Total control: If you have a dream floor plan in mind in a particular location, then building a home will give you the control you’re seeking.
Customizations: You can make the decisions when building the home, so it will reflect your tastes accordingly.
No competing buyers: Once you buy the land, you won’t have to deal with any competition for your dream home.
Less ongoing maintenance: A newer home can mean fewer maintenance costs on the horizon.
No toxic materials: You won’t have to worry about materials such as asbestos or lead paint in a brand-new home.
More energy-efficient: Newer homes are built with energy-efficiency in mind. If you are concerned about your environmental impacts, you can make choices throughout the build to prioritize green architecture and sustainability in your home and future.
Cons Of Building
Here are the cons of building a home:
Riskier loan: Because of the lack of collateral, land loans may be harder to obtain, and they often come with a higher down payment and a higher interest rate to offset the risk to the lender.
Preparing the land: Not only will you need to find land to build on, but it will also need to be cleared and prepared for building. It may also need extra work to have utilities and a road built to it.
Unexpected costs: Although you may receive an estimate of the costs upfront, it is not usual for unexpected costs to crop up throughout the project.
More effort: Building a home requires a more hands-on approach. You’ll have to work with a variety of people to create the home of your dreams and make countless decisions along the way.
Stress: Depending on the situation, building a home can be more stressful.
No landscaping: You’ll need to add a new landscape which can be a hefty cost.
More time: Building a home will not happen quickly. It will be a much longer process than simply buying a home and moving in.
Costs Of Building
The bulk of the cost to build a home are likely tied to the following:
Building materials: The basic materials you need to build a home will add up quickly.
Multiple loans: You may need to take out two separate loans to fund the construction of your new home: a construction loan and a land loan.
New major appliances: You won’t have older appliances to live with for now. Instead, you’ll have to purchase new appliances when you move in.
Permitting and utilities: It can be expensive to add connections for basic utilities. Plus, the permitting process for new builds can be expensive.
Excavation: The land you buy may have quality issues such as drainage and foundation issues that can be costly to resolve before building.
Building an affordable home may be the only way to realize your dreams for custom features and unique satisfaction. While you should expect a more expensive process that will require more energy and effort on your part, you can typically expect a higher return on your investment when you sell.
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Contact A Beautiful Co for your next custom build! We want to help you make the perfect living space for you. Reach out today.
A Beautiful Company started out as a painting and remodeling contractor specializing in old world craftsmanship. It has evolved into a major general contracting business over the past 27 years. Now a Beautiful Company is a multi-million dollar, women owned, commercial and residential construction company with clients in three states; Connecticut, New York and Rhode Island.