Do you desire to own a living space that is right according to your lifestyle? You may be thinking that constructing a house is the only way to fulfil your requirements. Well, you may be right. But, you should not rush your decision. What if you find an already-constructed property that fits your preferences?
Feeling puzzled? We’re here to help!
In this blog, we are going to list and discuss all the major pros and cons of buying or constructing a house. So, make sure to read it all the way through to make a wise choice.
Do You Already Have a Location in Mind or Are You Searching for One?
The location of a property is the most important factor that you should consider while planning your investment. People often look for a spot that is close to their workplace and other facilities like schools, hospitals, etc. Also, try to pick a neighbourhood that is secure and contains recreational spaces, such as public parks.
Other Key Factors to Consider
Once you’ve chosen the location, the next phase is to decide if you want to buy or construct a house. your decision could be based on a host of factors, for example, square footage, architecture, and the number of storeys and rooms you want in your living space, among other features. Also, before making any structural changes to a property, make sure you are aware of the local construction bylaws.
Either to Buy or Construct a House – Important Things to Keep in Mind
The decision to either buy or construct a property is crucial, thus requiring careful consideration. So, let’s weigh the pros and cons of building a house or buying a property and find out which option suits you the most.
Financing Your New Home
Buying a home is a huge investment. Fortunately, there are many home financing schemes available these days. These facilities allow people to purchase properties in easy monthly instalments.
Have you heard about SBP’s markup subsidy scheme? If not, then read this blog to learn all about it. On the other hand, you may also be interested in learning more about popular commercial banks that offer home loans in Pakistan
However, it is pertinent to mention here that if you’re planning to build a house, you may have to request two loans. The first one would be for buying a piece of land and the second one would be for construction work. Generally, requesting two loans is a longer and more expensive process than applying for a single loan.
Comparing Costs
A lot of people opt for buying a house because it usually costs less than constructing it. You would have to purchase land and then start constructing your house from scratch. Also, where would you be living in the meantime? Finding accommodation elsewhere would be the only option you have. You would probably be renting a place while your future home is being built.
Keep these additional costs in mind while weighing the pros and cons of constructing vs buying a house. Another thing to keep in mind is that setting up a house in an upscale area could be way more expensive than buying a home in an affordable locality. So, always keep your budget in mind while making such decisions.
Convenience or Customization, What Will You Prefer?
If you want to immediately start your routine in your new home, then you should go for an already-constructed unit. You’ll just have to furnish it, which is quite convenient. Similarly, if you are looking for a more bespoke living experience then you may have to wait for a little longer until your house isn’t built according to your requirements.
Also, if you think the option of construction is costly and difficult, then you should consider remodelling or renovating your new space. It would be cheaper and less time-consuming than building a property from the ground up.
Addition of Your Preferred Facilities and Amenities
Modern homes are often equipped with different types of amenities and doorstep facilities. Our lifestyles have got busier in recent times. To spend quality family time, it would be very convenient for people to enjoy their preferred recreational activities right from the comfort of their homes.
For example, you can set up a library, reading nook, indoor gym, swimming pool, children’s play or study area, etc. Having a home office or a workstation would also be a blessing in today’s world. It is because most of us either work remotely or follow a hybrid work routine.
The addition of such types of facilities and purpose-built spaces in properties depends on the lifestyle preferences and choices of the owners. Also, keep in mind that adding any new feature to a house that is under construction is far easier than making similar changes to an already-built property since the latter scenario may involve tedious renovations.
Property Value
Of course, the newer the property, the greater its value. Newly built abodes are usually designed with the latest features and there are hardly any problems of wear and tear. Therefore, such properties are preferred by a majority of buyers. So, if you are constructing your own home, then you might get a profitable deal upon selling it down the road.
On the other hand, if you are thinking of owning an older house, it might possibly give you a return on your property investment lower than your expectations. Also, if you have plans to sell your house in the future to upgrade to a newer one, you might want to closely consider the property value factor.
Constructing vs Buying a Home – Let’s Make a Wise Choice!
Carefully consider all the aforementioned factors while keeping your budget and requirements in mind. Also, discuss the matter with your family or trustworthy people around you to make a well-informed choice.
Want to start your property hunt on the right foot? Check out the real estate listings available on Zameen.com in your desired city. The advanced filters available on the website will help you narrow down your options.
Meanwhile, if you want to read more informative construction updates and property pieces, stay connected with Zameen Blog — the best real estate blog in Pakistan.
