Owning a house is really a big dream for most of us. Besides your career and personal life, having your own house can also be regarded among the top priorities of life. Owning a house requires you to be financially equipped so that you can possess your dream house.
So, once you make your decision of owning a house, the next crucial decision that you have to take pertains to Buying a House vs. Building a House.
Well, Buying a House or Building a House will eventually lead you into a house but both of these scenarios are totally different and require a careful thought before you take a final decision. Buying a House vs. Building a House has their set of advantages and disadvantages. They have their pros as well as cons. A clear understanding of their advantages and disadvantages will certainly help you in taking the right decision.
Here, we have listed the pros and cons of buying a house vs. Building a house.
Buying a House
At the outset, you may feel buying a house is quite simple and easy. Well, it may be so but there is certainly more to this aspect of owning a house. Of course, you need to contact a listed realtor, search a viable house for yourself and accept the offer which is suitable for you based on the property, area and price. Other than these things buying a House has its own set of pros and cons. Let’s have a look at them.
The biggest advantage of buying a house is the convenience factor linked to it. You just need to search a suitable house, make the necessary formalities, and then you are ready to shift. It saves your precious time. You don’t need to devote your time building a house.
Then the next big advantage of buying a house is the cost factor. You can buy a house which is within your budget. You need to fix a budget and find a suitable house which is within the budget that you have fixed. That’s it. There are no extra costs. So you can be rest assured that you would not go beyond your budget, which is a strong possibility when you go for building a house. In addition to this, you can negotiate for lowering the price. So there is a possibility of saving hundreds of dollars when you go for buying a house.
Talking about the disadvantages of buying an existing house, one thing clearly comes at the forefront. Well, that is the fact that how well a house may be designed, it would never be exactly to your needs of what you actually desire. In reality, it is actually a compromise. Then you require spending extra money on either adding accessories or changing the existing ones.
Usually, the existing homes do not have the accessories according to your requirement or likes. It may also happen that you need to spend on maintenance or even have to carry out renovations. You may require adding here or changing somewhere. This may increase your overall costing on buying a house.
Building a House
Having considered the pros and cons of buying a house, let us move on and consider the pros and cons involved in building a house. Ultimately, you have to come to the conclusion that building a house is better for you or buying a house suits you more. It actually differs from person to person according to his preferences and of course financial capability, as well. So let us see the advantages and disadvantages of building a house.
The biggest advantage of building a house is the fact that you can build a house exactly the way you want. From the layout, to the designing, to the exteriors, accessories, including many other aspects, you can have everything according to your requirement and liking. Then linked to this, another advantage is that you can choose the location where you want to build your house.
Also, you can plan the whole course of building the house and so can schedule a budget for each and every activity. Thus, as far as costing is concerned you can control the expenses and as well as overall cost. Then when you are building a house, you can even adopt energy efficient design that would eventually help you to lower your energy bills and can result in big saving for you in the future. In Building a new house, you incur no maintenance expenditure which otherwise may occur when you buy out an already build-up property.
So, these are the main advantages that you can derive when you build a house.
In-spite of the advantages listed above, building a house has some disadvantages too which you should consider before finally starting to build a house. The biggest disadvantage is that you would require devoting your time when building a house. You have to take out time when building a house.
Though you may take the services of some expert, still you would require monitoring and controlling the work, managing your finances and requiring meeting the whole expenses related to building a house. Then the next big disadvantage of building a house is that you may exceed your budget set for building the house. The actual costs may well exceed the budget which you had set for building your house.
So you see that Buying a House as well as Building a House have their own set of advantages and disadvantages. After analyzing and studying the above pros and cons, you can decide which one suits you. Ultimately you have to be the decision maker and choose the one which fulfills your aspiration of owning a house.
You have to understand that there is no good or better option out of the two, it eventually depends upon your exclusive set of conditions whether you choose to buy a house or build a house. The above points of pros and cons on buying a house vs. Building a house helps to enlighten you about taking the right decision which would be suitable for you.