Recent studies have shown that house prices in Ontario are expected to increase over the next few years. For example, the average price for detached homes sold in Toronto this last July topped at $1.35 million, and this number is likely to double in the near future. Furthermore, another report explains that house prices in the GTA are unlikely to drop anytime soon; rather, they seem to be on the rise.
In this economic climate, it can be difficult to find a house that perfectly suits your needs in terms of location, size, accessibility, etc. It’s even more so if you are restricted by a budget. As a result, many people have been resorting to building their dream house rather than buy it.
Why Build Your Own House?
Even though the idea of building one’s own house doesn’t normally cross a buyer’s mind, there are many perks to building custom homes that might make homebuyers reevaluate their options. Consider the following advantages to custom houses:
- Price: The price for a custom home in Canada sits at an average of $200 per square foot, which means, including labour, maintenance, materials, machines, and equipment, a 2,000 square-foot home would roughly cost a total of $400,000. On the other hand, while you might be able to find a house of the same caliber for less, you usually get more out of a custom home than you would out of an existing one, simply for the fact that you don’t need to compensate for the lack of certain features in a house for better pricing.
- Customization: When scouting potential houses to buy, one tends to settle for convenience. The house you end up buying is the best among the bunch, but it’s not the perfect home you dream of. Instead of nitpicking at things you dislike about existing houses, building a custom home guarantees ideal results because, technically, you can design your own house to fully accommodate your needs and lifestyle.
- Long-term investment: With custom houses, you are in charge of every detail to the tee, which is why you’ll make sure to choose the best custom home builders and the highest-quality materials, countertops, flooring, paint, etc. that you would otherwise need to change when moving into a home that has been around for 30, 40, or 50 years. When you build your own, however, you’ll know it will last well over 100 years and you won’t have to move out in a few.
Do Not Settle; Build a House Instead
Despite the hassle that comes with custom houses, the benefits of building your own house make it a worthwhile investment. Make a list of must-haves in your ideal home, set a budget, and turn your vision into a reality.