The Pros And Cons Of Building A House: What You Need To Know

If you’re thinking about building your dream home, congratulations! Building a house in Winnipeg is a great way to get exactly what you need for your family, and to invest in a long-term asset. However, building a house is not always an easy process. Just like everything else in life, it has both pros and cons. 

In this article, we’ll go over the major advantages and drawbacks of building your own house, so that you can understand the benefits and challenges of investing in a custom-built home. Let’s begin! 

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Building A House – The Pros 

Wondering what the benefits of building your own home are? Here are just a few of them and this also includes guest house plans as well.

  • You get exactly what you want – When you build your own home, you work closely with architects, contractors, and designers to build a home that’s tailored to your specific tastes, needs, and desires. You can customize every aspect of your home, and build the house you’ve always wanted. 
  • Your house is guaranteed to be free of any flaws or outdated materials – You won’t have to worry about lead paint or other hazards, and your home is guaranteed to be up to code and free of common issues like mold, leaky roofs, and other potentially pricey issues especially when tapping into the expertise of a professional new home building inspector.
  • You don’t have to worry about new repairs for a while – You can expect to spend somewhere between 1 percent to 4 percent of your home’s value on repairs and maintenance every year when you buy an existing home, depending on its age and condition. However, a newly-built home will require very little maintenance for the first few years, and most aspects of the home will be covered by a warranty for at least 5 years, minimizing these costs.
  • Your home can be built for energy-efficiency – You can use solar panels, efficient appliances and HVAC systems, advanced windows, and other design strategies to reduce your utility costs and build a more “green” home.

Building A House – The Cons 

Those advantages all sound great, right? Well, there are also some drawbacks you should be aware of when building a house.

  • The process is very lengthy – It usually takes about 7 months to build a home, according to the National Association of Realtors. And this usually does not include the time it takes to find a plot of land, hire contractors, move, and perform other such tasks. 
  • Living arrangements may be difficult during the build – You can’t move into your house as soon as you sell your old home, because it’s still being built. This means you may have to seek alternative living arrangements, such as living in a short-term apartment lease, or moving in with friends/family – which can be inconvenient.
  • There’s not a lot of room for price negotiation – While you can negotiate some aspects of price when hiring contractors and builders, there is much less flexibility, compared to buying an existing home. And, in fact, the cost of building a home is usually about 25% higher than buying an existing home, according to 
  • You may run into some unexpected costs – There are some costs you simply may not have factored into your home build, like professional landscaping, and upgrading materials or appliances if your preferred option is not available. 

Is Building Or Buying Better? The Choice Is Yours… 

If you’re wondering whether building a home or buying an existing home is better, there’s no clear answer. Building a home is great if you have the time to do so, and a sizeable budget, and there are many advantages to doing so.

However, buying an existing home also has a number of benefits, and is often easier for most families. In the end, it depends on your specific situation, and whether or not you’re ready to commit to a long-term building project.

 Still not sure? Take another look at this list of pros and cons now, and consider your options! 

1 thought on “The Pros And Cons Of Building A House: What You Need To Know”

  1. Pingback: The Hidden Costs of Flipping a Home | Entrepreneur Podcast Network - EPN

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