Since we are dealing with a lack of inventory in the real estate market right now, it is understandable that many potential buyers might be thinking about building their own home instead of waiting for someone to sell theirs.
Realtor.com has come up with a pros and cons list of building a home and we are giving a summary of the most important parts.
The first pro of building your own home is that you can make it exactly how you want it. Building instead of buying is becoming more common. According to the National Association of Home Builders, in November 2020 the construction of single-family homes was up by 10% compared to the year before. People opting to build their own homes are getting the style they want, the kitchen they want and the number of bedrooms and bathrooms that is perfect for them.
Another pro is that you can pick any location you want, you can have it by the water, close to work, near a park or whatever type of location that is ideal for you. You have to talk to the builder before making a land purchase to ensure feasibility, but basically you will have a lot of great options. Not every piece of land is a good option so you will have to make the choice carefully. Amin Vali Real Estate Investment can help you navigate through that.
The next pro is that a newly built home will be very low maintenance. Everything is brand new and will barely need any upkeep. According to HomeAdvisor the average home maintenance cost in 2020 was $3,200.
Now we can talk about some of the cons of building a new house. Depending on where you are building and the size of the house, building will normally cost more than buying. A builder can give you an idea of how much it would cost to build the house exactly how you want it, and they can help you cut costs. Amin Vali is a civil engineer with experience in construction and can help you find the right builder and help you with your plans.
Another con is that getting a construction loan is more complicated than getting a mortgage loan. If you do not need to get a loan, or if you only need a small loan or line of credit then this won’t be a big issue for you.
Finally, building a home can take a long time. You will have to be patient and understand that it is tough to rush a construction project without having issues. Patience will lead to the home of your dreams, but it is not always easy.