The cost of housing is continuing to increase every year with no signs of stopping.

That’s why the idea of building your own home has become an increasingly popular trend for many people today.

Homes in the city are often too expensive forcing many to rent (which is essentially paying someone else’s mortgage). But if you’re willing to live a little further out, you can have your own place built just for you.

Read on to find out the main reasons you should consider this option.

1. It’s Personal

When you buy a home you’re essentially buying someone else’s idea of a good living space.

But what if you don’t like open kitchen plans? What if you’d be happy with a smaller bedroom if it meant a larger living room? Building your own home means you can design the perfect layout to suit your preferences.

You don’t even have to build based off “normal” conventions. Want a small tower with a balcony on the side of the house? You can do it. Want retractable walls to open up and close spaces? That’s an option too.

You can have as much fun and use as much imagination as you like. After all, once you build your dream home, you’ll unlikely move ever again.

2. It May Actually Save Time

If you have a ton of money and don’t need to worry about selling your current home to buy a new one, then you can find and buy a house in just under six weeks.

For the rest of us, the process of finding the right place, making an offer and moving in can take six months or even longer.

Ironically, the average time to build a new home is just seven months which includes the month-long approval process. So rather than spending six months searching for a decent home and applying and hoping, you could just be building the perfect one for you.

3. No Bidding Wars

After months of searching for new homes for sale, countless people have found somewhere they are happy with only to be outbid by someone more wealthy.

The problem is even worse in areas with high demand where sellers can take advantage of their multiple offers.

For example, it’s normal to want to include a home inspection as part of your bid so you can be prepared for any repair costs that may come up and also give you reasons to negotiate the price down.

For this exact reason, sellers can reject any bids requesting an inspection and continue to drive prices up further.

Or, again, you could just build your own home and save yourself all that trouble.

4. Building Your Own Home Can Cost the Same

To be clear, this is in relation to long-term costs, not short term.

The average cost of buying a home in the US is $200,000 while the average cost of building a new home is $290,091.

This higher number is probably due to more wealthier people building homes with expensive materials and extra features. It is entirely possible to build your own home for a much cheaper price under $100,000.

Equally the cost of buying only covers just that. Once you buy the home there will likely be repairs, maintenance, and also tens of thousands in renovations and remodeling over the years.

With a home you build yourself, it will be perfect from day one.

5. Better Energy Efficiency

An older home or even a new one built by a construction company will likely just meet the minimum standards for energy efficiency and environmental standards.

If you build your own home, you can choose to use sustainable materials, including energy efficient appliances, and even add features like solar panels.

These not only come with tax benefits and mortgage deductions, but the saving from solar panels alone can also range from $10,000 to $30,000 dollars over a ten year period.

It’s Worth Considering

The main barrier for people is purchasing the land to build the home one which often means you may have to live a little further out.

However, if you keep your eye on the market, it’s not uncommon for vacant lots in the city and nearby to pop up over the years.

And don’t think you need all the money upfront for building your own home either. If you buy the land first, get a cost estimate, and can pay the 20% deposit, banks will happily provide you with a mortgage just like with buying a house.

Check out our other articles for more tips on making the most of your home.