Everyone desires to own a living space that suits their preferences. However, some people are more interested in constructing a house of their own while others like to buy prebuilt units. Location of the desired property is the most important factor that people consider while planning to own a house.
You may be looking for a residence close to your workplace. Once this matter is sorted, the next phase is to decide if you want to buy or build a house. Things like area, design, number of storeys and rooms, etc, usually come in later.
Either to Buy or Build a House – Important Factors to Keep in Mind
No matter what the cause behind your move is, you will always be in search of a house that suits your budget and needs. But, then again, the decision to either buy or construct is crucial. So, let’s learn more about the pros and cons of building a house or buying a property.
Financing Your New Home
Buying a home is a huge property investment. Fortunately, banks are offering several home financing schemes these days that allow people to purchase properties via loan. If you’re buying an already constructed house, then you may require a single loan.
However, if you’re planning to build a house, you may have to request for two loans: the first to buy the plot and the second for construction work. Requesting for two loans instead of one may take longer and require more resources.
A lot of people usually go for building a house because it costs less than constructing it. It’s been observed the total cost of construction could be 20-25% less than the price of a unit of a similar size.
However, some people might have to find accommodation elsewhere, possibly rent a unit, while their future house will be built. So, keep these additional costs in mind while making your decision as they are the pros and cons of building a house. It is also important to note that setting up a house in an upscale area from scratch could be as expensive as buying a home in an affordable locality.
Convenience or Customization, What will You Prefer?
Among the decision of either to buy or build a house, a lot of people go for an already built house because they want to immediately get started with life in their new home. Also, these units usually have well-built interiors and exteriors, which is quite convenient.
Despite all the above benefits, a lot of people wouldn’t go for this option because they might want to customize their home according to their needs and requirements or they might just be picky about their preferences.
The Inclusion of Special Features in Your Home
Another point worth mentioning when discussing the option to buy or build a home is that many people want to include recreational spaces in their homes, for both adults and children. A swimming pool, children’s play area, library, study room or piano room are some of the best examples in this concern.
The addition of such types of facilities and special spaces in properties depends on the lifestyle preferences and choices of the owners. Adding any new feature to a house that is under construction is far easier than making similar changes to a ready-made home since the latter scenario involves tedious renovations.
Of course, the newer the property, the greater its value. It is one of the most important things to consider before you buy or construct a home. Recently built houses usually comprise latest features and are, therefore, preferred by a majority of buyers.
So, if you own a newly-constructed home, then you are likely to get a profitable deal upon selling it. An older house might not bring you a high return on your property investment. If you plan on selling your property in the future, you might want to take this factor into consideration.
Constructing vs Buying a Home – The Decision is Yours
Once you have gone through the important factors about your decision whether to buy or build a home, it would be easier for you to decide which option suits you best. It’s good to maintain a balance between your budget and lifestyle requirements. Whether you are constructing or buying a home, both of these situations have their own implications.
However, you can always visit Zameen.com to get an estimate of the prices of residential plots and ready-to-move houses found in different cities across the country. Multiple property listings on the website might also help you adeptly choose between buying or building a home by giving you an idea which option may be economical for you.