Should You Build Your Home or Buy It?

Are you and your family finally looking forward to having your own little house? If yes, chances are the big question of whether to buy your dream house or build your dream house is troubling you.

The Economic Times Housing Finance Summit says that the rate of newly built houses in a year in India is about 3 houses per 1000 people.

With India’s rapidly rising population and urban development, the availability of land that can be used for construction is gradually reducing. Besides the question of land availability, time and money make the aforementioned question a very important one.

It is the dream of most Indian middle-class people in their 30s to own their own home. The vision you have in mind when you think of the word ‘home’ plays a crucial role in the decisions you make later on regarding whether to buy a new house or have a house especially made for you, by you. A good home should be located in a good place and should be of good size and plan, but what is considered “good” varies from person to person. Therefore, it is vital that you clearly know what you expect from a home.

Buying a House

It is just like shopping. A very elaborate one at that because you would get to choose from thousands of options. While the number of choices available can make the process of buying a home overwhelming, you will likely find a house that suits your needs and expectations.

If you are someone who just wants to find a nice place, move in, settle down and get on with your lives quickly, buying a new house may be the best option for you. With the right, dedicated agent, you would find a number of different houses that will meet your budget and requirements. It takes much less time and is much more convenient. Also, it is important to carefully consider whether to buy an individual house or an apartment.

The downside to purchasing an existing house includes the constraints in customization, and the cost of repair and maintenance. Even so, the cost of buying is almost always lesser than the cost of construction. The necessity of a home inspector should also be remembered while purchasing an existing house. The condition of an older structure can only be examined in detail by an expert.

Also read: 8 Tips That You Should Keep in Mind Before Buying A New House

Building a House

Have you always imagined what your dream home would look like? Would you like to have a patio here, and a reading room there?

If you have a concept, time on your hands and if there is no immediate requirement of shifting, go ahead, find an architect and watch your dream home come to life.

Although it might not be just as simple as that. The effort taken for construction is multiple folds as compared to choosing from existing houses.

As per a report by The Hindu, the average cost of construction in India has increased by 10-12% over the last year and will even continue to rise further by 8-9% by December.

I have seen people spend huge amounts on building a house in their homeland for years, using the money they had earned working abroad. This is quite a big sacrifice, considering the time and money spent in the process.

The initial stage here is deciding where to build your house. Assuming that you require adequate access to facilities, finding the perfect land in a developed neighborhood is difficult, as most of it would already be in use. Land loans are also relatively harder to obtain. Also, the fact that you have to decide every single aspect of the entire process by yourself just makes it stressful. You must find a good agent, architect, engineer, contractor, and so on. There are a lot of decisions that have to be made, which would ensure the timely completion of the project, keeping it within the budget and fitting all your requirements. Additionally, one should also know that the cost of construction may fluctuate as it progresses due to possible inflation over the period of construction.

On a brighter and much more positive note, the result of all that hard work is absolutely worth it. You would end up with a home exactly as beautiful as you had in mind and live in a creation of your dreams. A home that fits you and your family like a glove. A new house also means new materials and new construction methods. Old may not always be better in this case, because we have the option to go green and use scientifically advanced means, thereby helping the environment.

Ultimately it comes down to what you expect to get from a house, how much time you have to spare, and what your financial capability is at the time. Finally, here is some free advice – be careful to not fall under societal pressure. A home is supposed to keep you happy and content, not stressed out and in debt.