Tuesday, January 7, 2014
There are many decisions to be made when acquiring a home. Particularly for house and lots, you will have to decide between buying an existing house and building a new house on a plot of land.
While many prefer building their own home to gain total control of their home in terms of design, layout and features, opting to buy an existing home also has some winning points.
It’s important to consider these financial factors in your end decision.
The most obvious consideration is the construction cost required in the process of building a new home. From the depreciation of the Philippine currency alone, it is clear that building a new structure today from the ground up is a lot more expensive than it was ten or twenty years ago.
However, choosing to buy an existing house does not necessarily mean there’ll be no construction cost. This primarily depends on the quality and condition of the house. You may have acquired a house and lot for only a little more than the lot’s value, but this bargain deal may come with certain challenges as well. Old homes may have accumulated some damage and wear and tear, and you may have to spend some money to make the house habitable and safe to live in.
On the other hand, building your own home will give you the opportunity to use top-quality materials that can last for years and decades to come. This can effectively delay repairs and maintenance work to be done on your home, as opposed to buying an existing house with less than stellar quality and having to repair various parts of the house immediately after.
Building your home from scratch will also give you the chance of choosing energy-efficient and water-saving features in the home, from the lighting design to the landscaping and home appliances. This may be expensive at the onset but will be a worthwhile investment for the long run.
There is no clear winner in the build or buy decision when acquiring a home. It’s just a matter of considering your needs, preferences and financial situation. - Aislinn Kee