One of the most important considerations when it comes to thinking about purchasing a property is whether to buy an existing property and renovate or to buy land only and build your dream home.
With property prices for both land and existing buildings shooting the roof, cost plays an integral feature in the decision making process as to whether to buy an existing house or to build. Here are some other considerations you will need to take account of.
Pros of buying an existing home
The two main benefits for buying an existing in home is convenience and cost.
It is more convenient to buy an existing home where you can simply move in and occupy within a few months from settling your purchase.
If the house is fairly new, there is likely to be less maintenance costs thus saving you money. Even if the house is old, there could still be less maintenance if the builder has done a tremendous job and the house has made it through the test of times. Some new houses do not stand the test of time due to poor craftsmanship. As such, it is advisable to get some advice from a carpenter or builder who can do some inspections on the property.
Cons of buying an existing home
When you buy a new home, you basically take it for as it is. The existing floor plan might not be to your liking and any further changes to it will most certainly require time and of course money.
And as outlined above, if the existing house is in need of major repairs, the cost could just be as expensive as building a new one.
Pros of building
For more homeowners who have the money to spend, buying land and building brings a lot more satisfaction. Knowing that you have put in your hard work before and during construction gives that extra satisfaction buying an existing home doesn’t.
Furthermore, you have more control over what you want done and you can do this in the planning stages with your architect and your builder.
Cons of building
Building can be very costly and time consuming. It can create inconvenience and a lot of it.
With increase construction materials in Papua New Guinea, a budget for building a home has never been higher even for a standard 3 bedroom high set house.
And in most cases, prior to construction, you will need an architect to design the house and planning approval from the physical planning board. These tasks can take up to 3 months alone if not more. And once approval is obtained, the construction phase can take a minimum of 3 months up to 12 months depending on what it is that you’re building.
Deciding whether to buy existing or build will come down to each individual’s own circumstances. But whatever you do, never rush into the decision because a wrong decision can cost you a lot.
As a tip, if you want to save some extra cash negotiating at the start is critical. If you buy well, you can save some money to be applied to items during the planning and design and construction.