BUYING VS BUILDING A HOUSE: Which Is Better?
Location, price, market rates, labour cost, quality development, size of the house- all these terms circulate in your mind 24/7 when you think of buying or constructing a house.
The process of owning a home involves many factors. The first is whether to buy an existing house or build a new one from scratch.
The headache of building a new home might not be everyone’s cup of tea. Only some have the energy and time to go through the drill of supervising the entire construction process.
Both options seem like a nightmare if the cons are jotted down side by side. Both processes require tons of thinking, planning, and energy.
Buying and constructing a house have advantages and disadvantages associated with the entire process. The final decision requires you to answer a few questions in advance, such as:
- Do you have enough time and energy to look after the entire process of building a house from scratch?
- Can you do quick runs from the office to the under-construction house if anything goes wrong?
- What is your timeline for relocating to the new house? How much time do you have before you finally leave your current home?
Even though everyone prefers custom-made things, it often involves way more cost, and the process is very energy-draining.
Doing a cost-benefit analysis of the total price or procedure and comparing the pros and cons might help to make a wise decision.
Factors Involved in The Decision-Making Process
Buying a home and constructing a home both come with their own challenges. Certain factors play a role in choosing whether to buy vs. build a house.
Let’s dive into the details of buying vs. constructing a house and which one is a better and cheaper option.
Time is the first and foremost factor that helps you decide whether to build a home or buy one. If you have to sell your existing house simultaneously when you have to buy a new one, you have minimal time. Similarly, if you live in a rented house and have to evacuate soon, you only have 2 to 3 months to relocate.
Buying an existing home will give you the advantage of moving in 2 or 3 months. If you plan on building a house, you will have to wait for a considerably long time, maybe a year or more.
Besides time, buying an already-built home gives you the primary advantage of cost. Once you have finalized a budget, you can do market research and pick a house that suits your fixed budget.
You can also take the help of a real estate agent, who will streamline the entire process for you. Once you have found a house that fits your needs, you can move within a couple of months.
The most important benefit of building a home from scratch is that you can customize it according to your needs.
If you buy an existing house, you might not be able to get what you want. The floor plan may be different from your liking.
For instance, the ground floor may have only three bedrooms, while you wish for four or five.
So, whether you want to choose convenience or customization is purely your choice. It is quite convenient to buy a house, move, and settle into the new routine rather than wait a year or even more to move into a customized home.
Pros of Buying a House
Buying a house has specific pros, such as:
Buying one saves you a lot of time and is less exhausting than building a house.
If you are someone who’ll find it difficult to manage everyday runs to see the progress or supervise the construction, it is wiser to choose an already-built house.
Little to No-hassle
It might not be fair to say that buying a house is a totally hassle-free process, but comparatively, it is easier than building one. Most details are already sorted; you have to explore the market and pick the best option according to your needs and budget.
Option to Bargain the Price
If you try, you can get a bargain on the total cost of the house. For instance, if the home you want to buy has been on the market for a longer time, you would be able to convince the seller to come down on the price.
Cons of Buying a House
There are many risks involved in buying an existing house. The cons of buying a home are as follows:
You might not be able to see the underlying issues when buying a house. You will most likely face several maintenance issues, such as leakage or seepage in the walls, etc.
Fewer Renovation Options:
Although you can make many changes to an already-built house, such as painting the walls, etc., you cannot make significant changes like changing the layout or floor plan.
You’ll have to make a lot of compromises when buying a house. The probability of finding your dream home in a competitive house-buying market is complicated.
Pros of Building a House
The pros of building a house include the following:
If you are looking to buy a house, you might face a lot of competition in the market. Hundreds of other people might be looking for a home, making it more challenging to get a house that best fits your needs.
However, if you plan on building a house, you have to buy land and start the process without any competition.
Building a house from scratch means everything will be new and done according to the latest technology, leaving zero room for significant repairs or maintenance in the future.
Energy Efficient Construction:
When you are building a new house, you will make sure to install up-to-date and energy-efficient systems in your home. For example, installing smart technology, security alarms, and energy-efficient equipment will result in lower energy bills, etc.
Cons of Building a House
Like there are two sides to every picture, building a new house might not be only fun and games. It has its cons too:
Building a house is a very time-taking process. You will have to wait for months until the construction is completed.
Before starting the process of building a house, you have a certain amount of budget fixed in your mind. However, this cost must be just the tip of the iceberg, and you need to get an idea of several hidden charges you’ll have to pay during construction.
Building a house means choosing a location, floor plan, cabinets, number of rooms, the quality of construction materials, finding efficient labour, and much more.
This might not seem a difficult task, but it can turn out to be very tiring and exhausting. Hence, managing everything within budget and looking after everything might be very stressful and require a lot of stamina.
Buy or Build- What’s better?
Buying or building both have advantages and disadvantages. It entirely depends on your budget, availability, energy, and time that you want to build a house or move into an existing one.
If you cannot afford a put aside a huge amount or don’t have time or stamina, you should go for buying instead of building a house. However, if you already own a piece of land and have sufficient finance and a reliable builder, you should consider going to build a house.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
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