With the cost of housing on the rise and no end in site many people have decided to buy plots of land and build their dream homes. This can be a simple solution instead of fighting their way through the home buyers market. Between the bidding wars, lack of availability, and pricing it seems that home ownership is impossible for some. What option is best for you if you are thinking of home ownership? Should you build or buy your home?
Think about finance options and get quotes and bids from contractors and realtors before you start buying up land and hiring a modern home builder. Depending on where you buy it may be more costly to build your home than it would be to buy it. You need to consider the location wisely if you have kids and need them to catch the school bus, walk to and from friends houses, or simply live a style of life that a rural community may not be able to deliver.
Are you willing to relocate to be able to buy or build the house of your dreams? Moving to smaller towns and away from cities can truly make a difference in price points for both land and prebuilt homes. If you are not willing to live in a small town you are definitely going to need to save more money for your project or purchase.
What do you know about building a home? Is it worth the headache to get into building? Do you prefer to just move in and begin living right away? Think about how long it takes to build your house versus how long it will take to buy one already built, this may make the decision easier for you. Home ownership is going to teach you a lot about the industry so take the time to absorb it all and become a real savvy real estate developer.
Whether you decide on buying or building make sure you do your due diligence and begin learning about the different ways you can get into home ownership. There is a desperate need for housing in many parts of the world so if you start building people will come!