Should you build or buy a home?

Is is cheaper to build or buy a house?

There is no definite answer to this question as the decision to build or buy a home is usually guided by factors such as one’s financial status, cash flow and work schedule among others.

Here are the pros and cons of each of the two options to help you make the best choice.

1.) Building

This is the most preferred option as it offers the home owners the chance to custom-make their dream homes as well as the flexibility to decide on the size of the house, the number of rooms, the interiors and exteriors of the house, landscaping and much more.

Building your house gives you the chance to learn many useful things about home construction and it also gives you some sense of ownership that can only come from monitoring the house construction process.

When building your home, you have total control over the features and materials to be used on the project – which is a good thing for home owners seeking to use environmentally friendly materials and energy-efficient features for their homes.

READ: How to build a cheap house in Kenya

The disadvantage of building a home is that it can be stressful and time consuming. This is especially true considering the time taken to shop around for suitable land, discounted building materials, architects, contractors or surveyors.

It can also be disheartening (and expensive) waiting for construction to finish as you have to put up with alternative living arrangement (in most cases rental). Besides, unexpected costs may arise in your project forcing you to pay extra for unplanned expenses.

2.) Buying

A good number of people choose this option as they consider it to be hassle free. This is to a large extent true since, with a good property agent, the process can take just a few days or weeks depending on how quick you want to move.

Buying a house offers you a chance to become a critical shopper – comparing different homes until you find one that meets your desired criteria at the right price. While hunting for a home, you can always drive a tough bargain and get the best rates in the market.

READ: How to find the right contractor for your project

The disadvantage of buying a home is that you do not have the flexibility to choose certain features of the house such as the size of the rooms and exteriors because these are usually pre-planned by the developer.

In addition, you do not have a guarantee of the actual quality of a ready-for-sale house. As a matter of fact some houses have been reported to collapse or develop cracks after a few years due to faulty construction.

Final verdict: Is is cheaper to build or buy a house?
When all is said and done, none of the two options is better (or easier) than the other as both involve some hard work. However, with the right information and careful planning the end result is satisfactory whichever option you choose.

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