Is it Better to Buy a House or Buy Land and Build a House?

A home is always the single largest investment that a person makes.

Most home buyers usually end up spending lots of energy and time either searching for or designing "your perfect home" before signing any contracts. Location, price, market trends, property taxes, and the condition of the property are all major factors involved during the house hunt.

Also, each buyer always has a subjective wish list which includes specific wants (the things the buyer absolutely has to have) and needs (the features the buyer would like but could do without if necessary).

While the home-buying process involves a number of important choices, one of the very first decisions buyers need to make is whether to shop for an existing home or build a new one. Each path has its advantages and disadvantages. Here's a look at both sides.


Buying an Existing House

 

Buying an existing house

  • The primary advantages of buying an existing home are convenience and cost.
  • As a buyer, you need to streamline the process by finding appropriate properties, negotiations and checking the paperwork.
  • Once the offer is accepted, the buyer will be able to close and move in within a month or two. Though this process does involve numerous steps – like viewing houses, home inspection, financing, making offers, and closing – the best part of all is to be able to move in right away and this main reason is enough for many people to choose an existing home over a build.
  • This may be especially true for buyers on a tight schedule, such as those who are relocating for a new job or whose children will be starting at a new school. Then there's the cost. In many (but not all) cases it's cheaper to buy an existing home.


 

Related Post - Why is Buying a Home Considered a Good Investment?

 


 

Buying a land to build a house

 

Buying a land to build a house

  • Building a new home would include you just paying for what you want whereas buying an existing home would require to pay unnecessarily for things that you do not require
  • You’ll get to customize and personalize every minute detail of your house that suits your lifestyle.
  • Everything about building a house from the ground up, from the layout, cabinets and flooring to the sinks, lighting, paint colours and doorknobs will be personalized according to your requirement and substituting different materials and fixtures can save you a fortune.
  • You can opt for energy-efficient materials and can incorporate up-to-date technology.
  • You don’t have to worry about big repairs right away.
  • You can work with your budget in mind.
  • The only problem being, you’ll have to be sure with the builder about a definitive timeline as you cannot move in necessarily according to your timeline due to various reasons.

 

Related Post - 7 Things You Should Check Before Buying an NA Plot

 


Ready to Decide?

Every home buyer is different. Even though you begin your home search on finding the perfect existing property, you may, however, end up deciding to build your own home, to personalize it according to your needs.

In either case, the only way to determine which is your choice of property is to first have a definitive budget, time frame and the personal needs and requirements of your family. For which you will have to research before you make any decisions.

 

Home Buyer's Checklist - Kohinoor Group

 

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