One of the most important decisions to make when looking for a new property is whether you should buy it, or build it. It can take a lot of time searching through the internet when trying to find your next property; you often have set criteria for what you want, and if you have a family then there are more people you have to consider in the process.

When looking for a new property, there are also many factors that you need to consider, for example- the size, style, location, age, space, schools, neighbours, garden, costs, and more. Trying to decide whether to buy or build can be challenging to say the least. 

Here are some pros and cons for both building and buying, to help you further with your decision.

Costs 

There have been many debates as to which is the cheapest option. However, this is not an easy question to answer, as it entirely depends on the land you intend to build on. In some cases, especially if you are considering renovating or updating a property once you have purchased it, it can work out cheaper to build a property. This is especially the case when you have house and land packages available from specialists such as BellRiver Homes. However, the costs can work out a little bit more if you are looking to build a home from scratch, as you will need to consider expenses such as getting permits, fitting and connecting utilities, and whether any work has to be done to improve the land. When buying a home, there is often little wiggle room for negotiation, depending on your budget. If you build a home and are willing to get involved in the process more, then you could play a role in sourcing better, cheaper materials and contractors to help suit your budget. 

Maintenance

When purchasing a new home you tend to get a survey completed which will provide you with information on the structure and quality of the property. This is essential before purchasing, for your information, but also for your lender to accept you for a mortgage. Unfortunately, with any property you purchase, you will never know the full extent of its problems until you move in and spend time there. Some unforeseen maintenance costs, for example, problems with the roof, the heating systems, or the walls can significantly drive the costs for repairs up. In some properties, you will not only need to pay for functional repairs, but also any renovations that you want to do to update the property, and furnishings. 

Building a home can also carry the risk of unforeseen circumstances for example, sourcing materials and construction workers. 

Unfortunately the decision to buy or build property has to be your own. It will take time to research and weigh out both options, as it will entirely depend on your lifestyle, your location, your housing criteria and much more. If you have a set property in mind and have the budget, then building a home may be the best option so you have more freedom with the design.