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Should you Build or Buy your Dream House?

By: JTA Credit Union0 comments

A man’s home is his castle, that old adage is one I am sure that most of us may have heard before. Indeed, your house should be your refuge, the place you relax, unwind and just be you. It is important then that the house you own is the house you want because for most persons their first house will be the only one they ever own. In light of that fact it is important that the house you own is comfortable and has all the amenities that will make it feel like a true castle. So, when you think about owning that special place to call your own ask yourself should I build or should I buy, my dream house?

Both choices have their advantages and disadvantages so it’s good to weigh both options. Let’s consider each in turn and asses which, if any, would be better.

Building Your Dream House

If you decide to build your own house, you have the advantage of being able to design the structure to your specifications. Building your house also allows you to control the pace and timing of the construction therefore if you are building out of your own pocket you can go along when funds are available. Additionally, unlike schemes or housing developments that may be future endeavors your home construction can be immediate so you do not have to make a deposit for the house and wait a year or two before you collect the keys. You are also able to control where you build your house as a developer may purchase land in a particular area that may not be where you want to live, but, if you are building your own house, you can buy land where you want to as long as you can afford it.

Having noted all of the above, building your own house is not without draw backs. Building a house is time consuming and you will need to be able to supervise the project at every step of the way. Additionally, before you build or even acquire the land to build on you need to do some homework. Find out about your potential neighbours, as was mentioned before for most persons their first house will be their only house. Therefore, it is imperative to find out as much as possible about you neighbours, ensure that they are the neighbours you want for life. It is also important that you research the area in general, find out if it is a flood prone area, also examine the land itself, is the land you are trying to acquire of an even gradient which will allow you to build evenly, or will you have to construct a spilt level house to accommodate the slope of the land. Building your own house and watching your dream take shape can bring much joy however, it can be time consuming and may bring stress if proper research and planning is not undertaken.

Should you Purchase your House Instead?

In light of the forgoing purchasing a house might seem like a good option. Before you sign that sale agreement though make sure that the property is what you want and need. Do not settle for or accept even minor things you are uncomfortable with. Remember you will have to live with them for years, possibly the rest of your life. As with building you need to do your homework regarding your neighbours, find out who they will be, because you will be living with them for the next several years. Also, bear in mind that when you purchase a house you are buying someone else’s dream and design so make sure it is something you like.  Buying a house though takes away a lot of the hassle that comes with building it yourself, with house purchase you do not have to worry about land gradient, or being present at every step of way.

Having considered both options the big question is which is better? To build your dream house or to buy it.

The answer is, it depends on who you are, what you want and what you are able to manage.  Building your own house gives you the opportunity to design the structure and manage the progress in the way you can handle. On the other hand if you choose to purchase your house most if not all of the challenges that come with the design and construction of the property will not be yours.

Homeownership can seem scary and daunting and there are many areas to cover before you sign that dotted line but doing some homework and having a clear idea of what you want from the beginning may eliminate some of the hassle. Whether you choose to buy or build the JTA Co-op Credit Union has a mortgage loan product that members can make use of as they embark of the journey of owning your castle. I am encouraging all our members to come in talk with us so that we can help you as you embark on this worthwhile endeavor.

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