"Is It Better to Build My Own House or to Buy From Real Estate Developers?" Expert Advises

• A man wants to own his own home but is not quite sure if he should embark on building a house from scratch
• He does not know if it is better for him to just buy a house that is already built by real estate developers
• Bright Ogbonna, a real estate expert at Lujo Heights Homes, offers insights on which is better when planning to own a home

An anonymous asked:

"Is it better to build my own house or to buy from real estate developers? Should I just buy a house that is already built?"

Many people dream of owning a home. They hold on to the desire to stop paying rent, always trying to save money to invest in their dream house.

However, some people don't know which one is best for them. While others prefer to buy an already-built house, some want to build one from scratch. But which one is preferable?

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Bright Ogbona, a real estate expert at Lujo Heights Homes, offers insights on what prospective homeowners should consider before deciding to build or buy a house.

What should I consider before deciding to build a house from scratch?

Building a house from scratch is not unrewarding depending on the need. First, let's look at what it takes to build a house from scratch. You will need to hire a qualified land surveyor to survey the land on which you want to build. This will enable you to know beforehand if the land suffers from a difficult inclination. In some rare cases, a site survey might reveal your desired plot isn't suitable for residential purposes as well as help to get a better idea of budget requirements

In building a house from scratch, you will need to consider the budget. Self-build houses may take so much money to complete. Definitely, it will lead to delays if one runs out of funds.

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However, building a home from scratch can be more cost-effective if managed properly, as opposed to buying from an agent or a real estate firm that expects significant returns on their investment.

What should I bear in mind if I decide to buy a house from developers?

Buying a house is less stressful and demanding. This settles the rigorous stages of hiring a surveyor, buying and transporting building materials, and hiring skilled and unskilled labourers.

The real estate company must have covered all contingencies and must have done due diligence to avoid future disputes or encumbrances which may pose termination of the house project. All these stress and costs are being taken care of by the real estate firm.

However, each choice comes with its own benefits and challenges. In the long run, your budget and lifestyle needs will be the deciding factors

Buying a house or building one, which one is better and cheaper?

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Saying one is cheaper than the other is subjective. Buying a house that was built when dollar rate was high might cost you more than the one built when dollar rate was minimal. You don't want to go through the stress of disappointments from contractors and labourers when you could actually do an outright payment or even do a payment plan spread for up to two or three years, depending on the agreement you would have with the real estate firm involved

When considering the time factor, it's better to buy a house. However, one major disadvantage of buying an already-built house is the fact that the contractor or the engineer in charge might not have gotten it the way you desired or wanted it.

This is because you weren't involved in the inspection and supervision process. You just saw a fine house and bought it even without knowing the hidden infrastructural errors or mistakes made.

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That is where you do a good job of contacting a trusted and legit real estate company that has a blueprint for developing top-notch apartments and estates that will not jeopardize their integrity by building faulty houses.

The other advantage is that buying a house from a real estate company or agent means that due diligence has been done and all encumbrances checked and cleared, including all Ministry of Land issues resolved, and villagers clamouring for marching ground and house permits must have been settled. Whereas, building from scratch demands that you go out of your way to do your due diligence, which includes all factors mentioned above. The choice is entirely that of the buyer.

Man shows off N5 million house

Earlier, Legit.ng reported that a construction worker had sparked a debate online after showing off a fine two-bedroom bungalow.

While sharing the photo via Twitter, he asked netizens to give him only N5 million to build it for them.

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However, some people have argued that N5 million may not be able to build such a house.

Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decision.

Have a story to tell? Need an expert's advice? Feel free to reach out to us at ask.an.expert@corp.legit.ng with "Ask An Expert" in the subject line.

Source: Legit.ng