Buying vs Building Your First Home

by | Oct 4, 2021 | Design

The average house price peaked at £235,000 in August, as the summer market continued to move at its fastest pace in five years.

This represented overall price growth of 6.1% year-on-year, highlighting the challenges facing aspiring home buyers on these shores (particularly first-time buyers).

Because of this, some potential buyers are considering building their dream home as a viable alternative. But what are the key factors to keep in mind when choosing between buying and building their first home?

Schedules and Cost

When you buy your first home, the so-called “chain” is relatively short. The “chain” refers to a series of linked house purchases that are mutually dependent for a successful outcome, but first-time buyers don’t have to wait to sell their property in order to complete a purchase.

This minimises an already tight schedule for home buyers, creating a viable option for those who want to complete a quick and speedy transaction.

While it’s definitely quicker to purchase an existing home, it’s also cheaper to buy a standing property in most instances.

This is according to data compiled by the National Association of Home Builders, which highlights the combined cost of procuring land for your new-build and the subsequent material and labour costs.

Location and Marked Trends

As we can see, the property market has experienced sustained and significant price growth over the course of the last few years, and it’s fair to say that this may be encouraging a growing number of potential buyers to build their first home.

Similarly, the rise of self-build service providers like Graven Hill has helped to reduce the cost of constructing foundations from scratch, while creating viable infrastructure for self-builds and connecting customers with the best locations in the UK.

Of course, location is another key consideration, as you may not be able to find a viable property in the area in which you’d like to live.

However, if this region has affordable and accessible land, then self-build option may be something to consider.

The Concept of the Perfect Home

If you’ve ever shopped around for a property, you’ll know that it can be extremely difficult to find a home that matches your core vision and expectations.

This can create a search that’s both frustrating and time-consuming, while creating a scenario where you need to compromise on your expectations without being able to reduce your overall spend.

Of course, building your own home enables you to negate such challenges, as you can recreate your artistic vision while investing in land in a desirable location.

Although you may still face financial and budgetary restrictions, there’s no doubt that you’ll have far greater scope and satisfaction when building your dream home from scratch.

Read through our useful guide for more information

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