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Should You Buy or Build Your Family Home?
To buy or to build, that is the question. When it comes to the best decision for your family, there are a number of options to consider. Will the home fit everybody comfortably? Is it close to schools and shops? Does it have enough outdoor space for your kids to run around? These are all important questions to consider when it comes to the family home, which is why the discussion of buying or building is constantly being raised. To help you decide which is best for you, read these four tips on what to consider when making your decision.
There has always been discussion around whether or not buying a home is a more financially viable solution than building a house from the ground up. The biggest item for consideration before you even get started is what you and your family can afford. Your best option is to find out what home loans and interest rates are like and to determine what financial institutions such as Heritage Bank can offer you. To help you better understand what’s involved in a potential home loan, check out the calculator estimator at the bottom of this article. From here, you can break down components of home purchases and compare them to the costs of building materials and hiring contractors to get an estimate of what is most affordable for you.
Building a house can be quite a time consuming process, especially if you are after something that is available immediately. If you have a large family, relocating to a smaller location during a build (such as a family member or friend’s house) might not be an option for you. Or, if you’re looking at renting while you wait, this ‘dead money’ could be quite an expense if you need a large temporary home to accommodate your family’s needs.
3. What you Want
As you well know, every family is different, so finding the perfect home to suit your family dynamics can be a task in itself. Building your home rather than buying can go a long way towards rectifying this situation as you can tailor-make your house to suit precisely what you and your family need. Also, building a home means you can tailor it to meet market demands. Try to steer clear of too many ‘on-trend’ decisions though, as this will date the house fairly quickly over time.
Consider Problem Areas
The great thing about building a house is that you will literally know everything about it all the way down to its foundations – you are not inheriting any problem areas, which you always risk doing when buying a house that isn’t brand new. You will also make decisions about heating, plumbing and electricity that can be costly fixes if not completed correctly.
When trying to decipher whether building or buying is the best option, the answer is that it all depends on exactly what you and your family both want and need. Working through a simple checklist will help you to determine what that is so you can start the ball rolling.
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