The thought of buying a land and erecting your own building to your own taste is good but isn’t buying an entire house anew without going through all the preambles better? Many people have actually reached a deadlock in an attempt to take a decision on the aforementioned premise. We would be taking a critical look at the merits and demerits of both choices.
1. RISK INVOLVED IN THE CONSTRUCTION OF NEW PROJECT
A building that’s being erected can collapse in the course of its construction if adequate care is not taken. Poor workmanship can ruin a new structural piece that’s in the offing especially if you are not at liberty to personally inspect your building project due to a busy schedule. Albeit a house that’s already standing and is up for sale as at least scaled the hurdle of construction and may hopefully stand for the entire period you live in the property.
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2. ABSENCE FROM THE CONSTRUCTION SITE
However there is another angle to the above, which is the fact that you may not be privy to information as to the manner a new building that’s up for sale came to existence. That is to say in the event that a shoddy work was done on the property you acquired then you may just have lost the property before you even start to enjoy the dividends of your investment.
An already built house won’t offer the luxury an on-going project offers you in terms of inspection of the work that’s been carried out. It ensures you guard against the use of sub-standard materials which basically leads to structural deformation.
3. BUILDING TO YOUR OWN TASTE
When you are constructing a fresh building you have a picture of how your house would look like. A new building project under construction offers you the opportunity of designing your house to your taste and loving every bit of it. Because a plan was arched prior to its construction you would love the house even before it formally comes to life. On the other hand, with a fresh house you can achieve little or nothing with changing or remodeling and even if you try to remodel, it will only mean extra bucks!
4. POOR WORKMANSHIP
Poor workmanship from a bad contractor can make that new house you are building a disaster. However you can spot a haphazardly built and designed house and avoid it when you want to buy one
5. A FRESHLY BOUGHT HOUSE OFFERS VARIETIES
Fresh houses that are up for sale offers you a pool of choices. You can choose from a variety of what the market begets, in your preferred location depending on how fat your pocket is. Unlike a house you have to erect; once your building stands you are left with no choice anymore. Too bad if you made bad choices or opted for wrong options in your design and the final outcome becomes a nightmare.
6. APPROVAL PROBLEMS
Building in Nigeria comes with its challenges especially in recent times. Quite a number of people meet huge brick walls when seeking and getting approvals for their building projects and one of them is the town planning permits/government allocation. You may encounter problems getting approval for your building project, nonetheless an already built one is most likely approved, so you don’t need to bother yourself about the town planning authority. When it comes to this, buying a house is usually the best alternative.
Building a house afresh is most likely going to cost you less especially if well managed while buying one from an agent/real estate person will cost more because those that build also expect huge returns for their project.
The stress and pressure that comes with erecting your own house is enormous. If you are not the type that can cope with the rigours of building projects then buying an already built house is the answer. It saves you the stress of monitoring your building project the entire period…
Building a house takes a lot of time and effort. If you are someone who doesn’t like to wait or you are not a patient person; If you want to move in very fast then you need to buy rather than build.
10. DEALING WITH CHEATS
It will be the loss of a cheating contractor when you decide to buy a house. There is every likelihood that a contractor will cheat you in the course of a building project. Albeit when you buy, the only person that can cheat you then is your property seller.
11. AVOIDING HARASSMENT AND EMBARRASSMENT
The menace of omonile’s and area boys in the course of building could get worrisome. If you can’t handle the drama then buy a house. You would have succeeded in avoiding the harassment, intimidation and embarrassment in some cases.
So what do you think? Which would you say is safer and better?
Buying a freshly built house or acquiring your own land and building on it?
READ ALSO: Pros and cons of real estate investing