What do you think is better – building a House from scratch or buying a pre-Established one? It’s a debatable question that throws every prospective buyer into a dilemma. You can only have a sure answer when you consider the pros and cons of each method.
Today, we will discuss buying or building a home in detail so that you can proceed with an informed decision.
Will it cost more to build a property vs. buying an existing house?
There is an equation that you should consider to determine the cost of your dream home. For an established home, the price equals the cost of the property + Stamp Duty; however, for building a house, it is the cost of land + stamp duty + construction cost.
Moreover, stamp duty for an established home will be lower than building a home. So, unless you have a good selection of choices in established houses, then it’s better to proceed with an already-built one.
Are there any time constraints that you have to deal with?
You can buy an established home and move into it within a matter of months or even weeks. Unless you have ample time to choose land and build a home, which can take years (depending on the size and other constraints), it’s better to buy an established home.
Even if you need alterations in an already-built home, it can be done in months or days.
Consider the commitments associated with a new property
Whether it’s an established home or an already-built home, you have to consider the commitments like building delays, unexpected costs, and market changes.
For an existing house, you may have to deal with renovation works (if you need any) and it may take time for you to move. With building a home, you will have to expect delays in construction, material resources, etc.
Consider an option depending on your time and money constraints.
Is this your primary home or is it for an investment?
If you are buying your first home and want to stay there, building a home from scratch may be right for you. You can install modern appliances and features and every other thing to your liking. You can design interiors, decorate every room, and customise everything to your liking.
Where do you prefer living?
You can buy an existing home anywhere you want in the city. You can browse at fairly central locations, though you have to pitch in more capital. You can have good public transport options, a chance to live in established communities and stay near schools and hospitals.
If you want to build a home, finding land in the primal locations could be hard and it will also be expensive. You may have to go to the outskirts or far away from the city to find land suitable to your budget. If you don’t mind living in the outskirts, then you can go with building a home.
Maintenance costs of a new home vs. an established house
If you are buying an existing home, make sure it’s a fairly new one (the age should not be more than 3 years). If it’s an old home, then you may have to bear more maintenance costs. It could be frustrating to take small amounts of money to repair everything after you had just purchased a home.
However, in building a home, maintenance costs are less as everything is new in your home. You don’t have to deal with plumbing, electricity, drainage repairs, etc.
6 Questions to Ask Your New Home Builder Before Signing the Contract
Must read here!
Conclusion
If you want a new home built from scratch but you’re thinking about your budget, consider consulting custom home builders. They can discuss your requirements and make sure that you have your home without increasing your budget too much.
Or if you are comfortable living in an existing home and think that it will meet all your constraints, you can browse various options in your favourable location.
