Acquiring a home is considered a significant investment. Potential home owners have an option to either build or purchase a resale. Deciding which options is best for you can be overwhelming as both are great. Building a home is often considered a daunting process and a result most people might opt for buying a resale as a shortcut. However, each has its pros and cons that you will learn after signing a contract.
It is advisable to seek professional guidance if the decision is overwhelming. Ensure that you make all-rounded enquiries to acquire the relevant information. Various factors such as the cost of materials, your budget and the contractor will influence the decision.
Here are the pros and cons of building versus buying a resale to help you decide
- Building is a reliable and exciting project when you get the right builder. A professional contractor understands what is expected of them and will work relentlessly to deliver the expected results.
- You also have the liberty of choosing your desired design, color schemes and exact layout. The contractor considers your needs and preferences.
- You can resell the property at a higher price than the initial cost getting a significant return on investment.
- The cost of building material can be quite expensive thus influencing the overall cost. You also need to be wary of low quality building materials because it will result to high cost of repairs and maintenance down the line.
- Sometimes your expectations and achievements are limited by our wallets. You are bound to experience some additional expenses that you had not budgeted for thus straining your finances.
Buying a resale:
- It is a good option for everyone on a busy schedule. Building a residential or commercial property takes up time and requires supervision. Buying a resale does not take up much time since it is ready made and available for purchase.
- Most of the resale houses are furnished completely. You select a building whose furnishing matches your interests. There is little or zero updates to do on the new acquired property.
- Guarantees instant equity in future if you opt to rent it out when you are away for work or vacation. Such buildings are managed by a well-recognized property manager hence no need to look for another one.
- Buying a resale is convenient especially if you want a house that is close to your workplace or school. The property is customized and hence you do not have to worry about clearing the lawn and establishing an even layout.
- Some of the buildings that were constructed a few years back might not be up-to-date in terms of furniture, electronics, and layout and color schemes. You will incur extra cost to bring the property to match your preferences.
- This option might turn out to be expensive than building because the owner strives to cover the initial cost and make profit from what they incurred.
Both options are excellent depending on your budget and preferences. Some people may opt to buy a resale and build later once they have attained the financial goals. Whichever option you settle for ensure that you are working with a qualified contractor.