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The Home Debate: Building Vs Buying

Wednesday, 7 June 2017 | 0 comments

It may be something that has crossed your mind when going through the house buying process, is it cheaper to build than it is to buy? While a lot of people wouldn’t dream of building a home over purchasing one (and why not, buying a house is physically easier because it has already been done for you), it may, in a financial sense, be a cheaper option. Let’s look at the case for building and buying separately.

Building…

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The first thing that leaps out at you when you think about building your home is that you can build exactly what you want, in the way that you want it, which means you can plan it down to the tiniest detail. In one sense this is great because of the control over your dream home, but in the other sense, you have to have a clear idea of what you want. So, from a personal standpoint, it could mean that you and your partner could bang heads on minor details. The other big thing is the cost. When you are building a home, the materials and every little aspect means a much bigger payment upfront; and the bigger the building, the bigger the cost. If you wanted to build a garage to house your cars, you would need to look for the best 40×80 metal building prices for your budget. And the final cost for a build made by a contractor in comparison to an architect will be completely different. So if you have the finances up front, and other factors, like time and resources, you could realistically build your home for a decent cost. If you decide to do it this way, you do need to front load your finances. But the same would apply if you are thinking about buying…

Buying…

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Purchasing your own house is, arguably, an easier process. The house may already be in good condition, or it may not be to your liking. Your budget, again, is the overriding factor. If you can factor in the cost of things like renovation and making the home more “livable” if the house is not up to scratch, but you were able to knock a couple of thousand off the asking price, then it will be in your best interests to buy. But it’s important to remember the hidden fees with going via an estate agent. Your other option would be to make a cash-only purchase, but you will need to have the money upfront, and in this respect, the funds will be front-loaded much like if you were building your home anyway. So it depends on which is cheaper, the house materials or the home that’s right in front of you. The quality of the house will vary because older homes don’t keep heat in or aren’t any good for your energy bills. It’s also important to remember that the house may not be exactly as you want it, and while nothing is perfect, it’s worth bearing this in mind when you’re looking for somewhere to spend the rest of your days.

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