As a new home builder with 56 years experience, we’ve discovered that there are many common questions that come up when people are trying to decide whether they should build or buy … as well as some misconceptions. To help you weigh your options and decide on the best way to create the home of your dreams, we felt it was important to dispel some of these myths.
Myth #1: It’s cheaper to buy an existing home than to build a new one.
Fact: The costs really depend on where you want to live and what kind of house you want to build. In expensive, downtown markets where there is limited land, purchasing an existing home may be more affordable. However, on the outskirts of the city or on a lot in a newly created infill neighbourhood, it can be cheaper to build than to buy.
If you live in a highly sought-after neighbourhood, you may decide to tear down your existing home and rebuild on your lot, in which case you could create a new home for far less than you could buy it.
Something to keep in mind – buying a used home can end up costing you more money in repairs and upgrades than you are saving.
Myth #2: It’s expensive to tear down an existing house for a rebuild.
Fact: It is actually less expensive to completely demolish a home than to remove just a small portion of it. That’s because of the labour costs. A complete demolition can use large machinery to speed up the process, while a smaller demolition may have to be done mainly by hand. Entire homes can be demolished within two days for as little as ($10,000).
With complete teardowns, you will have to pay for all the disposal, however not-for-profit companies like Habitat for Humanity ReStore will give you a tax credit for building materials that they’re able to recycle and sell for reuse.
The advantage of tearing down and rebuilding on an existing lot versus building on empty land is that you probably already have water/sewer service and there is less clearing of trees and grading required.
Myth #3: It’s a big hassle to design and build your own home.
Fact: You could spend thousands of dollars to develop the designs for your new dream home, but why? Build with Viceroy and you will have access to our professional engineering and custom home design team at no extra cost. Viceroy has a beautiful collection of designs that incorporate many sophisticated features and utilize a wide range of architectural styles to choose from. With our expertise, you can create a custom home that will satisfy your family’s unique requirements and meets your every expectation.
Myth #4: It takes too long to build a new home.
Fact: From start to finish, you could be living in your new home in five to seven months. Once excavation begins, our construction period averages about 120 to 180 days.
Myth #5: It’s easier to buy a resale home and renovate.
Fact: Renovations are time-consuming, costly and messy. Often, unexpected surprises will be discovered when you open up an old wall that you didn’t anticipate that can boost the time and costs involved. It’s important to calculate in your purchase price the costs of updating an older home, and the costs of paying someone to do it if you can’t. And you need to ask yourself if you’ll be able to live in the chaos of construction if you’re planning a major renovation.
Myth #6: Pre-engineered homes are only used for cottages.
Fact: Originally designed to meet the challenges of home building in cottage country, pre-engineered housing is now common in all segments of the construction industry. A pre-engineered home features components and material all constructed in a controlled factory environment with precision tools. This offers advantages for homeowners as the material quality is superior and quantities are exact. By using precise shop drawings, there is far less wasted material from the manufacturing and building process, which is good for the environment and good for the homeowner. From the factory, the pre-engineered components are delivered to the home’s site where they are assembled.
Myth #7: I can’t afford to build a custom home.
You can if you build with Viceroy. For what you receive, a Viceroy custom home represents a truly outstanding value in the homebuilding marketplace. We are able to offer specifications of extremely high quality at very competitive pricing because we manufacture all critical components of your home directly in our factories. We achieve significant economies of scale and pass the savings on to our clients.
In summary, here’s something that is no myth … building a custom home with Viceroy is a cost-effective investment that offers an immense amount of pride, pleasure and enjoyment, along with the fulfillment of owning the home of your dreams.
