Should you Buy or Build a house? The Most Important Things You Need to Know

Should you Buy or Build a house? The Most Important Things You Need to Know

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.

Advantages of Building Your Own Home in Kenya

 

  • Ability to customize to your own needs

Building your own home allows you turn your dreams into reality. You are at liberty to customize it to your specifications and preferences.

  • Building your own home allows you to incorporate new technology

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.

  • Building your own home gives you an opportunity to do it in stages

For example, you can decide to purchase land as the first step then later build in phases.

  • This method also gives you a chance to save on the overall cost

The price of purchasing a home is higher because of the mark-up put by the developer as opposed to purchasing land and building.

  • The property will not require a lot of maintenance when you move in

This will save you costs that keep popping up when trying to repair broken fixture and fittings in an existing home.

Disadvantages of Building Your Own Home in Kenya

  • Building a new home takes more time than buying an existing one

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.

  • New technology and upgraded fixtures may also mean higher construction costs for you as you try to meet your specific needs.

 

Buying an Existing Home in Kenya

Advantages of Buying an Existing Home in Kenya

 

  • A big advantage of buying an existing home is the quick turnaround time

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.

  • The possibility of finding a home in your preferred location

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.

 

Disadvantages of Buying a Home in Kenya

  • Pricing

An already built house may be more expensive as the developer has already put a mark-up.

  • Compromising

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.

  • Unforeseen challenges if not thoroughly inspected

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.