Will we go over budget? Will my marriage last? How long will this process take? All of these questions are ones you may have when deciding whether or not to build your own home. There are so many articles that could give much information and go into detail on the building process, but today I’m going to focus on just a few reasons why it can be such a great thing! Some may disagree with is and thats ok! I’m writing this from our own knowledge and experience. Having built three homes and remodeled a few, we feel that building is a much better process and these are a few reasons why.
1. You Get to Do it Your Way
The number one pro that most would agree on, is that you get what you want. Well, for people like us, what you want that is within budget. You have the luxury of choosing the look for both the exterior and interior. Everything from choosing a plan to picking out the interior finishes. To be honest, there are so many decisions this could be a con without proper planning. Planning is always the key! But, again, that is for another article…I’m trying to convince you to build over buying in this article…lol. Truly though, within budget, you have the freedom to pick out exactly the look and feel you want that fits the needs of you and your family. When buying a home, you do not have this freedom. You will be moving into a home that is someone’s else look and feel, that you hopefully can make your own. This is very doable, but is much easier achieved during the building process.
2. Instant Equity
If done properly, you will have instant equity in your home. This is a great financial benefit. This pro was true for us in every single home we built. Each home appraised and sold for at least $50,000 over the total building cost. And yes, that is including land! Now, you have to realize we did not pay a contractor to build our home. We served as our own contractor. This cut down on the overall building cost. But, even with most contractor’s fees, you can still end up with some equity in your home. It is all about budgeting and planning ahead!
Some key factors in having instant equity would be the location of the home. Paying a little more upfront for prime land can be very beneficial in making a profit later. Keep in mind when building this will be a total value at the end when time to sale. Another key factor is the type of house you build. In other words, don’t build an ugly home. Build a home that not only suites you, but will be something others will see as beautiful! This doesn’t always mean hopping on the latest trends. Using a timeless design and style will help the resale of your house down the road. Things such as neutral color pallets and simplistic design will help cut down on cost and also make it very appealing to others. You can add more of your own colors or style in your decorating.
3. Very low maintenance for the first several years
Another great thing about building your own home is that everything is brand new! New things, normally mean low maintenance. Unlike when you buy, all the appliances, heat pumps, windows, roof, along with many more new things are mostly under warranty. So, even if one was to tear up, it would be fixed with super low cost. These new items will all be rolled into the final building cost so the money will already be budgeted for these items. This will be less stress and less money for several years. Being both owner of a new build and buying an older home, we have found this to be very true. Your mind is much more at ease when moving into a brand new home versus one that may be several years old. An older home normally would mean significant updates and renovations to get it looking how you would want it to. This would be above the purchases amount and we all know its hard to find the extra funds for customizations and add-ons.
4. Latest Technology
Building a new home will allow you to include the latest technology in your home. Everything from controlling your heat pump from your phone, to being able to see who is at your door when you aren’t home. There are so many cool technology features, this is one area you can go overboard on if you aren’t carful with your budget. With our build a couple years ago, we actually didn’t choose many of these features, but now are wishing we had! Installing all this technology upfront will save you lots of time, money, and holes in the walls.
I’ve shared four points, but there are so many pros to building your own home. Yes, there may also be several cons. We didn’t say there wasn’t, but we do feel the positive out weighs the negative. It is a process that is rewarding in several ways. Seeing the finished product and knowing you were a big part of the process is very satisfying. Knowing you have a well built home that you have customized to fit the needs of your family is refreshing. Yes, it is a long road and sometimes gets crazy, but if everything in life were easy, life would be pretty boring. Henry and I have managed to still be married 17 years after three of our own builds. I would say either we have a pretty strong marriage or building a house really isn’t that bad. The crazy thing is, we are already thinking another build would be fun…oh no!