Build House – Do not Do It! Okay, maybe not do it, however!

Getting started is the hard part. It might be said that, in life, there is no time to do anything. There is urgency that makes something so you can wait for it to go home

I want to take a different track in this article. In my years of working with people who build or remodel their own homes I spoke with hundreds and hundreds of people and assisted them in making the decision to build … or NOT.

To Build or Not to Build – The Question of the Day

The fact is, I advised more people *not* to build than I did to build. This was for many reasons. Some people were not qualified to manage a project such as this. Others could not make decisions easily enough and it was obvious that they just didn’t know what they wanted. There were also those for whom the timing just wasn’t right. I never advised anyone to build until these and other considerations lined up in such a way that the majority of the stop lights turned green.

In the current market conditions, there are more reasons why building a home might not be for you at this time. To find out, I ask you to consider your objectives.

WHAT IS IT YOU REALLY WANT?

Take stock of your priorities. Home building might be a longer-term objective and not an immediate goal. Here are some things to think about.

  • How soon do you want to be in a home?
  • Are you looking mainly to create equity?
  • Is this a long-held dream for a land parcel you now own?
  • Are you extremely particular about where you live and how the home looks and feels?

You can learn more at sites like Dream Home Creation, but depending upon your answers to these and similar questions, building may be something that can wait. On the other hand, if you own a piece of land and you’re eager to build on it, it’s probably a good time. When you answer these questions, if you find you are just looking for the best deal you can get, building may not be a good option. And if you’re in need of a place soon, building is not for you.

This Just Isn’t the Best Time to Build, if …

There’s one big reason why this may not be the time to build if you’re looking for a the best deal on a home. Home prices are down almost everywhere. Deals can be had. One caution: While a rebound in prices will eventually happen, don’t expect it right away.

Foreclosures, motivated sellers, and bank repossessions have flooded many markets with houses that can be purchased for well under their values of two to three years ago. So, if you primarily want a low price and you’re not particular about what you want, I would advise you to pursue these options rather than building a home at this time.

CONSIDER HOME IMPROVEMENT

If you find a really good deal to buy a home, you might think that remodeling would be a good choice. Try to look at the options you have at home with attention to changes you can make to improve your value and comfort.

Also, you may want to have a builder or home building coach looking at the house you are considering buying before you close the deal. This is not to replace the house inspection, only if you are planning a major home improvement. Builders or trainers will be able to assess the feasibility of home improvement ideas you have. Happy hunting!