One of life’s most significant decisions is whether to build your own house from scratch or purchase a pre-built home. Both options have their unique challenges and benefits, and the choice you make can profoundly impact your life. In this article, we will explore the pros and cons of building a house and buying a complete one. We’ll also draw insights from various articles to provide you with a comprehensive view of the decision-making process.
Building a House: Challenges and Benefits
- Time and Patience: Building a house can be a time-consuming process. You may encounter delays due to unforeseen construction issues, permits, or weather conditions. The construction timeline can easily extend, testing your patience. Building a house is a job. Even if you don’t do the actual building construction yourself, you need to monitor what is going on, track the budget, make decisions about everything from plumbing fixtures to paint colors to what type of tile you want at the entry way.
- Cost Overruns: The initial budget for building a house may not always match the final cost. Hidden expenses can surface during construction, making it essential to have a financial cushion.
- Decision Fatigue: Building a house involves making numerous decisions, from design and materials to fixtures and finishes. This can be overwhelming for those who are not experienced in construction.
- Customization: One of the most significant advantages of building a house is the ability to design it according to your preferences and needs. You have the freedom to choose the layout, style, and materials, ensuring that your home perfectly suits your lifestyle. As long as you are controlling the initial construction, building new is better. Exterior sheeting, insulation including all interior walls and ductless aircons, WiFi, water heaters, new electrical with lighting sensors, rain bird showers, alder wood cabinets and granite throughout, it’s a lot better.
- Easier to spend on what you can afford: Another advantage of building one’s own home is that they pay for only what they want, whereas buying an existing home may have features such as garage, store and verandas which one may not necessarily need and they will pay a premium for them even if they don’t want them.
- Energy Efficiency: New construction allows you to incorporate the latest energy-efficient technologies and materials, reducing long-term energy costs and environmental impact.
- Higher Resale Value: A well-designed and properly constructed custom home often has a higher resale value compared to an existing house.
Buying a Complete House: Challenges and Benefits
- Limited Customization: When buying a complete house, you must accept the existing design and layout. It may not perfectly align with your preferences or needs, requiring potential renovations.
- Hidden Issues: Pre-owned homes may come with hidden problems, such as structural issues, outdated systems, or maintenance needs. These can lead to unexpected expenses.
- Market Availability: Finding the right house that fits your budget and preferences in a competitive real estate market can be challenging. It might take time to locate the perfect home.
- Immediate Occupancy: Buying a complete house allows you to move in quickly, avoiding the lengthy construction process. This is ideal for those with time constraints or those who prefer not to deal with the hassles of building. The nice thing about buying an already built home, is that the time – you don’t have to wait. You may already find all the things you want in a house already built, and be able to move in right away.
- Known Costs: You have a clear picture of the total cost when purchasing an existing house, with no unexpected construction expenses. This financial transparency can be a relief for many homebuyers.
Also buying a house would as well be economically viable especially in these current times where financial institutions have started giving out mortgages to their clients who may want to own homes. And from economies of scale, it makes it slightly cheaper depending on the mortgage period since you can enter your house even on partial payments.
People think the price of developed properties is expensive, but the cost of an acre of land in a prime location around Kampala or Wakiso for example can be sold for over Shs. 280,000,000. Some individuals cannot buy unless a developer buys and maximizes the land.
- Historical Charm: Older homes often have unique features and character that can be appealing. They may be located in established neighborhoods with a sense of community.