Pros and Cons of Building Your Own Home
Updated: Dec 9, 2022
Many people think of building a home as a once-in-a-lifetime dream, something they’re putting off for retirement. However, in a time of low inventory in markets across the country and chronic housing shortages, building a home may make more sense for more buyers than ever before. If you’ve ever dreamed of starting from scratch, this may be the right time for you to look into the possibility.
Whether it’s a long-held dream or a new idea for you, there’s no denying that there are many positive benefits to building your own home.
Of course, the first thing that probably comes to mind is the ability that a newly constructed home gives you to add those custom touches that truly make it your own. From the perfect type of hardwood flooring to the view from the kitchen window, new construction offers unparalleled flexibility, both aesthetically and practically. - Working with a team like JAD can help you to make the decisions and proper placement of these customizations.
Pick Your Site
Maybe you have a favorite neighborhood but there are never any new listings there. Finding a lot and building a new home may be the most direct route to becoming a member of that community. When you build new, the choice is yours.
Preferred Floor Plan
Do you love an open-concept floor plan with plenty of natural light or prefer a little more separation between living spaces in your home? Do you want to have the master suite right next to the children’s bedrooms, or do you prefer a split floor plan? Do you have mobility issues that make a one-story home ideal for you? Would you like to add a private in-law suite for multi-generational living? Don't get overwhelmed by all the choices, JAD can help you create the perfect floor plan to fit your needs.
If you do it well and choose the right location, you may be able to realize a significant profit on your newly constructed home.You have the opportunity to create a showplace that will only grow in value during the years that you live there. How can you ensure profitability? By hiring a professional design team and builder.
When you buy a resale home you may be buying someone else’s leaky roof or worn out air conditioning system. Even with a home inspection, it’s hard to know what problems you’ll find once you move in. A new construction home offers you the opportunity to start out fresh with a new structure, new systems, and less chance of unpleasant surprises.
Modern Technology and Infrastructure
Similarly, new construction gives you the opportunity to build in the technology and systems you need to run today’s best appliances and features. An up-to-date and upgraded electrical system and better integrated technical specifications mean that your home will be better able to optimize new technology as it’s introduced and installed.
While there are many reasons to get excited about a newly constructed home, there are some responsibilities and pitfalls that may go along with the process.
Managing a Team
In a traditional existing-home sale you are working primarily with your real estate agent, who is working with the seller’s agent. When you’re building a home, you’re working with a team including the designer, builder, contractors, and subcontractors. Although this can be seen as a con you can turn it into a pro by hiring Joshua Allen Design. We are not only your designer but we are also your project manager. We will deal with the builders, contractors, and subcontractors for you!
Permitting and Zoning
Depending on where you choose to build, you may be working extensively with permitting and zoning for your project. This can result in delays and extended timelines, driving up the budget and causing added frustrations and complications.
If you’re indecisive, you may find it difficult to do what it takes to build your own home. Everything from floor finishes to cabinet pulls will have to be considered in the light of aesthetics, function, and budget. We can help make this process less stressful for you! When you work with us you take a quiz to define your style, send us pictures of things you like, and we make suggestions which will help take the frustration out of picking every detail out on your own.
Managing expenses and keeping an eye on the bottom line will be one of the big challenges you’ll face as you plan and build your new home. Having a set budget from the start is very important, realizing it may fluctuate is also important. We recommend taking into account the potential for increase and not setting your budget at the high end of your price range.
You may think this is a once-in-a-lifetime opportunity to make every detail conform to your favorite whims and wishes. However, if you ever plan to sell your home, you’ll want to be careful not to over-customize. While an occasional unique feature may be fun and quirky, too much overly detailed customization might mean that you create a home that only you will love—and that the market will reject. We will ensure the customizations you choose will help your home hold it's value in the long run.
The bottom line is that building a home isn’t going to be for everyone. However, if it’s something that interests you, talk to your trusted real estate agent and ask what to expect in the process. In addition, come talk to us if you are interested or having doubts. We can explain our process and show you what we do and what you can expect, which will make this a stress and hassle free experience for you!