Aspiring homeowners want their own homes for various reasons, including stability, financial independence, and security. However, one question always arises: whether they should buy their house or build it themselves. Before deciding on which option to choose, it is crucial to understand both choices and settle for the best suited for your needs.
Here are some of the pros and cons of both options:
Buying a house:
Pros;
- Established neighbourhoods
Buying a home means getting to live in an already existing community with amenities, established businesses, schools and mature landscaping.
- Cost
When buying a home, the cost implications are not only on the final price but also on mortgage financing, service charge, stamp duty, legal fees, insurance and furnishing if need be. However, these are upfront fees and one can budget accordingly.
- Lower Energy costs
Older homes are more energy efficient than newly built homes. Trees are an example of this by providing shade during hot days.
- Less time consuming
Buying a home only requires you to move in. Therefore, you use less time and energy compared to building a home since it requires time in construction and coordinating with contractors.
Cons;
- Maintenance costs
Buying homes come with more maintenance and repairs which becomes costly.
- Few Customization options
Buying a home might require you to settle for a house that nearly suits all your needs since you cannot customize the house to your specific preferences and taste.
- Hidden defects
There are instances whereby some defects can’t be noticed during the buying process. However, they become visible once settled in which brings a cost implication.
Building a home:
Pros:
- Customisation
Building your home means you get all you want in terms of preference in accordance with your needs making you a happy homeowner. This is where dreams actually turn into reality with your personal touch felt in its walls.
- Lower Maintenance costs
A newly built home requires less maintenance compared to an older one since everything is new, unlike the latter which requires fixing and repairs that can pop up out of the blue.
- Energy efficient
Use of new construction materials results in lower utility costs.
Cons;
- Time-consuming
Building a home requires a lot of energy and time. First comes looking for the perfect land befitting your homeownership dreams, then the search, acquisition and verification of land titles before entering into a Purchase Agreement. When the construction process begins there are also time-consuming activities from frequent inspections, construction issues, and delays due to bad weather or striking workers. The homeowner is required to fully commit to the process. However, to reduce time consumption, you may opt to hire a project manager but it is advisable to visit the construction site from time to time.
- Cost
When considering building a home, other than the price of land, one has to consider the cost of construction, fees like project consultancy, architects, surveyors, engineers, contractors and county permits, approvals and licenses if you plan on getting a good finished product. Financial constraints may arise if you are required to make some limitations to your project since the style you adopt is in accordance with the capital you have.
- Uncertainty
When building a home, there are fears of how the finished product will look which can be stressful for the future homeowner. However, hiring experienced contractors and architects can put your mind at ease.
Whichever side you lean on, understanding your finances, planning and doing due diligence will lead you to the best result suited to your needs. At Daykio, we assist you in beginning your homeownership journey by providing properties in strategic locations, equipped with amenities, ready titles and a flexible payment plan. We also have architectural designs available in partnership with architects to make your journey as smooth as possible. View our property listings here and begin bringing your dreams to fruition at Daykio: https://daykio.com/daykio-plantations/property-listings/
