There are various paths where one can use to own their own home. Should you buy an existing home or build a new one?
Both options have advantages and disadvantages, therefore, before making that important decision, ensure that you do proper research and see what works for you and your family.
Building your own home allows you turn your dreams into reality. You are at liberty to customize it to your specifications and preferences.
These includes CCTV, alarm systems, UPVC windows, solar lighting etc. The use of new construction materials also makes the home more energy efficient which translates to lower utility bills.
For example, you can decide to purchase land as the first step then later build in phases.
The price of purchasing a home is higher because of the mark-up put by the developer as opposed to purchasing land and building.
This will save you costs that keep popping up when trying to repair broken fixture and fittings in an existing home.
If you decide to build a new home, you will have to fully commit to the process. However, you can decide to hire a project manager but it is advisable to frequently visit the construction site.
The overall time taken from the beginning of the searching process to the acquisition is significantly lower in comparison to a time taken when constructing a home from scratch.
Construction, on the other hand, means that you have to first get available land in the location and make a purchase. If not available, then that means you may have to settle for an alternative location.
An already built house may be more expensive as the developer has already put a mark-up.
You can get a perfect house but in the wrong neighbourhood or vice versa. Or get a house with the perfect kitchen but a small bathroom.
A home could have been built on government land or encroached on a public road. This would eventually cost you in terms of reconstruction or altogether losing property that you had already invested in.