Could you unable to decide whether to buy a complete house and buy a piece of land to build your home later? What advantages do you stand to miss or enjoy?
Before making any step on which to settle for, research will play a substantial role because both the two options have their merits and demerits. This article aids to help you figure it out.
Professionals advise that you consider purchasing a piece of land just if you are the first timer in the real estate as you might be working on a budget, ready-made houses are costly.
Purchasing a vacant plot will give you the options to diversify your property. You can opt to construct commercial houses, do farming, or mix the two. You stand a chance to build a house with a personal touch since you get it customized according to your specifications, preferences, and taste.
Currently, buying within the urban centres is proving itself expensive, unlike in Nairobi’s outskirts, for sure you will want to consider this option due to its cost-effectiveness and ability to build later.
Being a plot owner, you won’t have to stress with maintenance compared to owning a house and doing time to time renovations or settling charges. With a piece of land, the value will appreciate as time goes by in reflection to demand. You might need an advice on investing in vacant land
On the other hand, purchasing an existing home can be a good idea for your budget. An existing mortgage is considered time-saving, search for the house of choice and purchase, unlike purchasing land to build.
Also, you have a chance of finding a home in your area of preference, unlike constructing where the land availability and purchase have to be considered.
Lastly, you always stand a tremendous potential of purchasing a house with everything in it hence being able to readily move in to unlike buying a plot to start from scratch.
All in all, to buy a plot, consider the availability of proper infrastructure. Go for a plot connected to a nearby road as your dream house can easily be connected to public utilities such as water and electricity.
There you have it. A comprehensive guide to making the right investment. What are you buying?