Self Build or Buy a Property

Agreeing to buy a home usually means agreeing to a long term mortgage, unless you pay full price in cash or trade. The word "mortgage" is of French origin. It means "death gauge", referring to the death of the mortgage, when it is paid in full. Buying a home is a very large investment that involves the assumption of a loan that must be repaid, both the principal amount and the interest charged. The interest alone, when calculated over the years of the mortgage, can be much more than a reasonable person would care to pay. Of course the advantage of buying, either with a mortgage or full purchase price, is that you have no building to do.

Deciding to self build is another option. To begin with, if you self build you can determine what size, materials, designing details and appliances to include in the home. With full control over the project, you can avoid any construction loans by funding the cost to build out of your monthly income. If your monthly income is sufficient to live o­n after setting aside half of it for building materials, you can do much of the labor yourself , hiring helpers to do the tasks that are beyond your skill levels. You can hire out jobs like the roofing, plumbing, and electrical work. Framing, insulation, flooring, dry walling and painting are all tasks that are uncomplicated and not beyond the average person's abilities to do, with the help of family and friends. When you are finished there is no mortgage and the value of the homei in the years to come will be completely yours to realize if you sell it. In exchange for the joy of having no mortgage, you have shouldered much time consuming work and effort in finding materials and doing the work.