Building a house can be one of the most satisfying–or aggravating–activities that home buyers can undertake. The difference between building a dream house and a “nightmare on Elm Street” has a great deal to do with being certain that building a house is the right option for you and then following through with many of the details related to building a house.
Advantages
More customized to your wants and needs.
All components of the house are new.
Most components are of the latest design.
New houses are generally built in areas of expansion rather than of decline. This will help your future resale value.
May be more personally satisfying if you take an active role in the house building process.
Disadvantages
Generally more expensive than a resale house.
The delay during time of construction.
Potential “new house” problems–like anything brand new, it is rarely perfect.
The added costs–landscaping, window treatments, decorating, etc.–that you incur after moving in.
More complicated–finding a lot, finding a builder, getting a construction loan, etc.
If you decide that building a house (or buying a new one) is your best option, you will be confronted with a number of choices–there is no “one plan fits all” when it comes to new houses!
New house building choices:
Buying a new home that is already standing or currently under construction (a “spec”–built on speculation–house).
Building a house in a subdivision of new homes where a builder can give you a choice of plans.
Building a house from an established plan on a lot of your choice.
Building a custom built home.
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