Buying Land and Building vs. Purchasing a Complete House
Buying land and building a house or just buying a complete house is a question that one has to ask him/herself when it gets to the point of wanting to own a home.
This is also one of the hardest decisions one has to make in regard to home ownership. You have to make a decision that not only is friendly to your pocket but that which is best suited for you.
While many opt to buy an already built house around the city, a lot more have chosen to instead buy land and build their preferred homes.
Most people, especially those living in the city believe that buying a house is cheaper than buying land and building, but what they don’t tell you is that even if you go and buy that house, the price of land is always factored in.
Designing Your Dream Home
One of the advantages one gets from buying land and building a house is that you get to design that particular house that you want and how it should look like and as they say, it is always in the details.
However, when you opt to buy an already built house, you will have to settle with the design that is available on the market.
When you choose to buy land and build a house, you are involved in the step-by-step process of its construction and in many instances .
Cost Considerations: Buy vs. Build
The cost is relatively cheaper compared to buying an already built house where the owner looks to get back his money plus some profit from his investment. This, however, depends largely on the location of the property.
The re-sale value of a newly built house is also high, and if you are in the business of selling houses, this should definitely be your go-to plan without any hesitation.
Maintenance Advantage of Building
Building your own home reduces the cost that may arise from maintenance because what you have is a brand-new home, unlike buying a house that needs fixing of a few things for it to be fully functional.
This sometimes goes as far as one having to renovate the entire house to make it habitable again.
Time Investment: Construction vs. Ready-Made
The downside to building a house is that it takes time for you to move in because of the construction bit compared to buying an already built house which if in good condition, which is usually the case, you get to move in as quickly as possible.
Rental Business Considerations
If you are in the rentals business, it’s also likely to get interested individuals as soon as you buy, unlike building where you have to wait until it's complete.
So, the decision to buy land and build a house or just buying a house solely lies with an individual and what they want, or can afford.
