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Home buying: Whether to buy or to build

When the time comes to buy a home, you will need to think long and hard. It is not something to take lightly. Do not make the biggest decision in your life without giving it a lot of thought. For one thing, you will spend most of your working life paying off the mortgage.

BUILDING YOUR HOME

Many new married couples dream of building their own home. They take it for granted and expect to have a new home these days. Years ago, you could build it yourself. Building one room at a time, as you saved a few dollars you would buy more material. The young ones cannot do that these days because of the council or government rules and regulations. Under the health regulations, you cannot buy a block of land and live in a caravan until the homes built now either.

In making the decision to build, think about the work it will take to bring it to fruition. If you both work, will you have the time required to plan everything? When you look at house plans, they look great on paper; living in a house is different to walking through one. It is not until you move in you realize, if someone opens the garage door, they will walk into you opening the oven door. My daughter found herself in this predicament. They have to knock before opening the door, in case she is cooking.

That is one instance of bad planning. Designers should know about these problems, but they do not, so be careful. You will have to check on the work progress on a weekly basis. If you do not, and the tiles the wrong color, it will be too late.

By building, you can also contract the work out to different contractors. You can choose the plumber, cabinetmaker, and electrician. This could save money by negotiating the costs and by doing some of the work yourself.

Another thing to watch out for is the builders or contractors working on nearby sites. Many are unscrupulous; the other builders could use your water and power, thereby saving themselves extra costs. The original price can blow out due to the lay of the land. You may require landfill, or retaining walls. These costs need factoring in. It depends on what you agree to when you sign the papers. The house if finally finished. Now you still need to buy and fit the floor coverings, blinds, and curtains. Did you allow for that?

BUYING AN ESTABLISHED HOME

Another way to purchase your dream home is to buy an established one. Some people prefer this option, because you can see the finished product. In fact, as soon as settlement is complete you can move straight in. The established home is livable; just organize the Removal Company and pack. You will not have to do anything at all, as the blinds, curtains, floor coverings, and landscapes done for you.

I admit you will always find things to alter, no matter which home you buy. You may like to add that water feature to the patio, or put in a swimming pool. You would not have to put newspapers up on the windows to protect your privacy or landscape your garden, a little bit at the time.

The choice is yours, so choose carefully. Your personal and financial situation will dictate to the selection of either buying or building your home. If not financially set up, why not buy a smaller home. This could be one needing a little tender loving care, a coat of paint and you have increased its value. This would also save you having to fork out higher repayments on a mortgage that you cannot afford.

Good luck, with the search for your future home. Have fun house hunting.