The process of home ownership, whether you build a home or purchase an existing home, is very often the single biggest investment that you will ever make. Many potential buyers can end up spending hours of time and loads of energy looking for, or designing the perfect home. It is simplistic to think that all you have to pay for is the cost of the land and house.
The cost of home ownership
Unfortunately, a lot of research into factors such as location, market trends, price, homeowner’s association fees, as well as property taxes needs to be done to make sure that you can afford to pay for your new home before you sign on the dotted line. Additionally, you (and your family) will have a list of needs, wants, and nice-to-haves; thus, making it rather difficult to find the perfect home.
Therefore, the question that begs is whether you should rather purchase land for sale in Ontario, Canada and build your dream home, with all of your needs, wants, and nice-to-haves included.
Reasons why you should build a home
There are advantages and disadvantages to buying land and building a house versus buying an existing home. I suspect it is up to the individual to decide. What works for one person doesn’t necessarily work for another person. Ergo, if you are undecided, let’s look at some of the reasons to buy land and build your own home rather than purchase an existing house:
Home versus house
There is no doubt that, once you have moved into a new house, it takes time to settle in and make it your home. Renovations need to be completed; furniture needs to be rearranged until it fits; curtaining lengths and widths need to be adjusted, as well as a myriad of other small things need to be done before you will start to feel that this house is your home. On the other hand, if you build a house, you can design it so that your existing furnishings will suit your new premises. You also won’t need to do any renovations; thereby, shortening the time that it takes from a house to become your home.
Avoid hidden repair bills
When you buy an older house, you might end up having to pay for expensive repairs to your new house’s major systems, such as the roof, plumbing, and electrical wiring. When you build your home, you can ensure that the plumbing, roofing, and wiring is all new and correctly installed. It might take longer to build a house, but you will avoid expensive repair bills for a long time, especially, if you make sure that high-quality raw materials are used, and the house is solidly constructed.
If you are on a limited budget, it is possible to buy land and build your house in stages. You can even avoid taking out a mortgage by paying for each construction phase in cash. Ergo, you need a basic structure that is adequately insulated and will pass the basic home inspection. You can add on extra bedrooms, garage, and living areas as you go. In other words, build a phase and then save for the next stage before you start with its construction.