To Buy Or Build: Unravelling The Home Ownership Dilemma

Potential homeowners are often in a dilemma when deciding if they should purchase or build their dream homes. The excerpt below discusses the various factors that homeowners should consider when deciding whether they should buy or build their homes.

Purchasing a Home

Purchasing is a suitable option for people that intend to move in within a short period; for example, someone relocating to a new town due to a change in employment status. The following are a few tips to help you when buying a home:

  • Conduct some research to identify new trends in the real estate market -- as a rule, go for the most recent designs.
  • Purchase off-plan properties, or consider renovating run-down buildings -- other than being cheap, you have the freedom to customise the building to suit your tastes.
  • Ask for a home inspection to identify any defects on the property.
  • A conveyancer will help you negotiate the purchase price and the terms of the contract.

Building a Home

Building is an ideal choice for people that would want a home that fits their personal preferences. Although construction takes time, it is cheaper compared to buying a similar property listed on the market. Below is a guide on how to build your home. 

1. Preparation 

Decide what kind of home you need. For instance, do you need a bungalow or storey building? What size of home do you need? Determine a suitable design, the interior fixtures and any landscape installations you may want. Ask an architect to prepare the blueprints. You will also need permits to erect the structure.

2. Planning 

A quantity surveyor will prepare a bill of quantities detailing the required materials and the cost of constructing your dream home. Ask a few builders to send quotes. Price should not be your only concern when choosing a builder. The individual should observe a high degree of professionalism. For example, he or she should have a practising permit, adequate insurance coverage and the right equipment to complete the project.

3. Execution

Ask your custom home builder to prepare a timetable for the construction works. He or she should observe safety measures to prevent injuries and property damage at the site. You will need a certifier to ensure the builder abides by the building code. The builder should provide guarantees once he or she completes the project. 

Ultimately, your needs will be the primary determinant of whether you should build or purchase a home. Regardless of your decision, work with professionals to ensure the process does not expose you to future liabilities.