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Building vs. Buying a Home: Which Is Right for You?

Some of the pros and cons of each of the two options.

Updated on

July 10, 2015

Rosslyn Springs Nairobi — A home for sale. Building is a time-consuming venture. PHOTO | FILE

Is it cheaper to build or buy a house?

There is no definite answer to this question as the decision to build or buy a home is usually guided by factors such as one’s financial status, cash flow, and work schedule among others.

Here are the pros and cons of each of the two options to help you make the best choice.

1.) Building

This is the most preferred option as it offers homeowners the chance to custom-make their dream homes as well as the flexibility to decide on the size of the house, the number of rooms, the interiors and exteriors of the house, landscaping, and much more.

Building your house gives you the chance to learn many useful things about home construction and it also gives you some sense of ownership that can only come from monitoring the house construction process.

When building your home, you have total control over the features and materials to be used on the project – which is a good thing for homeowners seeking to use environmentally friendly materials and energy-efficient features for their homes.

The disadvantage of building a home is that it can be stressful and time-consuming. This is especially true considering the time taken to shop around for suitable land, discounted building materials, architects, contractors, or surveyors.

It can also be disheartening (and expensive) waiting for construction to finish as you have to put up with alternative living arrangements (in most cases rental). Besides, unexpected costs may arise in your project forcing you to pay extra for unplanned expenses.

2.) Buying

A good number of people choose this option as they consider it to be hassle-free. This is to a large extent true since, with a good property agent, the process can take just a few days or weeks depending on how quickly you want to move.

Buying a house offers you a chance to become a critical shopper – comparing different homes until you find one that meets your desired criteria at the right price. While hunting for a home, you can always drive a tough bargain and get the best rates in the market.

The disadvantage of buying a home is that you do not have the flexibility to choose certain features of the house such as the size of the rooms and exteriors because these are usually pre-planned by the developer.

In addition, you do not have a guarantee of the actual quality of a ready-for-sale house. Some houses have been reported to collapse or develop cracks after a few years due to faulty construction.

Is it cheaper to build or buy a house?

When all is said and done, none of the two options is better (or easier) than the other as both involve some hard work. However, with the right information and careful planning, the result is satisfactory whichever option you choose.