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Building a House vs. Buying a Pre-Built New House

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Getting a new home is one of the very crucial steps a person takes in his life and so a thorough decision should be made.

buying building new house

There are numerous factors that need to be considered while moving into a new home. Most important of all, the person needs to decide whether he wants a pre-built new house or he wants to purchase the land and get it constructed according to his wishes. Both of these have their pros and cons but one needs to decide what will suit them the most.

To help you make an informed decision we have listed some of the factors you should consider before making such a huge decision.

Price Factor

There’s a ton of difference between the prices of a pre-built house and an under construction house. Bear in mind that the pre-built houses cost like 10%-30% more than the under construction houses. And that is pretty much justified as the fully furnished homes add more cost.

But on the other hand, you never know how much an under construction home will cost you as the prices can go up anytime and you’ll be left with a higher price to pay. Although it doesn’t happen much, you never know when the housing society might change their prices. So evidently both have their advantages and disadvantages, you gotta decide which one’s the safest and more reliable.

Hold up Problem

Time constraint is a huge problem if you want to go for an under construction house. Everybody knows that when construction starts, you never know how long it’s gonna take. You never know how lazy the construction company is and they could hold up your work for months. There could also arise an issue in land disputes, new policies, authorization processes, abandonment of the project due to funding problem, and many more. So the timeline is never clear to you.

When people have a time constraint, they prefer purchasing a fully furnished house and are ready to pay the double price which might eventually be equal to the numerous costs that you bear in delay.  All you have to do is complete the documents and make the payment and the house is ready for you to move in. This is probably one of the top pros of pre-built houses.

Issues in Quality of the House

When you decide to get your house constructed with your own vision and plans, be prepared for a surprise. Your house might not look like the way you had anticipated it to be. A number of changes take place during the construction process and you have to bear in mind that nothing goes as planned.

Many hindrances occur along the way for which you need to be mentally prepared. But that does not mean that you can’t minimize the problems, you can make regular visits to the construction site and make sure things go according to the plan.  Nothing as such happens when you purchase a pre-built house as everything is right in front of you and already made.

It is quite obvious now that at the end of the day, the decision of whether to purchase a pre-built house or an under construction property depends on your own preferences. It’s up to you how you evaluate both of them and their pros and cons. You need to rethink your financial situation before you can make any decision. As discussed above, both have advantages and disadvantages and it’s your choice which one is more suitable for you because at the end of the day, you will be the one to bear the brunt of your decision and no one else.

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