Building Vs Buying – Which One Is Cheaper?
It’s a dream of many people to have their own home, especially when they’ve spent years on a rented house. But there comes a time, when they become tired of answering vague questions of their landlord.
When you start searching for properties, you’d think that the best option is to build a house, as there are many benefits of it, but many people prefer buying a house. So, let’s find out which one you should prefer the most.
The main plus point of building your home from a plain plot is that you can maintain it without troubling your budget and you can also build it up according to your specific preferences. It can be quite frustrating to find a home that's built according to your family size. When the house is not designed according to your needs, it can sometimes make you feel like you are a guest in your own home, which is a huge concern.
But, let me tell one thing! The construction process takes a lot of time. You’ll need building approvals for constructing your house, plus, every step will require your supervision. It takes almost 14 months for the building process to get completed as delays can be also expected, but this wait will be worth it because, in the end, you’ll finally have the perfect home, that meets your requirements and desires. You may find it weird, but it’s somehow true, being the very first person to live in a house feels really special, as the house that is newly constructed smells really good and has a unique appeal.
You have to be smart enough with how you spend while building a home. Make sure that where you can save money, but don’t even think about being avaricious while buying material for the construction. You can save money by purchasing cheaper Chinese imports, but we’d recommend Japanese and European fittings, especially for refrigerators, water pumps, and pressure tanks, because handmade cement blocks can crumble, as a lot of builders can use the incorrect ratio of sand/cement.
Cost of Grey Structure
Grey structure usually includes roof/walls and it’s the basic structure of every house. For grey structure, you have to spend money on cement, sand, bricks, and other materials. Rs. 1,500 per sq. ft. will be required for this basic grey structure. Also, the finishing touches include paint, flooring, tiles, and other woodwork, which will cost an additional Rs. 1,000 per sq.ft.
The total cost comes to almost Rs. 2,500 per sq.ft. and based on these approximations, construction on 1-Kanal can cost around Rs. 14,612,500.
Should you buy a house?
Well, there are two unique benefits of buying a house. First one is cost while the other one is convenience. We’re here to make it is a lot easier for you to find your dream home at best price. After getting your mortgage approved, you can start searching. It takes a lot of time to search for the idyllic place but once it’s done, you can move in really quick without any hassle and this is something that attracts the majority of buyers. Many people think that buying a constructed house is the only option they have, because in that case, they’ll know what they’re getting.
But even with these benefits, as time goes by you will notice things you don’t like in the pre-owned house. These are the things that you wouldn’t notice at the start. Moreover, maintenances and renovation will also add up to significant additional costs and should be factored into the total price.
It’s your choice whether you want to buy or build a house. Also, do a good research on it. Even in many countries, it can be quite difficult to get development permission. Labour is also very expensive, so, it depends on the location where you’re planning to construct. This is something that you can’t deny, but turning a scratch into something really incredible really requires a lot of effort and cost.
Did you find this blog interesting? Do you have any questions related to it? If you do, feel free to ask them in the comments section below.