Building Your Own Home: A Great or Stupid Idea?

There is so much emphasis on buying a property now as a means to financial and personal independence, that many people feel it would take a lifetime for them to acquire the necessary means. A lot of the millennial generation has resigned themselves to a lifetime of renting, but is there a way to get your own home without a mortgage? There is, but building your own home may sound more expensive than purchasing one- is this the case?

When you are realistically looking at building your own property, the cost needs to be factored in. It can be expensive, but it's dependent on your finances, how much you can save, but also how much you are able to borrow from the banks. The other factor that you have to consider at this early stage is where you want to build. It can be difficult to acquire the relevant permits, but the positive outcome of this is that you are able to define, down to every last detail, what you want out of your future living environment.

Sounds ideal, right? In fact, if you are attempting to go down this route, you may want to consider the stress it could have on you. Acquiring a mortgage is one of the most stressful undertakings people can go through now, and building a house is more hassle piled on. You need to consider your relationship with various contractors, and if you are happy to embark on the long haul. From the workers to the raw materials, the grader hire, as well as other vehicles and resources, can provide a lot of logistical nightmares. Tensions can be fraught if you're undecided on the design of a certain room. The planning of a house, without acquiring the necessary permits, could take up to a year.

While many people would consider a building their own home as a way to sidestep acquiring a mortgage, there are so many other aspects of red tape that we need to go through. The legwork alone is far more considerable than any house that has a mortgage attached to it. Buying a home is a necessity, but building your own home is a labor of love. Are you passionate enough to ensure that your dream project comes to fruition?

One final consideration is that, once everything has been completed, life may throw a curveball, which may force you to sell up. Although it's likely you will have considered every option beforehand, selling your property may net you a sizeable profit, but it could be heartbreaking. The time spent painstakingly designing the interiors and exteriors of the home, going through your own personal hell to build the house of your dreams, only to sell it off, could feel like a punch in the stomach. Building your own home is certainly an option that many people may consider; after all, people painstakingly renovate their homes all the time. So surely, building their own home is the next logical step for many people? It could be.