Build Or Buy? Which Option Is Best For You?

Did you know that the average first-time buyer in the UK now needs a deposit of £33,000 to get onto the property ladder? Buying a house is a dream for many of us, but it has become an increasingly daunting and tricky task over the years. Today, it’s incredibly difficult to take that first step. If you’re desperate to become a homeowner, you may be keeping your eyes peeled for affordable properties in your chosen location, but have you thought about building your own house? Sometimes, building can be a cheaper option, making it much more accessible to first-time buyers.

The advantages of building your own home

When you build your own home, your outgoings will include buying a plot of land and then constructing and decorating the new property. The cost of a building project can vary enormously depending on the price of the land, the size of the house, the location and the finish. It’s possible to spend as much or as little as you like, and this is the beauty of this option. Yes, it is possible to spend millions if you’re creating a home like those you see on TV and in glossy interior magazines, but it’s also viable to save a huge amount by taking this path. According to BBC News, the average cost of a new build is £189,940 compared to the average self-build project, which comes in at £84,000 if you’re willing to do the work yourself and £146,000 if you employ others. Aside from the cost, there are clear advantages when it comes to planning and designing your home. You are responsible for the blueprint, and you have freedom to create a home that suits your personal style.

Potential pitfalls

It may seem relatively easy to build your own home if your experience of this kind of project is limited to TV shows or Pinterest photos. The truth is that it’s not an easy ride. There are bound to be highs and lows, and you may feel like you’re jumping through a never-ending series of hoops just to get going. To build a home, you’ll need to seek advice from planning consultants, and every step of the project has to meet certain criteria. You can’t just choose a spot and start work immediately. If everything runs smoothly, this can be a fantastic way to get onto the property ladder, but it’s best to prepare yourself for a lengthy process, which may be reminiscent of a rollercoaster ride at times.

Is buying a better option for me?

If you want to move quickly and you’re not keen on doing work, buying may be a better option. If you’re moving into a new home, which doesn’t require any renovation work and there are no hiccups along the way, it could take a matter of weeks to go from putting in an offer to getting the keys. Buying may not always represent the most lucrative option, but it is a less risky track to take, especially if you’re buying in a sought-after location.

If you’re thinking about building a new home, make sure you do your research, and you have a budget in mind. Building can be an excellent way to get onto the property ladder, but it’s not always the seamless, joyous experience you see on TV.