Finding the ideal place to live with your family is a complicated process. You can’t just go to the store and buy it like a newspaper. There are a plethora of factors to consider while deciding. So, before you think more deeply, you should be clear on one point: to buy a new house or build a new house? Deciding whether to buy or build a new house is difficult because both options have equal benefits and drawbacks. So, let’s find out together: Is it advisable to build a new home rather than buy a new one?
To know more, stay here and keep reading. We will be able to assist you in coming to a conclusion!
Why Build A New Home Instead of Buying One?
Let’s take a look at the factors that play an important role.
01. You Will Get What You Wish
The benefit of building the house is that you will receive precisely what you need. It is the main reason to build rather than buy. You can customise access to the house and everything about how it will look while building a house. So this is the best time to consider security and design your home accordingly.
When you build the house, you get the required number of rooms, the size of the rooms, and their largest dimension, i.e., the floor plan, as per your needs, culture, and lifestyle.
For example, you need
- A puja room, double-height living room, parking, garage, etc. Size of every room i.e., total built-up area, according to your needs and budget.
All kinds of requirements can be met when constructing a home. In addition, you can add higher windows, a secured balcony, and various other features to make your home energy-efficient, tech-friendly, and more secure both inside and outside.
02. You Can Customise Every Detail Of Specifications
If you are building a house, you have complete control over the specifications. For example, you can use tiles, kitchen materials, doors, windows etc., of your choice. You won’t be able to do this when purchasing a home. If you choose to buy, you will receive a finished product. Whether you take it or not is entirely up to you. Spending additional money to remodel it to meet your needs is possible.
Location vs Size of Land vs Budget
You can choose your own location and size of land as per your budget while building a house.
If you buy a ready-made home, you will have to either compromise on
- Size of land on which you may want a garden
- Size of the house
You might be able to get both by cutting down on your budget!
03. You Can Be Certain of Material Quality
When building a home, you are assured of the quality of materials that you buy yourself. However, this is not always the case because you lack the necessary expertise and time for selection.
04. You Can Save Money
You may save on costs as you save on the builder’s profit. But sometimes you may spend more on materials as you are not an expert on “buying” nor do you get a bulk discount.
Is It Better To Buy A New House Rather Than Build One?
The advantages and disadvantages are a great starting point when deciding whether to buy or build a new house. That is the only way to make a completely satisfying decision.
- Building a new home requires more time than buying a house because it is a lengthy process.
- Buying a home takes less time than building one.
- You can move into your new house immediately after the purchase.
02. Overall Cost
- The most difficult aspect of building a new home is managing the total cost of the project, which includes purchasing the property, hiring licenced builders, and purchasing all the materials.
- However, estimates of the project costs can be obtained in advance, but unexpected expenses can increase at any time during the project. (I.e. material cost, contractor’s rate etc.)
- You won’t have to worry about the overall cost of the house because the overall budget is known ahead of time.
- Building your dream home will necessitate more practical experience and effort.
- Also, you will need to collaborate with different people and make several decisions.
- You get a ready-made house with minimal effort and hassles; even practical experience is not required.
- If you use a real estate expert, you might be able to get a good deal.
- Land loans may be more challenging to obtain due to the lack of collateral and require a higher down payment.
- In today’s scenario, you can get a mortgage loan against agricultural land or a loan against a plot, depending on the type of land you pledge. However, the overall procedure is clumsy and may take more time.
- Home loans are readily available from the government and private banks. Loans are also available if you buy with your home.
- When you build a new home, you can customise the details to fit your preferences and lifestyle. (I.e. from the room layout, flooring options, and furniture material to the lighting, sinks, room colours, accessories etc.)
- You receive a fully finished house. There is no choice for customisation as per your style.
- Finding the ideal location is always the most difficult for anyone looking for a new home. You can choose your own location while building a house.
- When purchasing a home, you may get a good location but not a home that you fall in love with. It can also be the other way around. Even if you find both a location and a house, you may have to compromise on your budget.
On a final note, it’s up to you to decide whether to buy or build a new house. However, if you work with reputable building or villa construction companies, there are almost no drawbacks to building a custom home. They will also provide helpful tips on saving money while building a new house.
If everything in the article is taken into account, the answer depends on whether you are willing to wait for the house and how much money you will invest in your home. . In addition, conduct extensive research and list your priorities. Do this with your family members because this decision requires everyone’s input. However, according to Mahadev Desai (Founder, CEO and Mentor of Gharpedia), if you get everything you want for your new home while buying a new house, it is the best decision to buy instead of building it.
Well, consider your options carefully and search for your dream house smartly!
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