Tuesday, April 11, 2017
Second Hand Houses & Their Second Hand Mistakes
There’s no doubt that paying for the mistakes of others can be depressing. It’s bad enough to hear statistics about how we all pay more in insurance to cover those who don’t have insurance - but when the situation hits closer to home (literally), it’s even more difficult to take.
When we buy a home, there is always an element of risk involved in the process. You can have surveys done and consult experts as much as you desire, but there is always the chance that something will be missed. Homeowners can come to face a bizarre litany of problems, all of which cost time and money to put right.
If you get burned by this enough, it can begin to feel like it’s just not worth buying houses off other people. You’re too liable for their stupid mistakes, to the point where it’s going to cost you more than you will make back when you come to sell. A home might be the place we live, laugh, and love, but at its heart, it’s a financial commitment. If you keep making a commitment and then realize someone else’s failings have made your life harder - should you keep trying?
Option 1: Move Into New Build Houses
Pros: As the descriptor suggests, they’re a new build - so you not going to have to deal with some DIY-wannabe installing dodgy wiring or breaking the building codes. The house is a fresh start for you to put your stamp on. Houses also have a tendency to rise in value, so whatever you pay is almost certainly going to be less than what you come to sell for.
Cons: Don’t assume that the building will be faultless - professional builders are just as capable of making ridiculous mistakes as DIY enthusiasts. The one benefit you will have if you experience issues is that, if it is the fault of the initial builders, it will probably be in your contract that they have to fix it. It’ll be a lot of fuss, but it shouldn’t cost you much to do.
Option 2: Build Your Own
Pros: If you’re not only tired of the DIY mistakes of others but just entirely fed up of living with a house layout that you wouldn’t choose yourself - why not see if you can do better? Building your own house is the stuff of dreams, so this is a real chance to do things exactly as you want to do them. With the likes of Glenvill Homes and other experts in the field to guide you on your way, you can create your vision from scratch.
Cons: Just because it’s your vision doesn’t mean it will be everyone’s vision, so keep that in mind. When it comes to sell, you might have to make some alterations - but then again, the same is true of any home!
Option 3: Renting
Pros: The building and everything that goes into maintaining it is nothing to do with you - you’re just the tenant. If you’re tired of the problems and money loss that home ownership puts you at risk of, this could be an attractive proposition.
Cons: The money that you spend on rent is essentially lost - you’re not going to get anything at the end of it. In fact, you’re paying off someone else’s mortgage. Whether or not that’s worth it for a more hassle-free life is a decision for you to make.