Buying vs Building a house – The pros and cons
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Loading... - Gesna Talla
- 10 Oct 2022
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There is a lot of debate in Zambia about whether you should buy a house or if it’s worth the effort to build one yourself. This is a very important decision and isn’t one that should be made lightly. This article will aim to highlight some pros and cons of each, so that you can make an informed decision and do what’s best for you.
Buying a house
Pros of buying:
Saves time - You will save a lot of time by buying an already existing house, as all the construction work has already been completed and it may just be a case of viewing the house to make sure everything is in check and to your liking.
Availability- Once a property has been bought, it can immediately be put to use. If you would like to live in the property you can do soon after buying it or if you would like to rent it out to create another income, this can be done shortly after purchasing the property too.
Location - Existing properties tend to be built in well-established neighbourhoods. Therefore, it is unlikely that you will need to worry about the property’s utilities such as water, power and sewage systems which may all be established already. The surrounding area may also have good roads and amenities such as restaurants, supermarkets, malls, shops etc. if properties have been built and sold in this locality.
Cons of buying:
High cost - Buying a house can be very expensive, particularly if it’s a brand-new property. Certain properties on the market may be overpriced due to their location and a high price may not necessarily reflect on the quality of the house itself.
Not personalised - When buying a house, you may not get the exact design you like as its been made according to someone else’s vision. This may not be an issue if the house is being purchased to rent to others but if this is being bought as a long-term home, this is very important to consider. Renovation may be possible to make the house more to your liking but this could be expensive and isn’t always feasible depending on the property.
Quality not guaranteed - As the property has been built by somebody else, the quality isn’t always guaranteed.Make sure to carefully inspect the house you’re planning to buy before committing to it, as some faults may be difficult to find at first. Likewise, some defects may not show until after living in the property for a while and now that the house is legally yours, it may be your responsibility to fix these issues rather than the previous owner. For example, the aesthetics of the house may be very appealing but if this isn’t built on a strong foundation, this will cause problems later down the line. Read More...
