One of the most popular home trends in 2021 is building a home from scratch. Instead of opting for the more traditional home buy, consisting of an offer, a mortgage, and a ready-to-move-in home waiting for them, home buyers are looking to take the reins in the process of acquiring property.
Building your dream home from scratch is more achievable than you may think, but it does require a lot of planning, research and forethought. In this post, you’ll learn three things you should know about building, rather than buying, a home for you and your family.
- Building a home can take up to a year – or even longer…
If you are considering building a home from scratch, you need to consider the timeframe in which you will be completing this hefty project. A traditional home sale will take up to a few months to complete, but a home building project can take over a year to complete. From finding the perfect plot of land, to drawing up the architectural plans, to actually completing the build, plenty of time is needed to get it all just right.
Planning a house build can cost you so much time, that for many families, the waiting around simply isn’t worth it. However, if you have time on your hands and want to complete this project over a year or more, building a home is the right option for you.
- You need a trustworthy home building company.
One of the most intrinsically important factors in any house build is the company you commission to complete the work. This factor can make or break a home build, because the right company will make the whole project feel smooth, but the wrong one could cause stress, financial strain, and ultimately, regret.
As a happy medium between buying a ready-made home and building from scratch, many people opt for a house and land package. A house and land package allows you to work with a house and land specialist to pick the land on which you want to build, and to design a home that’s right for you. Essentially, a house and land package puts you in touch with experts that will help you complete the project from start to finish. This allows you to trust the process and reduce stress when you are undergoing the seemingly mammoth task of building a home.
- You won’t be able to get a traditional mortgage.
Regardless of the housing company you use, and the location in which you choose to build your home, it is unlikely that you will be able to acquire a traditional mortgage for a home build. Many people choose to fund the home build completely themselves, which, of course, not everyone is in the position to do. You may be able to acquire a loan or self build mortgage for a home build, depending on the reason for building and the location of the build.
Overall, building a home from scratch is a popular trend that seems to be picking up speed by the day! Use this guide to help you get started on your home building research.