Article
It May Be Cheaper to Knock Down and Rebuild Your Own Home Than Buy a New Home
Potential risk when buying a new home
Buying a new home comes with a lot of risks. Are you wondering how? If the new home that you have your eyes on goes to auction and someone else falls in love with the same house, you will have to spend more money to get it back. This can be higher than you expected or even more than you can afford.
After all, competition can make things ugly, especially when it comes to auctioning your dream house. The threat of the other bidder getting the house feels overwhelming. You will have to constantly wonder if the bidder will back off or bid higher.
If you stay at your old house and choose to rebuild it, you can do so without any added pressure. Moreover, you can follow your own pace and will not have to worry about someone else stealing your house from under your nose.
Knowing your new neighbourhood
When you buy a new home, you shift into a new neighbourhood. This means leaving behind all the friends that you have lived with for many years. It also means leaving behind social contracts, end-minute shopping sprees with neighbours, and having to start all over again.
Moreover, you may also have to change your children’s school. Convincing your child to start someplace else just because you want a different house can be unfair, especially because children take loads of time to adjust to new surroundings.
Instead, you can choose to knock down and rebuild your house. This way, your contacts and social life do not change. You get all the benefits of a new house without compromising your and your family’s social life and comforts.
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