Building or Buying: Which Is Right for You?
Category RealADVICE
"Many years ago, it was much more common for people to purchase a plot of land and build their own homes. However, with the way our country has developed and the abundance of pre-existing homes available, this option has become less popular. Nevertheless, if you have the opportunity to build your own home, it might be worth considering," says Gerhard Kotzé, CEO of the RealNet property group.
"Most people choose to buy homes that are already built because you know exactly what you're getting from the outset. In 95% of cases, existing homes are move-in ready, so you don't have to wait for the lengthy construction process to be completed. Moreover, buying an existing home provides peace of mind, as there's no uncertainty about the quality or condition of the final product."
"However, like anything else, there are some downsides to purchasing an existing home, especially if you have very specific needs. When you buy a home that's already built, you'll often have to compromise on at least a few features. Whether it's the size of the bedrooms, the layout of the kitchen, the overall design, or a lack of modern amenities, it can be challenging to find a home that perfectly matches your preferences."
"If this is the case, you may need to allocate additional capital to renovate and update a pre-built home. On the other hand, building a new home puts you in the driver's seat. You can create the home of your dreams to your exact specifications. Building from scratch allows for customisation that isn't possible when buying a pre-owned home. Additionally, constructing a new home gives you the chance to incorporate water- and energy-efficient features that can save you money in the long run."
"But building a home isn't a perfect option either. It's often time-consuming, complex, and can end up being more expensive than anticipated due to the rising cost of building materials. For buyers who need a home quickly or want to avoid the stress of overseeing a build, purchasing an existing property may be the more practical choice."
"Ultimately, the decision is yours. If you want the home of your dreams and are willing to wait and potentially spend more, then building is the way to go. But if you're open to compromising on a few features, buying an existing home will likely make more sense."
Author: RealNet
