The time has come, and you have made a final decision to buy a new home. Perhaps, the one you reside with is just rented, or maybe it is an old home, and you were able to sell it on a considerable amount.
When this point in your life arrived, you may think which is a more affordable move: To buy a premade house or buy a lot and build from scratch? Now that you have all the budget in your hands, you may want to look at the pros and cons of a prebuilt or new build. Your best-informed decision making is crucial in this matter.
Premade versus to build one
As time goes by, prices appreciate when it comes to real estate properties
One significant advantage in the world of real estate is that homes already built are gaining appreciation based on their actual value as time goes by. Check the current prices in your location and search if the site you chose is selling properties as hot as pancakes. This is a great sign to pursue your home purchase in this area because your money won’t go to drain if ever you plan to sell your home in the near future. And by that moment, for sure, your home’s value has appreciated too.
Premade homes need fixing
You might think that premade homes are cheaper than starting from a vacant space. But you will be surprised that the supposedly “newly built home” would save you much, you’re wrong. Accept the fact that such home might be needing some fixing, and that would be a lot, depending on the fix you’d like to implement. Also, these homes, though are being sold new, had no one lived before. Such misimpression that is as pristine the moment the key is handed over to you, you might not realize that some parts of the home have been damaged through time, without someone tending for the property. You could encounter molded walls, with bubbled paint or a broken fixture or tile. Whatever it is, you may soon realise that it is not the practical choice unless you are willing to invest and pour money on repairs.
If you want a new build
Building your home on a freshly bought lot will sound more expensive. But this depends on where you purchased the land. Land spaces sold in rural areas are much cheaper than on the urban side. But if you are keen on building your new home somewhere in between maybe that solves the problem.
Anxious that your budget is below the line, there are land loans readily available for wannabe homeowners. You have to inquire for the reasonable loans with realistic repayment terms.
For a much cheaper endeavor, some home buyers desired to build their homes off the grid. This means like isolating yourself from urbanisation as you have to create your sources of energy. Speaking of energy, you will need the primary forms of energy such as water, heat, and power. Yes, you won’t be connected to the main grid, and you have to put up your own facility to provide for your daily needs.
There’s a solution to every problem. For example, solar panels will lighten up your nights and will supply electricity to your home. For a start, you may find the installation of solar panels quite a bit of expensive, but remember that the rewards are lasting. An alternate solution to solar panels is generators. You can always purchase these devices in case your solar panels fail.
Next is your waste disposal. Septic tank installation may sound complicated, but composting toilets are more environment-friendly.
Your decision will depend on your budget
If your main goal is to save, building a house may look expensive, especially if you’re building it on a location where the market price is high. Your proper research will pay off in the end. Perhaps, you’ve been watching house hunters where couples mostly could hardly choose the “best buy” among the premade houses spying on the pros and cons, the space, the area, the materials used, location of the kitchen, location of sunrise, neighborhoods, proximity at work, or what type of home or era of home they love to own, etc. The simple answer is it all depends.
So, everything is relative. But ideally, living in rural areas and building your home there is more affordable, you have to be willing to do the dirty job the first time you set your foot there considering the expenses you need to shell out for the installation of those power facilities. In the long run, it will save you money.
It is just a matter of how much sacrifice can you pour into each decision, whether you buy a premade house or build from the first brick. It’s your call. The best that you can do for now is to ask the experts. Here at Plymouth Builders, we can provide you the solution to your purchasing predicament. Call our office, and one of our staff will be more than happy to assist you.