There are two paths to owning a home in Nigeria – building from scratch and buying an existing house. Prospective home owners are often torn between deciding which path is a better option. So in this article, we will be looking at the cons and pros of both buying already existing home and building from ground.
Building a house from the ground has always been the norm in Nigeria for prospective home owners. However, in recent years, buying of already existing home has now become the new trend. And it is not a bad thing, They both have their advantages and disadvantages.
However, it is important before you decide on your next home, take time to explore the arguments for and against each choice with the help of your real estate agent.
Here is a look at both buying a new home and buying an existing one.
Building a home from scratch
Building a home from scratch requires following a due process and this process is time consuming and requires a lot of effort.
First you need to find a genuine and well documented land that is problem free and in a good location of your choice. After this, you also have to factor in the time to find an architect or builder, and choose every element of the new structure.
Though this process is time consuming and requires a lot if effort to carry it out properly, one thing is certain: with building from scratch, you are much more likely to get exactly what you want because you are building the house to suit your taste and lifestyle.
And also, You can limit the risk that your house will go over budget or take longer than you expected by working with a reputable builder and having a good contract in place.
Built to meet current building codes and up-to-date technology.
Another benefit of building new home is that your home meets the current building codes set by the government and you also get to use and enjoy latest technologies in your home. And…
You don’t have to worry about big maintenance repairs right away( most times for years) as everything is brand new.
Building a new home also has its disadvantages as well and they are…
Cons of building a home
The biggest drawbacks to building a house tend to be the higher costs and longer time frame, both of which can increase throughout the home-building process.
To save both money and time, maintain good communication with your builder, and make sure you are happy with the design/specs before the build begins. It’s not good for you or your builder if you change your mind about the color of the granite counter tops after they’ve already been installed.
In addition, your contractor should work with you to help you reduce costs. Substituting different materials and fixtures can save thousands of dollars, so if costs are a concern, ask ahead of time if there’s a cheaper alternative.
You won’t be able to move in immediately
Another disadvantage of building is that you can’t move in immediately. You will need to exercise patience till your building is completed. So if you are opting for building instead of buying, a lot of patient is required from you.
Advantages of buying an existing house
The two primary benefits of buying an existing home are: convenience and cost. Once you find the home you want to buy, make and offer and if your offer is accepted, you close the deal and you move into your new home. No need to spend time looking for an architect, developer and waiting for building to be completed before moving in. However, there are processes involved in buying a house and they include financing, viewing homes, making offers, home inspections, and closing.
When you buy an existing house, you are more likely to buy from an existing environment with amenities like malls, schools, recreation centers which you will enjoy. And also, Thinking about your commute time to get to and from work, schools and job opportunities will make living close to the central business districts an important consideration.
You can negotiate price
When buying an existing home, you can negotiate price unlike building from scratch where you can’t because the amount you spend depend on factors such as the developer you are hiring, cost of land, architect and cost of building materials.
Disadvantages of buying an existing home
You might not get everything you want
The major drawback with buying an existing home is you might not get exactly what you are looking for in a house to fit your life style and taste because the house was modeled to match someone else’s lifestyle and taste.
Another drawback is…
You could face possible maintenance issues.
This is another issue with buying a house in Lagos state, Because most times, these already built houses have been in existence for some time so You may need to do some renovations to give the building a new shape, and also add new features to the home.
With all that said, every market is different—just like every buyer is different. The best way to choose the option that’s right for you is to talk it over with an experienced real estate agent. Your agent will know where the deals are, whether you’re interested in the long-time neighborhoods And they’ll help you decide whether building a house or buying an existing home will suit your needs best.
We @Bethel realtors & management can put you in touch with an experienced agent in Lagos state. All you need to do is contact us on 0902 455 4979 or visit our head office Suite 201 & 202 Akord shopping mall bogije, ibeju-lekki LGA, Lagos state.