Steadfast FinancesShould You Build Your Own Home? - Steadfast Finances

Should You Build Your Own Home?

Filed in Real Estate 1 comments

Owning a home is the dream of most middle-class families. Not only does it offer the ability to be in control of your own housing environment (as opposed to renting), but it offers long term financial security. Yet, it’s not always attainable. As we have mentioned before, buying a house can be difficult with the recent economy.

Does this mean that owning your own home is out the window? Should you give you up your hopes and dreams and resign yourself to a life of renting? Absolutely not! While buying a home may not be an option financially, building your own home may be a great alternative.

Advantages of Building Your Own Home

Okay, I know you are probably thinking… “I don’t even know how to use a nail gun, how am I going to build my own home?” If you’re not thinking that, it’s definitely what I am thinking. I couldn’t imagine building my own home. If you do have the construction background, than you are ahead of the game and will be able to save some cash.

Even if you don’t know how to do the advanced projects or tasks of building a home from scratch, I am sure you can cut some corners with some DIY projects. For the projects that you can’t do by yourself, like laying a foundation or roofing, you can hire it out. There are plenty of companies that list contractors for things just like this (for example, Cordell Residential Projects helps connect suppliers and contractors).

The benefit of doing some of the project yourself and hiring some out is that you can still have a quality-built home, while also not having to pad some contractor’s wallet for doing all of the little things that you could have done yourself. To put it simply, building your own home means less money spent on your house.

That’s not the only advantage of building your own home. Others include:

  • Peace of mind knowing who built what and that the proper attention was given on necessary projects
  • Having a new home, which ultimately means less maintenance costs and no uncertainty about when things will need to be repaired.
  • You can choose the layout that you want. There is never an issue of having to live with a certain aspect of a house that you hate. With building it the way that you want it, you don’t have to settle. It’s that simple. Everything can be the way that you want it.
  • No paying for features that you don’t want or need. Some houses come with large garages that you can’t fill or a large backyard that you don’t use. With building your own home, you don’t have to pay for the house. You create it – it’s that simple.

Building your own home may be a great way to save some bucks while also getting the house of your dreams. While it may come with many financial perks, it doesn’t mean that a cost doesn’t accompany it. In fact, building your own home and doing some of it yourself ultimately means that you will take longer to build it. As long as 1-2 years may be a reasonable time frame and that’s if you are hiring out the major projects. Ultimately it comes down to what you have an excess of (time or money) and what is most important to you – but you do have the option to save a few bucks, should you choose to take it.

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Posted by CJ   @   3 July 2012 1 comments
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1 Comments

Comments
Jul 31, 2012
3:12 am
#1 Kylie Ofiu :

We are seriously looking at building our own home. Where I want to build it is cheaper to buy land and build the home we want than it is to buy and existing home and this way we can have what we want.

I’m fortunate to have 2 builder uncles, another who is an electrician and numerous relatives who have helped build each others homes, so it would not take as long as 1 – 2 years for me.

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