When you see people building their own homes, or doing knockdown and rebuilds, you probably assume they have a big budget. However, building your own home isn’t always as expensive as you think, and in some cases, it can work out cheaper. Here are some things to consider when comparing costs.
The cost of properties locally can vary hugely
The price of properties in your area can depend on many factors:
- The neighbourhood and local facilities
- Transport links
- The demand for homes
- The types of houses available locally – i.e. if it’s mostly apartments, then the rare houses on the market will cost more
Therefore, in some cases, the cost of homes can be inflated quite significantly, which can mean that buying land and building your own home becomes the cheaper option.
Your home is in move-in ready condition
When you buy a house, whether it’s a new build or one that is decades old, you will no doubt make changes when you move in. Whether that’s an extension, converting the garage or widening the driveway. These things all cost money, which adds to the overall cost of the property.
If you build your own home, you get all the features you want first time round, so you don’t need to decorate for a while. All you need to do is move in. This can mean you spend less overall.
The home you want might not be for sale
Let’s face it, buying a home involves an element of luck. You need to find the right home in the right location, but it also has to be the exact right time, and it’s tough to get all three things together. If you are lucky enough to find all three things at once, you pay more. However, if you buy land and find top custom home builders Canberra, the design of the house is up to you. It’s easier to find land you love than a house you love, then you are in control of the build, and you aren’t desperately outbidding the competition.
If you’ve always wanted to build your own home, but worried you didn’t have the budget, then it might be time to do some research into your dream. You may be surprised how affordable it can be and how it can be easier than trying to find your dream home. While a house build can take a long time, usually 12 months, it is well worth it in the end.