Should You Buy Or Build Your Dream Home?

When setting out on a mission to achieve your dream home, there are two main options: buy an existing home or build your own home.

This post weighs up the two options to help you decide whether it’s better to opt for self-build or look for a home that’s already out there. 

Is history important – or would you prefer something brand new?

Some people love the character that comes with an older home. Self-builds are typically new builds and may not be a good option for those looking for a building with history.

That said, it may still be possible to convert an old building such as a barn or mill into a home, allowing you to preserve some history and integrate a few custom features.

Others may prefer a modern home with no history. A brand new home has no wear and tear and can be designed with all the latest mod cons if you opt for a self-build. 

Are you prepared for the time and hassle of a self-build?

Building a house may be too much effort for some people. While you shouldn’t rush looking for your perfect home, buying an existing home could be a quicker process, as you don’t have to wait months (or even years) for your home to be built before moving in. 

Of course, if you’re hiring a reliable construction company to take over the entire project, it  could take away a lot of stress and increase the chance of you moving in more quickly.

It’s worth looking into the stages of building a house to see what is entailed. This can give you an idea of whether you’re up for the challenge.

Could it cost you less to build your own home?

Cost is a big factor to consider when finding your dream home. If you’ve got a big budget, you may find that you’re able to afford an existing home with some of your dream features.

For those on a tighter budget, a self-build may be a more feasible option. Certain dream features may be cheaper to incorporate into a self-build than if you were to buy an existing home with these features.

Self-builds can also be designed to save you money in the long run by ensuring that they are built to last and that they are energy-efficient.

Could you remodel an existing home to add your dream features?

It may be possible to buy an existing home and then add your dream features at a later date via renovations.

For example, if you want your dream home to have a conservatory and outdoor swimming pool, these are things you may be able to add to an existing home – providing that you have the money, available land and planning permission to do so.

Unlike with a self-build, it means that you won’t have these dream features the moment you move in.

You may be able to quickly add these features, however you may find that you don’t have the money to immediately start renovating, which could mean living there for several months or years before you can turn it into your dream home.

Decide whether this is something you’re willing to do.

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