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Building a House vs Buying; See the Cheapest & Best
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|Building a House vs Buying; See the Cheapest & Best by Festus(1): Thu 07, October, 2021|
Is building a house cheaper than buying?
It is no lie that we all want good things at a fair cost, and therefore I place this question to you, is building a house cheaper than buying?
Well, as a housing and moving company, we have encountered various moving and interior design clients wondering what’s good between building a house vs buying a house.
The best answer to help you understand what is good and better between building a house vs buying a house is based on several straightforward answers. Building your own house will be cheaper compared to buying a house if you consider these factors.
Factors that Make Building a House Cheaper
1. Have your own Land
Owning your own land makes it cheap to build your house. Remember the place you buy a house is determined by the value of the land the house is built on.
The high value of the land you buy or build your dream house will also increase or reduce the cost. Therefore, building a house s buying cost is highly influenced by the land, its value, and ownership.
Well, the location where you choose to build your house can help you determine what is good between building a house vs buying cost.
For example, house prices in Nairobi are definitely more expensive than in a remote area because of the location and land cost in Nairobi.
Therefore, building a house in a fairly priced estate is cheaper than buying a house in a high-value estate. This is a guide of affordable estates in Nairobi, places that are affordable to buy and build your house.
3. Buy Materials Yourself
If you have time, buy your building materials if you want to have a good cheap house. This gives you the actual cost of building a house in Kenya.
Foremen and contractors mostly shortchange you in buying the materials, they buy cheap and sometimes substandard materials yet quote to you a very high price. Is building a house cheaper than buying still expensive with such a tip?
No, if you can, go bargain and pay for the materials yourself if you need to know legit house prices in Nairobi. Otherwise, somebody will illegitimately open a new hardware shop with your hard-earned money.
4. Choose a Cheap House Design
Did you know a good house design determines the cost of building a house in Kenya?
Building a house vs buying cost is major influenced by the design. Compare different architecture impressions and you’ll understand it all. House designs have a major influence on house prices in Nairobi.
Therefore, if you looking for good house prices, go for a cheap house design that will reduce the general cost from workers, engineers, and specialists.
5. Go for New Technology
There are lots of new building technologies that are reducing the cost of building houses in Kenya.
New building technologies include prefab design, Eps Panels, and interlocking bricks. The benefits of new building technologies are;
Reduce labor cost from the fewer number builders
Reduced number of materials
Less construction timeline
Therefore in comparing building a house vs buying cost of a house, think the tech applied for the house. Is building a house cheaper than buying a house with such new building technology? Yes!
These technologies have reduced house prices in Nairobi and across the country.
6. Close Supervise the Construction
When you close supervise your house under construction, you reduce the chances of brokerage and expensive lies.
A close friend noted he was sending money for cement thrice a week to his foreman only to realize they only used cement once a week.
It was super expensive. Therefore the cost of building a house in Kenya could go high and you end up wondering what is good between building a house vs buying an already built house if you don’t know such a tip.
Building a house is cheaper than buying a house when you know these truths. Our interior design team has lots of such cases that determine house prices in Nairobi.
7. Build in Good Weather Season
Do not build your house in the rainy season. This is because the rainy season highly raises the cost of building a house in Kenya and across the world.
The following factors make building during the rainy season expensive;
Materials prices go high
Builders do less work for the same money
Construction stops yet you pay for manning
Transport goes high
Generally building a house vs buying cost is majorly influenced by the construction season. There’s also a guide on cheap house construction to help.
Cost of Building House in Kenya
The cost of building a house in Kenya is best determined by building cost per square meter. The average construction cost of a square meter in Kenya ranges between Ksh. 29,000 and 72,000.
However, the cost of building a house in Kenya or across the globe is determined by several factors that include;
Preconstruction preparations, e.g excavations
Contractor specialty, etc.
In any case, when you are comparing building a house vs buying an already built house, the above factors determine the ultimate house prices in Nairobi and across the world.
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Advantages of Building a House Compared to Buying
There are lots of advantages in building a house vs buying an existing house without even checking the price. Some of the advantages of building a house compared to buying a house include;
a. Intrinsic satisfaction
We all know how it feels great to achieve a concept from foundation to its success. it brings peace and a sense of achievement.
