by Rita Njoroge
May 19, 2023
Benefits, Buying Land, Did You Know, Real Estate, Uncategorized
02 Mins

Building or buying a home? This is what you should consider

As you embark on your journey to home ownership, you may encounter the dilemma of choosing to either build or buy a house. Before making your final decision, it is important to understand both options and to settle for one that best suits your means and needs.

Below are some of the factors to consider when deciding whether to buy or build.

Cost

Cost is a big determinant when making decisions on whether you should build or buy.

Building your own home comes with the construction costs, the cost of purchasing the land as well as other relevant fees for quantity surveyors, engineers, contractors, and county permits, approvals, and licenses for a great finished product.

**Ongoing construction of the Miran Residence.**

If you are looking to buy an existing home, the cost of the land and building are already factored into the purchase price. Safaricom Investment Co-operative offers beautiful and well-built houses like The Miran Residence that will cater for your needs and wants.

Therefore, calculate your costs and decide which option falls within your budget.

Design

One of the advantages of building your own house is that you get to design your house however you like. You are able to decide the architectural design and the position and design of the rooms as per your wishes.

On the other hand, ready-built houses already have a design set in place that is not easily changeable, thereby suitable for individuals who are comfortable with the set design.

Location

The decision to build or buy a house is also affected by location. Land used for development in Kenya is normally found in the outskirts of the city making building a house a more suitable option for people looking to set up holiday and retirement homes, or even individuals who are looking for a quiet place to settle down away from the hustle and bustle of the city.

If you need to live in or close to the city, buying a house is the better option as there are many apartments to choose from. Most houses that are being sold in the city are close to amenities such as shopping malls, schools, and hospitals, among others. Buying a house is also convenient for individuals who prefer the city and are working within or close to the city.

Research

Conduct thorough research on the pros and cons of buying and building a house. Research about the developer you are buying the house from. Check their track record and the condition of their other finished projects to ascertain whether they are trustworthy and dependable.

If you are building a house check the track record of the contractors and the teams, you are planning to use. How well do you know them? Their terms and timelines they promise versus delivery. How does the contractor’s financial model work? Do they have clear accountability and work plans?

Consult with people you know that have prior experience and who will help you understand all that you need to know to make an informed decision.

Whether you decide to build or buy a home, ensure that you have all the facts at your fingertips and have thoroughly analysed your options to guarantee a smoother road to achieving your home ownership dream.

Safaricom Investment Co-operative provides you with both lands to build and ready-built houses that help you achieve your dreams. To acquire land or buy a home, visit our website https://sic.co.ke/index