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Dennis Isong: Would you Rather Buy a House or Build One?

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If you have decided to own a home, you should know whether to build from scratch or go for an already-made house. Whatever decision you make, you will need to consider many factors so that you don’t spend more than is required in your hunt for a better home. 

In getting a new home, one of the things you should consider is the cost. Many already-built homes may come at a relatively low price, but you may need to spend so much on repairs – which could cost more compared to when you build your own home. Building your home from scratch may also be more expensive and stressful.

So what to do? Let’s explore our options:

Why building a house may be better

The benefit of building your house is that you can easily customize the home to how you want it to look. You can select the flooring and ceiling you want and choose the kind of paintings that befit you. Here are some other benefits of building a house that you need to consider before you go ahead and buy an already-made home:

  • You can build your home to meet the latest design used all over the world.
  • You will not need to worry about any sudden repair since you built everything from scratch with new materials.
  • You will not need to worry about competing with other homebuyers who may be interested in the same house you want to buy.

The downside to building a house

Building a house can be particularly tasking. Many people opt for an already-made home because of the time and energy they may expend on building one. But it has its cons too:

  • You may find out that the cost of materials is high compared to buying a home.
  • When you consider the time to purchase a house – which is about 45 days, you may want to avoid building one, especially if you are looking to settle down quickly.
  • Building from scratch involves having an excellent negotiating power with your building contractors, if not, you may spend more than you can afford.
  • You may have difficulty in choosing the type of materials or design you want, you will also need to make other decisions such as choice of flooring, ceiling, painting, and so on.

What if you decide to buy a home?

Buying a home may be emotionally satisfying because you will no longer pass through the stress of making tough decisions needed when building a home. Below are some reasons why you may opt for that already-made home.

  • You can negotiate quickly since the homeowner may be looking to sell it as soon as possible.
  • You can quickly move in without the stress of worrying about unfinished constructions.
  • It is easy for you to adjust the home to your specific need when you eventually move in.
  • Your new home will probably have a landscape of its own already, so you’ll have very minimal adjustments to do.

The downside of buying a home

It is not convenient to build a home, but neither is buying a home the perfect fit. You will not always get the exact look you want in a house when you buy it. Hence, you will need to adjust to the reality that this home wasn’t initially yours. Some other reasons you may want to rethink your decision before you buy that home are:

  • You may need to spend more on maintaining many appliances, this could use up much of your income if the house is old because you may need to replace or repair as many as you can.
  • There may be competition in the market, family feud, or problems getting all necessary documents.

Buying or building: The cost-effect

Whether you are deciding to buy or build a home entirely depends on you and the type of neighborhood you find yourself in. Be aware that buying a house in some areas may be equivalent to making one since all these depend on the predominant real estate market within that location.

If you are in an average location, you may opt to buy a house because the cost will always be cheaper. If you are looking into having various personal customizations for your home, get ready to build one. It is also important to set aside some money to avoid being stranded in case of any eventualities.

Determining whether to buy a house or build one is a difficult decision, and many factors come in place before you eventually act on your decision. But as far as price is concerned, buying an already-existing house is, in many cases, cheaper than building and saves you the stress associated with building your home. You, however, need to be careful so you don’t buy an expensive house worth less than its actual value.

So guys, would you rather buy a house or build one?

 

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Photo by Any Lane from Pexels

Dennis Isong helps individuals invest right in real estate. For questions on this article or enquiries about real estate, email [email protected] or WhatsApp/Call +2348164741041

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