A big debate in the construction industry is whether you should buy a ready-made home or build a home for yourself. Is it easier to buy or to build?
In this article, we go through the pros and cons of both options, and you can decide which one suits you.
Pros of Building
These are the advantages of building your house:
Customization
Building allows you the advantage of customization. You’re able to look at your circumstances, such as the size of your family, and decide the number of rooms you need.
You can also build a house with your unique design, unlike buying an estate house that looks similar to its neighbours.
Cost
It will definitely cost you less to build your own home. If you buy a house, the seller might factor in their developer’s profit, and in our market, there are no limits to what that profit can be.
A house you can build for, say, Ash 6 million might sell for up to Ksh 20 million if you consider the cost of the land.
Involvement
Another advantage of building is that you’re involved throughout the entire process, so you’re assured about the specs of the house, and you can check that the contractor does not cut shortcuts. Therefore, you are guaranteed the quality of the building.
You Can Build Your House in Phases
If you have a limited budget, you can build your house in phases. You can construct a temporary home while you work on your greater project. You can always take a break and resume once you get sufficient funds.
Want to build a simple and beautiful home? See these two bedroom house plans
Cons of Building
The disadvantages of building your home:
Construction is a Long Process
Most construction projects take between 6 months to as long as ten years. Unforeseeable circumstances, such as lack of funds, and issues with the workers, may derail the construction process.
These can cause frustrations, leaving you demotivated.
Involvement With Authorities
You’ll need to get approvals from the county government and NEMA. You’ll also need to get the necessary permits to build the house, and sometimes getting them can be frustrating.
Pros Of Buying a House
Here are the advantages of buying your home:
Funding
Financiers are usually willing to advance funding for projects that are already complete. Therefore, it’s easier to get financing and mortgages for fully-built homes.
Security
Often, a big plus of buying a home is the availability of security because it is probably in a neighbourhood you know. This is based on the assumption that you’re not buying a standalone unit built on land in the middle of nowhere.
It’s a good way to join a neighbourhood
Buying a built unit in a place you like can be an excellent way to move into that area more quickly. For instance, built homes tend to be closer to developed areas, such as cities.
Therefore, if you want to become part of an estate or neighbourhood, your best bet would be to buy a house already built there.
Amenities
Fully serviced units are usually close to amenities such as roads, water, and electricity. Therefore, you don’t have to contend with looking for those amenities.
If you build your own house, you’ll have to look for water sources and electricity.
Permits
Another perk of buying a house is that you don’t need to worry about permits.
A good developer should show you things like occupation certificates obtained from the approval authorities so you’re sure the building has been approved.
It ideal For People in the Diaspora
Suppose you’re living in the diaspora and want to invest in Kenya but are not available to supervise your construction project. In that case, you’ll probably want something that is already working, so all you’ll have to do is pay for it, get your keys, and you’re good to go.
Cons of Buying a house
Here are the disadvantages of buying a house:
You’ll spend more
You’ll end up purchasing built units at higher costs. Developers must make a profit, and they also consider the cost of the land and its natural appreciation value.
The availability of amenities such as water and infrastructure will also spike the cost of the building. You might buy a house at the same cost you could use to build two to three houses.
You’ll get a smaller space
You could buy a house near the city, but it wouldn’t have as ample a space or compound as purchasing land in a peripheral area and building your own home. So, you’ll have to choose between proximity to the city and space.
Conclusion
If you have big pockets, you may want to consider buying a house. However, if you enjoy the process of building and you’re up to it, then Goodluck!