To build or buy your own house? This is a question that continues to divide many people. On one hand, the process of building a new home can be so complicated because there are so many details that have to be put together. For instance, one has to look for cash for the land, hire an architect to draw up the designs, get a builder or contractor and then supervise the entire project.
There are economies of scale when a developer goes to procure cement in bulk or other building materials and inputs. The only cost benefit that accrues to a person who decides to put up their own house is the fact that they own the land.
On the other hand, there are homeowners who may not have the necessary financial muscle to engage a contractor or even secure a mortgage facility from a bank to buy a house. For instance, one requires at least Sh.500,000 in their bank account even before opening discussions with a mortgage company or a bank. This is money that go a long way in starting off the building project through the jenga pole pole plan.
Hildah Njeru: From teacher to working at Safaricom
So what do you do? Which way do you take?
When considering the two options, you will agree with us that buying land and building you own home is far more cost-effective as opposed to buying a ready house in many ways: You get to choose your location, your designs, your fittings and generally control all the aspects of your home. If you are one of those people looking to build your home from scratch, here are simple hacks to help ensure that you maintain the cost as low as you possibly can while maintaining high-quality standards.
But is this really the best option? This is the question whose answer was sought in the latest episode of the Safaricom Newsroom podcast. In this podcast, HF Group Chief Executive Officer Robert Kibaara and Daisy Magu, Lizzy Ichenihi and Judy Ndenga from Safaricom Sacco explored the best course of action to take as you can listen by clicking here: