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Should First-Time Homebuyers Build Their New Homes?

Having your first home is one of the most memorable milestones. It symbolizes a fresh start in life, no matter what your goals are. Reaching your dream of owning your forever home is exciting, overwhelming, and fulfilling.

Building a new home is a good option for first-time homebuyers. Some aspiring homeowners love the idea of constructing their dream house from scratch due to its flexibility. However, the time and effort spent from planning to furnishing can be daunting for some.

image - Should First-Time Homebuyers Build Their New Homes
Should First-Time Homebuyers Build Their New Homes

Those with experience in construction and real estate may be more comfortable building from the ground up. On the other hand, first-timers may find it more stressful. Should first-time homebuyers build their new home? Here are the keys to help solve the problem.

Building From Scratch Vs. Buying an Existing Home

Some find buying an existing home more convenient than building a new one, especially for first-time homebuyers. Both choices can be equally pleasing; it’s just a matter of preference and needs. Considering this, since building from scratch may take a while, the other option is more practical for those in a hurry.

On the other hand, building a new home is an excellent choice for first-time homebuyers who want everything customized. Some construction companies also offer a wide range of home designs you can tweak to fit your lifestyle. You may check out some display homes from Homecorp.com and other construction companies in your area.

Advantages and Disadvantages of Building a New Home

Building a new home has a lot of benefits for first-time homebuyers. One of these is unlimited customization. When you’re involved in planning, you can decide how big the house will be. You can also indicate the number and sizes of bedrooms and bathrooms, and create a dedicated space for your hobbies.

Another advantage is flexibility in the design. During planning, you may talk to your architect and interior designer about the small details you’d love to see in your new home. You can choose any home style and theme you’d like to follow.

On the contrary, building a new home also has disadvantages, such as the project timeframe and budget. Building a house from scratch demands a lot of time and patience, from planning to construction. The draft will undergo several analyses and corrections between the client, architect, engineer, and general contractor. Construction can also be delayed due to the weather.

One more cause for concern is the budget. In some cases, buying an existing home is an economical option. Building a new home may require preparation for additional expenses in case there are changes and unexpected errors.

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Things to Consider When Building a New Home

image - Things to Consider When Building a New Home

Choosing to build a home isn’t an easy decision. It requires a meticulous evaluation of your preferences and the time you can spend reaching your house goals. You’ll need to assess many factors, such as the following.

  • Budget

There’s no project without an ample budget. Building a new home can be expensive in some locations. However, some construction companies may offer affordable payment methods so the project can start immediately. The average construction cost ranges from USD$100 to USD$150 or higher.

  • Timeframe

Building a new home may not be for you if you’re in a hurry. Depending on the project scale, planning and construction may take months or even more than a year. It needs commitment and utmost patience.

  • Location

Living in a high-density urban area makes it almost impossible to build a new home. If you’re planning to live in the city, finding a vacant residential lot to build on can be challenging. However, this step is easier for those who already own a piece of land.

  • Total Floor Area

The maximum floor area depends on the available lot space and the number of stories you’d like to build. Some homeowners construct vertically to save land area and lower the home’s environmental impact. Meanwhile, those building their forever home may consider expanding horizontally to make it future-proof and suitable for retirement.

  • Design

Building a new home offers first-time homebuyers the freedom to design their dream house. It may include even the tiniest details one can think of to make it more personalized. You may start finding home design inspirations online and create some sketches.

  • Floor Plan

A fully-customized floor plan is one of the best benefits of building a new home. You can decide where each room should be while ensuring efficient traffic flow around the house. You can also choose a contemporary open floor plan to make your new home look more spacious.

  • Energy-Saving Features

When building a new home, adding energy-saving features is a great choice. These include installing solar panels, energy-efficient appliances, and a rainwater tank. These additional features can make living eco-friendly and more sustainable in the long run.

Is Building a New Home Worth It?

The risks a first-time homebuyer must take are part of the process. Despite that, all the benefits of building a new home are worth your time, effort, patience, and money. When you see that the house you’ve built from the ground up perfectly fits your lifestyle, you’ll know it’s truly worth it.