In our last two blogs we’ve discussed the issue of whether to build or buy, identifying three distinct characteristics—vision, patience and teamwork—that help to decide the issue, and we’ve addressed the question of whether or not your lifestyle would support the building of a new home. This time we’re earmarking the reasons why you should NOT consider building a custom home:
1) You are under a tight deadline. If for any reason you have a specific target date that you absolutely must be in your home by, then building a new home is probably not the best choice for you. Weather delays, availability of materials, permit issues, and other unexpected problems can add weeks and sometimes months to the construction phase. If your deadline is not flexible, consider looking at existing homes that are move-in ready.
2) Budget inflexibility. Although reputable builders provide accurate budgets, circumstances often arise that require unforeseen adjustments. A good rule of thumb is to be prepared to spend 10 percent or more above your original budget. If your budget is not flexible, you might need to scale back your design or reconsider that building a new home may not be right for you.
3) Struggle with indecision. Throughout the course of building your home, you will be called upon to make many decisions, small and large. The more decisively and confidently you are able to respond to these decisions, the smoother the build will go. If you struggle with making decisions and often regret decisions you’ve made, we suggest making the biggest decision now—not to build a new home.
4) Trouble trusting people or giving up control. Many people will be involved in building your home and there will be many aspects of the process that will be out of your control. You will need to be able to trust your builder and relinquish control to him and the people he works with. If giving up control and/or trusting the people you hire are an issue for you, it might be best to consider other options.
It’s not for everyone. We hope you are now better prepared to answer the important basic question, “Should I build a new home or buy an existing one?” As much as we would love to say, “Everyone should build a new home!” the reality is that building is not right for everyone, and the sooner you understand whether or not it’s right for you, the better prepared you will be for your next step, in whatever direction that points you to.
