Is it better to buy than to build a house?

We are often caught in a dilemma when it comes to building our own house to our taste or opting for the easier alternative of simply purchasing already-built residences.

 These two choices have their distinctive advantages and demerits and none may best the other as, under certain circumstances, each may be more favorable than the other.

At any rate, depending on your economic situation and how pressing your desire for shelter is – coupled with the ease and convenience of securing a home, building one to your taste (perhaps as a status symbol), or simply purchasing one (that comes in handy) might well be the perfect option.

In this article, we’d explore the pros and cons of buying a house and building a house after which you’d be equipped with insights that would enable you to make the best decision for housing needs.


Advantages of  building a house



1. New property

Building your house comes with everything sparkly and in top shape. There’s the good feeling of making use of things for the first time as opposed to utilizing things as a second user. 


2. Implement your designs


When you superintend the construction of your house from the ground up, you won’t have to worry about remodeling it. You may alter the property’s features to fit your preferences and way of life. Anything may be customized to your preferences, including the size of the porch, the garage, and everything else.


4. No need for repairs

A new house has everything in optimal condition. Therefore, there’s no imperative to remodel, repair, or refurbish parts of the house that may require significant expenses. 

5. It may be cheaper

Developers may offer off-plan investment schemes to be able to finance housing projects. Buyers of properties may leverage such opportunities as off-plan investments allow buyers to purchase lands and properties – before they are built – at lower prices. 

This is in contrast to purchasing already built properties whose developers have to recoup their investments and as such, the prices of properties are impacted.

 

Disadvantages  of building a house


The following details the demerits of building your own house:

1. Time Consumption

The kind of structure and the time of year affects how long it takes to build your house. As the rainy season sets in, it may impact the projected delivery period. 

These days, houses tend to be bigger and more complicated. The so-called “Omoniles” who go about frustrating and extorting building contractors also contribute to delays in construction.


2. Risks in Development

There are some dangers associated with the development of new projects. If you can’t check the building or hire an expert to do it, poor craftsmanship can destroy the building’s structure and may lead to its collapse. Some contractors utilize subpar materials, which over time will seriously harm the house and imperil the lives of its occupants. 

3. You can’t move in immediately


If you desire to build your own house, you’d need to exercise patience as it will take a while prior to moving in, which is in direct contrast to purchasing a home and moving in as soon as the transaction is complete.

Until the construction of your house is completed, you might have to live somewhere else for the interim, which could result in paying rent.

4. Problem of landgrabbers (Omonile)


Landgrabbing (Omonile) poses a huge strain on building projects in some western states in Nigeria and it bites hardest in Lagos State. If you plan on building your own house rather than buying a home, you should be prepared to deal with the menace of land grabbers and street thugs who are always on the prowl seeking new construction projects to frustrate. They won’t only make the process take longer time than necessary; they’ll also elicit budget overruns and extra expenditure.

Recommend Reading : List of cheapest places to live in Lagos

 

5. Building projects are stressful


Building projects can be daunting, and the strain and tension involved can be very nerve-racking. 

If you don’t think you can handle the demands of a building project, you might choose to simply buy a house that has already been built. 

You avoid the stress of constantly monitoring construction and maybe getting hypertensive as a result.

6. Changing Costs

The costs of construction would inevitably be impacted by the unstable prices of building materials especially those that are imported. There are usually budget overruns as a result of these changing and increasing prices of construction materials.

 

advantages  of buying a house

 

Already built houses afford avenues for buyers to determine the quality of a building, the structural integrity, and ascertain if such buildings can stand the test of time. 

The possible flaws in an existing property are evident or reveal themselves during the pre-purchase building inspection to forewarn you of what to expect when you move in.

Purchasing an already-built property typically entails moving into an already built-up community.

1. Proximity to metropolis


Purchasing an already built house may entail that you relocate to the metropolitan area of a city. It may come with its advantages as you’d be closer to your workplace or business. This implies shorter commute times and costs savings. Living in a metropolis also allows you access to ready supplies of food and basic amenities and public infrastructure for stress-free living.

2. Move in quickly


Purchasing a pre-built home can be your best option if you want to move into your home as soon as feasible. Instead of starting construction from scratch, moving into already built properties and settling down is significantly quicker. As soon as you sign the contract and are through with the necessary paperwork, you may move into your ideal home.

Haggle over prices


Contrary to developing a house where you can’t truly estimate how much you’ll spend on construction due to the unstable costs of building materials, buying a property allows for bargaining with the owner where you may settle for lower prices.

Disadvantages  of buying a house



It may not be your typical style



An already built house may not be exactly as you’d like and may have features that may be rather gnarly to you. Hence, you may have to make expenses on modifications and refurbishments, and these may take a little while to effect.


Conclusion: There you have it, we have given different  reasons of building a home. In Zylus Homes we have different properties tailored to meet your budget and lifestyle 

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