Now that you’re ready for a home, the question is probably whether you buy an existing/ already built house or whether you are better off building on your own plot of land?

Look no further. We’ve got the answers here.

Whilst there are many personal pros and cons to either option – here we’re going to give you the hard and fast aspects to how either will affect your finances, personal conveniences & risk, property value and even long-term planning.

Remember everyone will have their own reasons for choosing one over the other, but ultimately, it’s about what’s right for you.

What you need to know about buying a built home:

The Pros:

● Existing houses also generally tend to be larger, with “frills” such as rooftop entertainment areas, swimming pools or even large gardens in-built. Which inevitably results in lower costs to build compared with bare land projects.
● When buying an existing home – the process from purchase to livability is fairly shorter which bodes better for convenience.
● When purchasing an existing home – house hunting means you can always buy a house at a specific price, with zero surprises leading to extra costs. With home construction – chances are you will go beyond your allocated budget to receive your dream home.
● Existing homes offer better real estate value for capital gains and even rentability- especially if built closer to the city centre or in a highly sought after/ up-and-coming neighbourhood.
Cons:

When outright purchasing an existing house – considerable wear-and-tear needs to be taken into account – and in need of considerable refurbishment. This may in turn end up costing you the same as building a new home, depending on how extensive the renovations may be.
In turn, older homes also tend to be less energy-efficient or electronically adept, and will require considerable refurbishment and expense in order to make it so.
You may at times come across remnants of the former owners/ tenants through personalisation of spaces, markings, etc. If you’re not a fan of the “lived-in” homes, then this option is not for you.
Transfer and stamp duty costs can account for a large chunk of your savings.
You are inevitably purchasing a home that hasn’t been created to your specifications or family needs, ie. number of bedrooms to suit your family size – which could result in a little friction or at the least some major renovations/ additions.
If you haven’t built it you’ll never know what quality of raw materials have been used for parts of your home, particularly your foundation and whether its been built using low quality cement, steal or sea sand.
What you need to know about building your own home:

Pros:

You can build a modern home that is more energy-efficient and tech-friendly, saving on upgrading an old home which will be more cost-effective and add-on rather than a natural part of the design and build.
You are able to build your own house to match your specifications – with minimal defects or issues and lesser chances of renovations or refurbishments needing to happen within the first decade.
A brand new home will have lower ongoing maintenance and running costs, especially in the immediate future.
There is less pressure, resulting from zero competition to build your home vs. buying a house on the market.
A new home will be far more rentable and will result in higher investment value, compared to an older, tired home.
The quality of your home is wholly in your hands. You can rest assured knowing that you have built a home for your loved ones taking the most care and consideration in terms of raw materials, proofing and design.
Cons:

Building your perfect home can take months or even years to complete with several delays and complications arising.
As a result of delays you may have to live elsewhere or even spend money on renting a temporary home.
Adding a garden, rooftop entertainment area and especially a swimming pool racks up costs for the building of your brand new home.
At the end of the day the financial implications are probably what’s going to really be the deciding factor. While generally many know that building your own home can be more expensive, in the long-run maintaining or refurbishing an existing home can also rack up your costs.

Want to know more about how to choose the right path to owning your dream home?

Call Sri Lanka’s preferred design & build firm +94 77 777 3121.

Whether buying or building – with Beverlee Holdings by your side, we provide absolute testing and property checks through our Technical Team to ensure you’re getting the best home for your future.