Every homeowner faces a certain dilemma; do I buy a house from the new house developments in town or should I build my own home. We explore the pros and cons of each.
Buying a home
You can get a home in one of the established neighbourhood ensuring that your home will be in close proximity to social amenities required such as schools, hospitals and shopping malls. The infrastructure and security will be well developed and therefore it is more likely to be safer. Buying a home may take less time than building your home. Buying a home requires less effort than building your own home. Most existing homes have already been landscaped and therefore you will not require to spend time and money on this.
Buying a home requires large deposits which many people may not afford. This means taking out mortgages which may hinder other forms of progress. Mortgages constitute a high percentage of the total domestic loans in any given state. In addition to this, buying a home may result to a compromise on your needs since you can only work with what is available in the market. Remember that you can customise the home after purchase which is an extra expense for your family.
Building your home
When you settle on building your home, you have the opportunity to build a spacious house that caters for all your needs. You will also work at a pace you are comfortable with meaning that you can plan your finances accordingly to avoid taking loans. In addition to this, you can customise the house from the beginning to cater for the needs of different family members. You can use your creativity with the use of materials and space to ensure that you make the most out of the space available.
Building a home takes more time and can be draining since you have to stay up to date with the progress at any given time. You also have to deal with home builders and the local authorities to get all the approvals and registration. Land in existing neighbourhoods is hard to come by and therefore you may find yourself building in the outskirts of the urban areas. You may therefore be further away from good schools and hospitals and have to drive into town to access those facilities.
Whether you choose to buy or build your home is highly dependent on your needs. If you can get what you want in the market or if your want to live in existing neighbourhoods, it is easier to buy a home. However, if you are not in a hurry or you cannot find something suitable from the new house developments and existing homes, feel free to build your home.