to be far less expensive than a typical loan would cost in interest, as you will not need to borrow the total required capital at the beginning of the project, and can instead save up and upgrade as you can afford it.
- Potentially More Affordable
While everyone likes to decorate their living spaces to make them feel more personalized, nothing can quite beat a personally designed and built home. This is why some choose to buy a plot, rather than an already constructed property, as it allows them to design it to their unique specifications, demonstrating unique aspects about the individual or family living there, and making it truly unique amidst a plethora of typical houses.
- An Extension of Your Identity
Your Own Blank CanvasBecause we are all unique, we all have different likes, dislikes and preferences. As such, building your home allows you to perfectly cater to your unique needs and wants, while never having to settle for “close enough”. Instead, you can design whatever you want to, and as long as your plans are passed by local council and are not an eyesore for neighbours, there are almost no limits. Some people throughout the world even take it a bit further than most would have imagined by designing their abodes to look like boats, castles, giant boots and even massive vegetables. However, just remember that you do not want to walk outside and face angry or irritated neighbours each morning, so be cautious about how extravagant you choose to be with your plans. Additionally, if you are enlisting the services of professionals like PropertyGuru when seeking land for sale in Malaysia, they will know the common neighbourhood trends, and will be able to help you find the ideal location for your plans.
Final ConsiderationsAfter you have found the perfect plot to purchase and build your dream home, there are a few final considerations, with some shared by House Planning Help, before making the final purchase decision. These will require a fair amount of research from your side, but will help in ensuring the entire construction process happens smoothly and without unnecessary interruptions. They are as follows:
One of the aspects that often scare away first time buyers, or those who are unprepared and inexperienced, is that banks are more reluctant to offer loans on assets that have not been built yet. Compared to the financing of an already constructed home, banks are not yet sure of the actual value of the property. As such, you may be able to get a great loan for the land, but might struggle with acquiring a loan for building. Because of this, cash is often king, as the old cliché goes, and having finances ready before you decide to build a house yourself is prudent.
- Cash and Loans
What many people do not consider when choosing to construct their own homes is that construction often takes a long time, and there are many associated yet initially hidden costs. These include any unexpected land conditions that need to be dealt with before foundations are laid, faults and errors made by builders that need to be fixed or polished up, finding accommodation to stay in until your property is ready, as well as many more. So take some time to consider how much the total cost will be, and do your research to be sure that you won’t be hit with unexpected expenses along the way.
- Time and Cost
Finally, although this list is not truly extensive, if you want your home to be built to precision, with every aspect matching your initial plan, you will need to visit regularly so as to loosely supervise construction. This doesn’t mean that you need to watch each worker like a hawk and give precise details for each and every little task, but rather just that you visit two or three times a week while contractors are working, to evaluate their progress, ensure that your particular requirements are being met, and chat with the supervisor on site to gauge how things are coming along. This way, you will be able to request changes or modifications before it’s too late, while the wiring is still bare and slabs are being laid. This will help ensure that your dream home is not spoilt by small mistakes or unnecessary construction defects. And as Investopedia shares, it’s not always the old homes that will have the defects and problems, and brand new homes can offer the same problems.
- Personal Supervision
As you can see from the many points above, there is no definite answer when choosing whether to design your own house or buy an existing property. In fact, the choice should really be dependent on your current and potential future situation. So take some time to consider what we’ve shared and don’t hesitate to speak with experienced professionals. Buying either a plot of land or a house is one of the biggest investments you will make in your life, and you don’t want to make a mistake in this regard by simply rushing in or not considering every aspect.