Despite the hassles, it is intrinsically satisfying to know you have seen through your dream house. This is similar to preparing your own recipe and bringing out the meal as desired. There’s lots of peace in self-satisfaction.
b. Quality assurance
Building your own house with your good foremen or contractors gives you some good quality assurance. This is because you know and see construction design, stages, materials, and progress through supervision.
I know you’ve heard of a person that bought an expensive house and only realized it was made with substandard materials.
During our TV Mounting after offer our Premier House Relocation, we noted the drilled wall was a plastered mud house. It was not only shocking but devastating to the client. Even if you are comparing building a house vs buying cost, we know you deserve some quality assurance of your house.
c. Reduced risk
Lots of houses are crumbling down because of poor construction. Therefore, when you design, vet your builders and oversee the construction, you reduce such risks.
You have control of materials’ quantities and qualities and that gives you control to makes your house stronger and better.
Is building a house cheaper than buying with such secrets? It better be expensive but safe. You don’t want to lose all your investment and life too.
d. Price control
In our factors of making the cost of building a house in Kenya cheaper, you’ve seen how builders swindle people’s money.
When you are building a house, monitor the sources of material, control the price based on your budget and pay when necessary. That helps you understand the cost of building a house vs buying cost. It gives you a controlling factor.
e. Time freedom
In building your house, you have control of time based on the size and design of your house. However, when buying a house, you pay per your seller’s timelines, bank payment times, and models. Build at your speed and stop when necessary, after all, it is your dream house.
f. Preferential design & redesign
More often, we hardly find a finished house matching our dream design. It is either you find ways to love the design or customize it. However, with good resources, you can create designs out of this world and execute the best. That gives you preferential ends and a lifetime of happiness in your palace.
The disadvantage of Building a House Compared to Buying
If you are comparing building a house vs buying one, here is a dossier, building has lots of disadvantages if you only think it was an easy way out. These are the disadvantages of building a house compared to buying one;
1. Stressful Inspections
House construction involves a lengthy process from topography inspection, laying a firm foundation to finishes. To have a good dream house, you have to get the best engineers and inspectors to guide you through.
All these inspections are stressful and time-consuming, it can also be emotionally draining if something goes wrong. Such factors make people prefer to buy a house after comparing the pressure of building a house vs buying cost.
2. Demanding Compliance
After diligent inspections in house construction, various compliances are required by construction authorities like NCA in Kenya. You have to comply with the environmental organization procedures, construction procedures, and county governments.
All these factors also contribute to high house prices in Nairobi and across the world. Is building a house cheaper than buying with many fees paid to compliance licenses? Either way, both will be expensive the more compliance fees increase.
3. Unexpected Delays
Building a house comes with many unexpected delays. Such delays come from natural causes, builders, and even from your own side. Some heavy rainfall, uncompliant contractors, and personal health issues are examples of factors that could sneak in some unexpected delays.
4. Undetermined Costs
If you are building a house with your foreman, some unexpected and undetermined costs could come your way. Such costs come if you pay your foremen and builders every other week or month and you didn’t have a contract on payment.
Therefore the cost of building a house in Kenya could go high if you don’t have such secrets, these are fine details that you need in understanding building a house vs buying costs.
Buying a House Vs Building
Buying a house is an easy and fast process of owning a home than building one. However, either of the two could work best for you and not for some else.
It is good to buy a house if you can’t manage to build your own house. For example, people with land, time, and know-how find it easy and cheap to build a house. People without time, house building know-how, and land find it easy to buy a house.
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(Credit> Re Max Ke.)
If you are in the city and want a home where land is not easy to acquire, buying a house is better than building. This is a list of the most expensive estates in Nairobi with house prices in Nairobi luxury estates.
Cost of Buying a House in Kenya
Kenya is a great country to live and work in, this makes it great in real estate diversity. There is this Ultimate Guide to show you How to Move and Live in Kenya if you are planning to move to Kenya.
There are a lot of great city estates, destination houses, and cultural homes for you to get a good dream house. Moreover, we have a good guide to show you the Best Places to Live in Kenya for reasons. Across these best places to live in Kenya, the cost of buying a house differ because of various factors.
