In order to answer this question effectively, I need to walk you through certain factors. So a thorough comparative analysis will help you see the situation from different perspectives. This will guide you in making the right decision you will be happy with.
When Buying a House
1. Already built house was built to the taste and standard of another person which may be different from yours. Therefore, you may not like certain aspects of the house.
2. It is difficult to know the quality of materials used to build the house. Some houses built with poor materials have been given good finishing, so unsuspecting buyers hardly detect it.
3. Consider the cost of renovation and maintenance: some old houses would need a heavy make –over and this will drain your resources more than you anticipated.
4. Risk of purchasing fake building is a bit lower compared to acquiring a land to build a new one
5. Old houses have shorter life-span compared to new ones
Issues Regarding Building a New House
1. You have opportunity to determine your taste from scratch.
2. You monitor the building for quality compliance and proper utilization of materials
3. There is a higher risk of purchasing a fake land for the project unless a thorough investigation is carried out
4. You may not have the time to supervise the building project from scratch to the finish
5. Contractor handling your building project may not be judicious or sincere. He could divert or steal materials. Click here to see the tricks of some greedy contractors
6. You could run out of money in the middle of the building project if proper calculation was not made at the start.
In my analysis, I have carefully considered the pros and cons leaving you to draw the right conclusion. What works for one may not work perfectly for the other. Cheers!
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