Building vs Buying: Which is Better?
At some point in your life you’re going to want to have a home of your own, and when this time comes, you’ll have to make a choice between buying a ready-made house or have one built just for you. Since both of these options have their corresponding pros and cons, you’ll need to gain a good understanding of each one to make the right choice.
Construct a house…
By having a home constructed from the ground up, you are given the opportunity to be as specific as you want, which means you’re in control of the home’s design and structure. In addition, since you can see what materials are being used and what building methods are being done, you’re sure that no corners are being cut and that safety is not compromised. Also, you get to choose where you want your home to be built: you can pick the neighborhood you want and also make sure that the property won’t be too far from places that are important to you, like your office or your child’s school.
Then again, people who have their homes built have a tendency to exceed their original budget. There are times when materials are much harder to find so they have to be ordered somewhere else, or you find a certain design that you like better than the first concept, and these changes can drive up your spending. Furthermore, it’s not unusual for a house building to surpass its estimated completion date. Some of the reasons that a construction can take longer are delays in inspections and terrible weather. As a result, you have to move into your brand new home a little later, forcing you to extend your stay in your rental.
…or buy an existing one?
It’s much easier to figure out a budget for your home buying plan if you purchase an existing home because you already know how much the property costs, lessening the chance that you’ll be surprised about your spending later. Moreover, you already know that buying an existing home takes from one to two months from closing to moving in, so it’s easier to plan the things you have to do between those dates. What this equates to is you can find out ahead of time when you can end your lease and move out of the rental you’re staying in.
On the other hand, purchasing a house that’s already built means it won’t be exactly the way you want it. If you want to do a bit of renovating to customize the home a bit, you can, but then you’ll be spending more money after you’ve just spent quite an amount to get the property in the first place. Many homes that have been existing for a few years can have a certain charm to them, but along with age also comes wear and tear, as well as the possibility of experiencing repair and maintenance problems later on. More to the idea of not getting what you want, there’s also a chance that you’ll find a house that’s close to your workplace or your child’s school, but is also near a busy highway or factory.
When you pay for a home, you need to choose carefully whether you want to buy an existing property of if it’s better to have one built because home buying is very expensive. You can also make your decision much easier to handle if you can determine early on elements like your budget for a house and the available time you have for the entire experience.
ABOUT THE AUTHOR:
MyProperty.ph is a leading classified ads portal that aims to help people find available properties, from a house for sale to a condo for rent , in the most specific and user-friendly way possible.