Most first-time buyers start by looking at what real estate agents have to offer. This can be in-store but, more commonly, online. It’s a great way to see what options are available within a specific budget. Of course, nothing beats talking to the real estate agent and finding out about the less obvious options.
But, one thing that many first-time buyers don’t think about, but other buyers do, is the option of creating your own home. In fact, custom-built homes are becoming increasingly popular because they give you the opportunity to design your own home, this makes it much easier to get the perfect layout and amount of space required.
What you may not realize is that that a custom-built home can actually be better value than one that already exists.
Surprisingly, the cost of purchasing a custom build home can be cheaper than buying one that already exists. Of course, it can also be more expensive. The difference will depend on what you are building, where you want to build it, and whether you are doing any of the work yourself.
If you are flexible on the above then you can save a significant sum by building it yourself.
2. Maintenance Costs
When you buy a home it is important to budget for the upkeep and maintenance. This means replacing features like gutters and windows as they wear out, perhaps doing some new cladding, or even making a note of when the water heater is likely to pack up.
But, none of these costs will be an issue when you have a new home. Everything will be covered by guarantees for 3-5 years and the house itself probably for 10 years or more.
That’s peace of mind and a considerable saving.
3. Energy Bills
New homes use newer materials that are more energy-efficient and better at keeping the house cool or warm, as needed. If you factor this into your new build you can improve on the standard and get an energy-efficient house that costs you almost nothing to run.
That’s a big difference from the cost of running an older home where insulation is not as efficient and the energy bills will be substantially more.
4. Resale Value
When you are building a home you are probably not thinking about the value when you sell it. But, a new build with all the latest technology and energy-efficient options will instantly be worth more than a comparable existing home.
That means you can make a profit by selling it, if you wish.
5. Ease Of Purchasing
You may not have considered this but it is easier to buy a new build. Purchasing an existing property requires a mortgage and surveys to justify the loan, as well as a hefty deposit.
However, building the home yourself means paying for it in stages and dealing with dedicated lenders. It is much easier to get finance and you can contribute yourself in stages, reducing the amount you owe at the end.