Is it better to Buy or Build?
While having a definite answer to this issue is preferable, the decision to construct or purchase a home is entirely subjective. Because everyone wants to have a house of their own, this is a major choice that should be carefully considered. It is critical to know the best decision at this milestone, whether you are an individual, a new couple, or a starting family.
The actual costs of either buying or building a house vary in terms of location, design, materials to be used and size. Other factors may even pop up along the way. The average cost of existing homes in Metro Manila is ₱27,500 per square meter
To help you determine the best solution for your situation, we’ll discuss the pros and cons of buying and building a house.
Pros of Buying
Few Renovations Required
First, let’s start with the obvious reason why most people opt to buy constructed houses. If a buyer is in a hurry to move into their new home and can’t be bothered to think of a construction process, buying a house is the best for them.
Little to No Design Planning
The planning of design, purchase, and construction often leads to stress for people that decide to build a home, therefore if you’re buying an existing house, you’d be excused from all of these. This doesn’t mean that buying won’t be stressful at all, but at least your construction dilemmas will be lessened or won’t even exist.
Modern Features
If you’ve been scouting the real estate market lately in Metro Manila, you’ll notice that most new houses have modern conveniences and features that reflect how much our society’s lifestyle has changed. New houses in the market currently showcase large gathering rooms, plenty of storage for decorative items, and smart home technology that makes life simpler. This is great for people who desire that kind of home living without having to build it themselves.
A Faster Process
Don’t take this too literally, buying a property will always require a lot of documents and approvals, as it should be, but when it comes to wait time in construction, buying a house is certainly faster. You don’t have to have a time table of when to start building or when it should be finished because the house is already there waiting for an owner.
Cons of Buying
Not Personalized Enough
It’s an obvious factor that not everything about an existing house will be exactly how you want it to be. If you’re certain about having a specific detail, room, or amenities in your house, looking at existing properties will be a bit of a challenge. Especially if your budget is strictly set on purchasing and not any other additional renovations,
Building insufficiency
First, an established home’s inherent flaws are frequently apparent, or show up in the pre-purchase building inspection to give you a heads up on what you’ll be dealing with once you move in.
Location Issues
There are plenty of existing houses in Metro Manila, however, depending on your situation, you might have a certain place in mind that you’re determined to live in. you’ll have to prepare yourself in finding a house that’s absolutely perfect and almost feels like it’s made for you, however, it’s not in the location you need it to be. This can lead to settling in a house purely just because of its location.
Pros of Building
Personalization
Perhaps the main reason why most people love the idea of having to build their house from the ground up is the limitless personalization it gives. Depending on your lifestyle, you can make a home that has exactly what you need. From the little things like layout, color choices, flooring options, specific finishes, cabinets and flooring to sinks, lights, paint colors, and doorknobs, you’ll be able to tailor the details to fit your lifestyle and interests!
Brand new
Nothing beats moving into a brand new house, where you can take advantage of all of the new features for the first time, including new fixtures, decor, and furnishings.
No competition
When purchasing a fully furnished residential property on the market, there is always competition from other buyers. However, there’s no rush to become a homeowner when you’re building. Often in buying, you become pressured to settle a deal with your realtor immediately especially if the property is in demand, therefore, in building, you can cross this out of your worries.
Lower Maintenance
Since newness was mentioned earlier, that also correlates with the house having a lower maintenance bill. Since everything is freshly installed you won’t have to worry about fixtures malfunctioning or any other small details that pre-constructed houses usually have.
Cons of Building
Longer Process
When you’re having your own house built, you have to plan a lot of things you won’t consider when you’re buying instead. It takes a lot of time and planning, so the building is not an option for people who are in a time crunch to move into a new home.
Higher Cost
It’s no surprise that custom-made things come with a higher value. There’s no other house in the market that will be exactly like what you have made and that’s perfect for you and the other household members’ lifestyle. Post-move cost is also a factor you should watch out for, this includes landscaping.
The stress of the Process
When having your home built, you have to be involved in the process as much as you can to make sure you’re going to get the results you envisioned. This often results in stress caused by the overload of things to plan, design, purchase, and get approval for. You’ll also have to make sure you won’t go over your budget without sacrificing the quality of the outcome.
Conclusion
Being a homeowner is both thrilling and demanding in equal measure. So, at the end of the day, you should have a clear idea of what you desire. Assessing your situation and determining how quickly you want a house and how it will accommodate your lifestyle can assist you in making the best financial decision.
Presello has your back, whether you’re looking to purchase or construct. We can show you around Metro Manila’s greatest existing homes and propose the most reputable design and construction firms.