**If you want the short version, scroll down to my bullet list below**
So my initial thought was building a frame up must me cheaper than buying a complete bike. Right? Well, not really. In most cases, it ends up being more expensive. There are exceptions, such as some people take their time and scour the internet for clearance/sale items and other deals on new and used parts in order to keep the overall cost down. Other people use bike components from bikes they already own. Swapping/transferring parts between bikes can make a lot of sense if you own several mountain bikes. In most cases, your going to build a frame the way you want it built and with the parts you want, not just what comes on a bike you see in the store. This usually ends up being higher priced components.
My next question was what tools/specialty items would I need as I don't fix/assemble bikes regularly. Turns out, most of the bike can be build with common hand tools. There are a few specialty tools that make life a lot easier, but not always necessary. I've found some cases where local bike shops are willing to help you out with certain steps for a small fee as they already have most of the tools. There are several "tools" that you can actually build yourself using parts found at the local hardware store. The internet is your friend here, many DIY pages and videos explaining a lot of useful information.
Is there a lot of research/knowledge involved?? I have found that as long as you have a basic idea of what you want out of the bike and are willing to ask/receive advice from forums, manufacturers, etc. you should be fine. As I found, if you don't know something, look it up! Frames will usually list out all the specs for what you need to build it up. Just be patient if it's your first time and make sure your buying the correct parts.
SHORT VERSION
Advantages:- Exclusivity of bikes that are only offered as frames, not complete bikes
- You build it exactly how you want it / specific combination of components not offered
- It can be pieced together over time as funds allow
- Take advantage of online sale/clearances / Ebay used parts
- Can use parts from existing bikes (provided you have other bikes)
- More expensive (usually) than buying a complete bike
- Requires that you know what parts work together and what you need/want
- Can require certain specialty tools that are not always cheap
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