Pros and cons of building a house

A general overview of the pros and cons of building a house are provided below

You can choose the design and features of the house, for example room size, light and tap fittings and floor coverings.
Home ownership is a form of forced saving toward an asset that may increase in value.
When you own your own house, you can usually make decisions about the use of the property, for example having pets and making changes to the property.

It takes time to build, so you will need to arrange somewhere to live until building is finished and you may need to go to the block to check on the progress of building.
There may be unexpected costs, for example, site preparation or attending to things overlooked in the building contract.
There may be delays in completing the house, for example, due to the weather.
You may need to spend more money to finish off your house after building, such as buying floor coverings, paint, curtains and plants.
If you are paying off the mortgage on your house, changes in your circumstances, such as a job loss, may affect your ability to keep making your repayments and if so, you may lose your property as a result.
If you are paying off the mortgage on your house, interest rate rises may affect your ability to keep making your repayments and if so, you may lose your property as a result.
As a homeowner, you are required to pay local authority rates and charges for water, sewerage and drainage services each year as well as keep up with your regular bills, for example electricity, phone and gas.
It may be more difficult to move, especially if you need to sell your house before buying or moving elsewhere.