- Real Estate
Seven Points to Consider When Deciding to Build or Buy
All things being equal (and they never are on a round planet my friend) it is always more convenient to buy a house than to build one. But there is much creative joy as well as firsthand knowledge of the quality when you build your house. Here are seven important points to consider:
1. Research the covenants and restrictions in a particular location. Your dream house might not be permitted.
2. Can you find a property which offers your ideal layout, design and landscaping without compromising too much of your personal taste. That sounds like a buy to me.
3. You see something affordable which you can readily repair and live in. I would not hesitate.
4. You are fortunate to obtain a vacant lot in a new subdivision which is the best in the suburbs and the developers are providing perfect amenities. They even provide you with plans if needed. You don’t like the headache of building but you knew that in two years you will be living in the best community in town. Buy now. In three years the price will double.
5. Should you decide to build on a limited budget, don’t try to cut corners by employing inexperienced builders. What you save today you will pay for tomorrow in repairs and having to knock out walls to fix major problems.
6. Your property should be an asset and not a liability, so seek to buy when the development is not yet overpriced, and look ahead for good location for rental income.
7. The construction of a house will take a toll on your time. If you are not comfortable with delegating the supervisory function to a contractor then take time to evaluate your availability. You will need to manage the project which includes dealing with government offices, purchasing hardware, negotiating with workmen, and preparing the pay bill.
The above is written for general reading and is not offered as legal or technical recommendation. Neither the writer nor HubPages will be held liable for any decision made upon reading the above content, and are released from any presumed obligations.