Property Ownership. Should I Buy or Build

You’re at the crossroads of home ownership: should you build from scratch or buy an existing house? In a bustling market like Lagos, Abuja, or Port Harcourt, where demand is high, considering building your dream home could be enticing.

However, the time factor also plays a crucial role. Let’s explore the cost comparison of building versus buying a house in Nigeria to help you make an informed decision.

Buying an Existing Home: A Snapshot

Let’s first glance at the advantages and disadvantages of buying an existing home:

Move-in readyHouse hunting can be stressful
Generally less costlyMay compromise on desired style
Renovation optionsPotential maintenance issues
Established landscaping

Pros of Buying an Existing Home

  • Move-In Condition: If you’re eager to settle quickly, an existing home offers immediate occupancy, sparing you construction delays.
  • Less Costly: Typically, buying a pre-existing house tends to be more budget-friendly, especially considering current market trends.
  • Renovation Options: You can personalize your home gradually, aligning upgrades with your budget and timeline.
  • Established Landscaping: Mature gardens in established homes could save you the effort and cost of landscaping from scratch.

Cons of Buying

  • House Hunting Stress: Finding the perfect match amidst a competitive market can be daunting and time-consuming.
  • Style Compromise: Limited availability might force compromises on your ideal home design or location.
  • Maintenance Issues: Aging infrastructures might lead to unexpected maintenance costs down the line.

Building a New Home: What to Expect

Now, let’s explore the pros and cons of building a house:

Complete customizationFinancing can be more expensive
Less competitionUnexpected costs and delays
Less ongoing maintenanceExtended build time
Requires more effort
Potential distance from urban areas

Pros of Building

  • Complete Customization: Build your dream home exactly to your specifications, reflecting your style and preferences.
  • Less Competition: Once you secure land, you’re not competing with others for the same property, though construction supply challenges might arise.
  • Less Ongoing Maintenance: New constructions typically come with warranties, reducing initial maintenance costs.

Cons of Building

  • More Expensive Financing: Securing loans for land and construction can be pricier and more complex than traditional home loans.
  • Unexpected Costs and Delays: Construction projects often encounter unforeseen expenses and delays, impacting timelines and budgets.
  • Extended Build Time: Unlike buying a ready-made house, building from scratch demands patience, with completion taking significantly longer.
  • Requires More Effort: Building a house involves numerous decisions and active involvement throughout the process, demanding time and effort.
  • Potential Distance from Urban Areas: Finding suitable land close to urban hubs might be challenging, potentially leading to longer commutes.

Conclusion: Build or Buy?

Ultimately, the decision between building or buying a house in Nigeria boils down to your priorities and circumstances. While building offers customization and newer amenities, it comes with higher costs and longer timelines. Buying built luxury property homes like Dozek’s Janelle’s White Cove provides quicker occupancy and potentially lower upfront expenses, but with fewer customization options.

Whether you’re leaning towards building or buying, partnering with a trusted property development company can provide valuable insights into your budget and financing options. Make an informed choice that aligns with your long-term goals and lifestyle aspirations.