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Buying or building your home, what’s best for you?

Getting the ideal home is a dream all homeowners have; and building a home just the way you want it seems to be the ideal solution. But is it really? Perhaps more importantly is it worth it? Let’s look at some of the advantages and disadvantages of buying and building, so that you can decide for yourself.

Building your home

Advantages	Disadvantages
Building a home gets you exactly what you want, where you want, and the way you want it. You can have the kind of house that suits your exact needs and desires. You will have a home that is truly yours. A newly built home may not need repairs or maintenance initially. It will be completely compliant with all regulations. You will be able to easily incorporate the latest technologies like internet and connectivity, as well as nice-to-haves like air- conditioning, heating or the latest sustainable building environmental technologies.	You will have to take responsibility for the quality and the progress of your build or employ a competent person to manage on your behalf. Building can be time- consuming. Fixtures and fittings like lights and taps can be expensive especially since you don’t consider these costs. Establishing a garden also adds to your costs. You also need to budget for interim interest on your building loan. You may have delays in building requiring you to find alternative accommodation until your new house is completed.

Advantages

Disadvantages

Building a home gets you exactly what you want, where you want, and the way you want it.
You can have the kind of house that suits your exact needs and desires.
You will have a home that is truly yours.
A newly built home may not need repairs or maintenance initially. It will be completely compliant with all regulations.
You will be able to easily incorporate the latest technologies like internet and connectivity, as well as nice-to-haves like air- conditioning, heating or the latest sustainable building environmental technologies.

You will have to take responsibility for the quality and the progress of your build or employ a competent person to manage on your behalf.
Building can be time- consuming.
Fixtures and fittings like lights and taps can be expensive especially since you don’t consider these costs.
Establishing a garden also adds to your costs.
You also need to budget for interim interest on your building loan.
You may have delays in building requiring you to find alternative accommodation until your new house is completed.

Please note :

Important: We will add interim interest, at your yearly variable interest rate, on the progress payments made from your account, monthly, in arrears, until the day that the final amount of your Mortgage Loan is paid out. If you do not make interim payments to cover this interest, the funds available under the Mortgage Loan will be reduced and may not be enough to complete the building. Because of this, it is highly recommended that you pay your interim interest every month during your building period.
You have the option to pay for the interest during the building loan period via Debit Order. We will send you quarterly statements during the building loan period. The first repayment is due on the repayment day, as chosen by you in the next month after the final payment is made, or nine months after registration, whichever occurs first.

Buying a home

Advantages	Disadvantages
The biggest advantage of buying a home is that you get what you see at a price that’s fixed. All your buying costs can be worked out upfront, which means you can budget and plan with confidence.	Any house you buy might not suit your exact requirements. An older home will often come with costs and unnecessary maintenance. Since your home is not brand-new, you can expect that things will need to be repaired and replaced. You don’t have any say about the style or finishes, unless you are prepared to spend extra repainting and renovating to suit your style

Building (and buying) within secure estates will come with levies. These must be budgeted for as an additional monthly expense and can add significantly to your monthly costs.

The choice is yours

At the end of the day, it’s all about planning and affordability. You need to think about what you want, how much you are prepared to pay and how much time you have available. There is no clear choice that is correct, but rather you must decide what works best for you and your budget. Remember, with good planning and preparation, the home you choose to buy or build can be your dream home for the rest of your life.

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