Pros and Cons of Building a Home

Deciding whether to purchase or build your next home is a big decision that should be weighed carefully. There is a lot to consider, such as the many pros and cons of each option. Before you commit to a 30-year mortgage, carefully consider your options to decide which makes the most sense for you and your family.

Before you begin, ask yourself how long you plan to live in your home. Will it be a place you retire, or do you only plan to live there a few years? What about your family's needs? Do you need a living space that is handicap accessible for an aging loved one, or perhaps you have a growing family and want space that can be changed as needed? Ask yourself these important questions before you weigh out the pros and cons. If you need some help, here are some pros and cons so you can make an educated purchasing decision. 

Customization

If you've been shopping for new homes in West Valley, you know how unpredictable the housing market is right now. If you're lucky enough to find a home that meets your needs, you're limited to the existing structure, which may not check off all the items on your dream home's list.

By building a home from the ground up, you have full control over everything from the layout to the appliances you install in your new kitchen. You have freedom to design your home however you see fit, so it will complement your lifestyle and family's needs. You won't have the hassle of retrofitting an older home; instead, you'll have a move-in ready home that checks all your boxes. 

Decision Fatigue

On the one hand, having full control over customizing your home is great if you have a specific goal in mind. On the other hand, it can be overwhelming and lead to decision fatigue, which can significantly hinder your overall progress. Some customization may be limited to certain pre-selected options, with outside-the-box options being costly. If you struggle with making decisions, you may want to keep this in mind if you are considering building a home.

Lower Maintenance

A brand new home is going to be lower maintenance than an existing building purchase. If you're not handy around the home or you want something that will require little upkeep over time, then you may want to consider building. Having a home that's move-in ready is a great feeling, which makes building an attractive option.

You'll also have a more energy-efficient home, since new construction often uses materials that use less energy. This means in addition to having a low maintenance home, you'll also have a building that doesn't use a lot of energy each month.

Cost

While a new home is lower maintenance and won't run up high monthly energy bills, construction requires more upfront costs than a traditional home purchase. The cost per square foot is much higher for a construction than a home purchase. There are a lot of additional costs that many people forget to factor into a home construction project as well, such as architect fees, permits, and land surveys. Remember to factor in all costs before committing to build a home to avoid sticker shock. 

New Space

One of the biggest pros of building your home is you'll have a brand-new space to call your own. You can make it yours, and will be the first resident. You won't have to fix other people's DIY mistakes or worry about covering up someone else's decorating choices. Your job will be to simply move in and begin making memories with your family. That is often worth the cost of construction for people who want a place to live for the rest of their lives. 

Regardless of what option you choose, make sure you weigh all the pros and cons of building a new home before you make a long-term commitment. You want to be confident you made the right choice for you and your family.