First-time home buyers often shy away from building a new custom home. Won’t it cost too much? Wouldn’t it take too long? Won’t I be limited with financing options? Most of those questions are myths that keep you from making the right decision.

Purchasing a new construction or building your own custom home on an empty lot is a vastly different experience from buying a pre-owned property. Vancouver home builders can smoothen the process and help you make the most out of it. That’s why it’s important to make yourself aware of the misconceptions that keep you from making a great investment.

Myths about building a custom home and why you should avoid them:

1. Financing a custom home is very difficult

This is the most common myth that prevents buyers from making new purchases. However, the opposite is true. Pre-owned homes are old and come with a lot of risks. The previous owner may have had gaps in maintenance and left the house in poor condition. That’s why financers are hesitant to give out mortgages on those properties.

On the other hand, a new home is a safer bet. Moreover, Vancouver’s custom home-building companies have working partnerships and relationships with lenders. Some lenders even have subsidiary construction companies that build custom homes and ensure seamless financing for their clients. That’s why these companies are also able to negotiate better interest rates for their clients.

2. Long delays are unavoidable

New construction homes or custom homes would inevitably take longer time to move in. While pre-owned homes are being transferred from the previous owner, new homes would need to be constructed from scratch. The average construction time of a new home is around 6 months.

However, that doesn’t mean you need to wait too long. Reputable custom home builders in Vancouver always stick to their commitments while promising you a deadline. They provide you with a detailed plan and also provide you with timely updates on the construction progress to keep you in the loop. They also account for potential delays in the construction and quote you a deadline accordingly. Unless there’s a major disruption, builders will help you move into your new home as swiftly as possible.

3. Custom homes are very expensive

This one is a bit tricky since it has some truth to it. On average, a newly constructed custom home would always be a bit pricier than a pre-owned home. However, that doesn’t paint the entire picture. A buyer needs to analyze other factors to figure out the total cost of ownership. For instance, an old home may require some repairs, new appliances, driveway replacement, and fence work.

All of that costs money and needs to be added to the total cost of ownership. When you hire construction companies in Vancouver for a new home, you get brand-new appliances, furniture, a new roof, and an entire home in pristine condition. There are no hidden charges. While it comes with a more expensive sticker, you’re more likely to save money with a new custom home. Apart from that, there’s the added convenience of customizing the floor plan and every other tiny detail according to your convenience.

4. Builders Are a Headache

As long as you’re working with one of the best builders in Vancouver, they will provide you with a seamless experience. Right from the planning stage, they would take your opinions and input on the design and provide you with revised plans till you are completely satisfied.

After they build you a new home, they meet you with their team to introduce you to your new home while going through the quality assurance process. They are also confident enough to cover their brand-new construction with a warranty.

5. New construction homes lose value faster

Diamonds and cars lose half of their value the moment you walk out of the jewelry shop or showroom. They are depreciating assets. However, homes are very different. They are assets that appreciate over time and can even provide you with a new revenue source.

Don’t let myths hold you from buying an amazing property. Buying a custom home isn’t any different from buying a pre-owned home, except it’s just better. You get a brand-new home made from the highest quality materials and the latest technology. Don’t let misconceptions hold you back from sound financial decisions.