A home is for a lifetime. As such, it takes time to choose whether you want to have a custom home or a production home. Either way, you need to invest some money in the construction. So we’ve narrowed down the pros and cons of building a custom home to help you in making a smart decision hopefully.
The Cons of Building a Custom Home
Knowing these cons in advance will prevent you from ending up with regrets.
Constructing your custom home requires a lot of time
Building the ground ups is one of the common factors affecting the completion timeline. Compared to the standard housing, it takes time to finish the construction project. You will wait longer before you move in. However, it will be worth waiting for when your custom home is done.
Building your custom home may be expensive
Yes, you heard it right. Custom home construction will get expensive in buying desired quality materials, furniture, built-in cabinets, or whatever your taste. You may also want to add some fancy architectural designs. Not to mention, the estimated cost of building a home in Canada is approximately $200 per square foot. Actual design and building cost varies, largely based on specifications, complexity of structures, site location, and scope/area size.
Finding the right place for your custom home may be hard
Choosing the perfect location for constructing your custom home will be challenging, especially when you want to live in an urban area where public establishments are near. Unless you have already owned a property lot, it may sound reasonable.
Despite these disadvantages, there are also good things that will benefit you the most. Now let’s talk about the pros of custom home construction.
Pros of Building a Custom Home
Customization and personalization is in your hands
Building a custom home will give you the freedom to decide whatever you want, from picking the location, choosing the finest quality materials, and elaborating your personal preference of architectural designs in your house’s indoor and outdoor spaces. You are the boss of your choice, while custom home builders will grant what you wish.
Custom homes will give you fewer maintenance costs
Even though custom home construction will require you to spend a huge amount of money, its maintenance will cost you less. Unlike the existing homes, you are unsure about the life expectancy of materials used during the building process. It will lessen the repair cost if any damage occurs. Besides, their quality warranty will get you covered.
You will have only a few competitors in real estate markets
Pre-made homes usually have their price hikes up due to the high level of their competitors. Existing homes remain on the realty market for 30 days based on the National Association of Realtors‘ reports. While building your custom home will lessen your worry of getting increased costs.
Deciding whether to have a custom home vs. a production home can be tricky. Having a custom home entails taking the time and a high construction cost, but you can have full customization for it. It can be cost-effective in the long run, and you can monetize it for real estate selling. In deciding, consider your priorities and values.