Should You Build Your Home?

When you browse the market, it’s rare to find a house that includes all your dream features within your budget. For some, the answer lies in building a custom home. While this is a significant undertaking, it offers the possibility of having your housing fantasy come to life. However, before jumping headfirst into this commitment, you should evaluate whether it’s the right choice for you.

Here are five things to consider when deciding whether to build a home.

1. Is It Better to Build or Buy a House?

Building a new home from scratch allows you to customize the design to suit your needs. You’ll be able to determine everything from the number of rooms to how many electrical outlets to have in each room. By building new, you have the chance to install eco-friendly appliances and frame out space for future features or additions. When making custom selections, you’ll end up with the products you love.

In comparison, a preowned house may need upgrades and renovations to suit your lifestyle. Even then, the existing dwelling’s square footage represents a limitation unless you build an addition. Ultimately, it boils down to location, budget and time. Is there an empty lot in your preferred neighborhood or somewhere nearby? If there is, do you have the time and money to build your dream property?

2. Is It Expensive to Build Your Home?

Typically, building a new home is more expensive than buying one prebuilt. The National Association of House Builders reported that the average total cost for constructing a home in 2019 was $296,652, and they predicted that number would rise in future years. While expenses vary based on size and location, the sale price breakdown — including sales commission, construction costs and the finished lot cost — was approximately $485,128.

As a homeowner, these estimates provide a glimpse into the expected costs associated with constructing a new build. However, it’s crucial to note that these will differ if you own the land already. The overall expenses will also change based on the size and complexity of the house design.

3. How Long Does It Take to Build a House?

It takes time to build a home, though modular and kit houses can come together faster than starting from scratch. It’s best to ask for an estimate to determine how quickly the builder expects to complete the project. You can save time by beginning construction when the weather is reliable, such as in the summer or early fall. Wood begins to rot if the moisture content is too high, so keep that in mind when choosing a construction season.

It’s also possible to save time by choosing a premade house plan and adjusting it to suit your needs. Hiring an architect to draw up brand-new plans may take several months, which will affect your overall timeline and budget.

4. How Much Are You Responsible for as the Owner?

As the homeowner, it is your responsibility to make all challenging decisions concerning your build. That means you need to be available to answer any questions that may arise. You’ll also be in charge of signing off on the design plans the architect creates. Your construction manager may act as the point of contact between you and other team members, but you will likely still interact with these people as well.

Besides making decisions and answering questions, you’ll need to reach out to a real estate agent and lender to secure financing and obtain a lot for the building.

5. Can You Build a House?

Most adults — even DIY-savvy people — do not have all the skills required to build a traditional house by themselves. At a minimum, they’ll need to hire specialized workers to pour the foundation and inspect the property. However, people can build nontraditional buildings, like tiny homes on trailers, without a licensed contractor’s assistance.

As with conventional homes, many companies offer premade kits to assemble and build tiny houses. It’s even possible for DIYers and inexperienced builders alike to build small dwellings if they have the time and determination.

Pick up Your Paintbrush

Now that you’ve considered these five essential facets of building a home, do you think it’s time to make the leap? While building a house can be costly, there are numerous ways to keep costs low. With this in mind, if you’re interested in renovations, offer to pitch in and get to work on the projects within your skill level. You’ll probably be surprised by how much money you save and the positive experiences you gain!

Guest Contributor: Rose Morrison