Should You Build or Buy a Home?

There are some obvious questions you should ask yourself when you consider whether you should build your home or if you should buy one outright. Use this as a guide to help you figure out the answer to that question.

  • How soon do I have to move? If the need to move is urgent, you may want to consider just buying a home. Your lease runs out in 2 months? There is no way that you are going to get a house built in that amount of time. But, if you are currently in a situation where you could stay where you’re at for awhile during the time that the house is going up, maybe building could be a potential option.
  • How much do I know about construction? If you’re not exactly educated as to how to build things, why are you considering building a house anyway? If you or your family members and friends know about construction, wiring, plumbing, and all of the other things that you need to put into a home, then you may be able to pull it off for a lot less than you would have just buying an already built home. Best part? You get to customize it exactly how you want it!
  • What are land prices like? To build, you have to have the land to build on. That’s usually a plus. Never fear! There’s lots of ways to research land, and a real estate agent can assist you in seeing whether or not buying land and building is a great idea with the current prices of land in your area.

There are a few other things that you want to think about (including local laws), but these are some of the basics that you want to explore.