Thinking about building your own home, but still trying to understand the pros and cons of doing so? Below, we explain the advantages of building a home from the ground up rather than buying an existing home, as well as the drawbacks you should be aware of. Thankfully, you can minimize most of those potential drawbacks through your choice of builder, construction method, mortgage company and loan.
Pros of Building Your Own Home
Here are some of the advantages of building your own home.
- You get to fully customize your home’s layout and appearance to fit your lifestyle and personal aesthetics. It will very much be your home built entirely around your needs and those of your family.
- Your home can be a perfect fit for the surrounding landscape, and even make use of those surroundings as part of an energy-efficient design.
- When building your own home, you have much more freedom over the location of the home. So long as the land you want is available and you are working within zoning regulations, you can purchase it and start construction.
- The condition of the home depends entirely on the quality of the construction. So long as that quality is there, you should not need to worry about repairing anything for some time.
- Decisions you make about your home’s materials and design can reduce the amount of long-term maintenance you need to deal with. For example, if you construct a steel house, it should require a lot less maintenance than a traditional wood home.
Cons of Building Your Own Home
Now that you know some of the advantages of building your own home, let’s go over some of the potential downsides. As you will see, most of these potential negatives do not need to hold you back.
- It may cost you more to build your own home than it would to buy an existing one. That said, with prefabricated homes taking off, there are a lot of options out there that cost less than you might think.
- There is a longer timeline involved in home construction than there is in purchasing a home that already exists. Coordinating with designers, builders, lenders and the government also makes for a lot of logistical legwork from start to finish. Again, you may want to look into prefab structures if you want to speed things along.
- Home construction loans can be complex—though with the right mortgage company, the process can move smoothly forward.
Build Your Dream Home Now
When you contact MMS Mortgage Services about a new construction loan, we will explain exactly what you need to do to maximize your chances of a swift approval for your mortgage application. We will work with you to help you choose a loan term and structure that will fit your financial needs now and over the years to come. We can even help you apply for a single close loan for construction and permanent financing.
If you are ready to get started with your home construction project, please contact us at (248) 788-0800 to set up your mortgage consultation. We can help you finance the construction of a home in Michigan or 15 others states.