For example, Nairobi palatial estates are the most expensive city to buy a house in Kenya because of international organizations’ demand and business competitiveness. If you are comparing building a house vs buying cost in Nairobi, have a good budget in all ways.
In your analysis, is building a house cheaper than buying one in a competitive city like Nairobi? No, you’d better buy from a tested and trusted estate company. But what is the average cost of buying a house in Kenya?
The cost of buying an average 1 bedroom in Kenya starts from Ksh. 4.5 Million, an average of $41,000 in 2021. With this budget, you will get a house in less competitive areas in Kenya.
To buy an average 2 bedroom in Kenya starts from Ksh. 10 Million, an average of $91,000 in less competitive areas in the year 2021
The cost of buying an average 3 bedroom in Kenya starts from Ksh. 18 Million, an average of $164,000 in areas without high demand in 2021.
Buying a 4 bedroom house and above in less competitive estates starts for Ksh. 30 Million, that is an average of $ 273, 000 in 2021.
Tips for Paying For a New House in Kenya
1. Do due diligence on your interesting house;
Despite seeing and loving your new house, the payments process is a sensitive process. Investigate why the house is on sale and find fine details of the house.
For example, look for the plot title the house has been built on, the ownership chain among other fine factors. Be safe not to pay for a house that has been paid by an innocent person like you elsewhere.
2. Have a lawyer to help you through;
A lawyer will help you to confirm the legality of the house and the process documentation. Even if you are a lawyer, an extra eye can be a helpful piece of lenses.
3. Confirm the legality of your Agent;
You may love the house, its design, confirm its legality, but you need to know the legitimacy of the house selling agent.
Confirm their registration. You don’t need to pay to a ghost company that will soon disappear soon you make the payments. Quite painful. Remember the house that crumbled and the owners didn’t trace the company that sold them the house? Be safe!
4. Ask for all legal papers;
Legal papers help you in case the house goes down, cracks come up, somebody else claims the same house or anything weird just comes up. Have all the legal papers.
5. Pay to a confirmed and credible company Bank account;
An existing credible bank account indicates the company is registered. Everyone is required to register a company in order for any bank in Kenya to open any company account. Moreover, the bank can help you understand trace the company in case something comes up.
Therefore if want to make payments for a house, only pay to a credible bank and not to personal accounts or questionable mobile transfer platforms.
6. Have a copy of all payments;
A copy of payments proves to who, when, and where you made the payment. It is the best evidence to justify you bought the house, we all know house prices in Nairobi can be expensive and so should you be in justifying the payment.
So after all the payments, have a backup copy, it’s good to be safe at all times than sorry in bad times.
Advantages of Buying a House Compared to Building
a. Faster Home Ownership
Buying a ready-made house is quite fast compared to building a house from the foundation. This is because the seller presents all the documents, shows you the house, and takes you through the whole purchase process.
Therefore when comparing building a house vs buying, it becomes faster to buy and own a house. Moreover, your legal team like your lawyer can do the whole process for you.
b. Easy House Acquisition
If you are a busy person or even outside the country, you can easily own a house through your lawyers and trusted friends.
This is quite hard to do if you are building, unlike construction where you need to oversee the upcoming design, buying present to you the final product. You only need seriousness in reviewing and paying for the house.
c. Low Loan Risk
Did you know house loans are easily accessible than land and construction loans? Not every other bank will easily approve a land loan and construction loan compared to a house mortgage loan.
d. Quick Conversion Rate
A place where most people sell houses has a high chance to be economically developing. Moreover, people buying such houses buy for obvious good reasons.
Therefore if you buy a house, it is quite to rent it out or even sell it sooner compared to renting land. You can become a business person or even a landlord in a faster and easy way.
That is why most young people are preferring to buy houses than construct them because they can rent the house out rather than go through the hectic process of buying land and building a house.
The cost of building a house in Kenya sometimes could even be more expensive than buying. So as you compare building a house vs buying cost, always see amalgamated other factors.
High house prices in Nairobi are a great source of investment for people who know the goodness of buying houses in competitive spaces.
Disadvantages of Buying a House Compared to Building
Fear of Quality of the House;
Buying a house places fears of the materials used to construct the house. Some people will hurriedly buy a house and end up buying a poorly constructed house.
Moreover, a person can renovate and paint a house that is cracked and substandard in construction just to sell it off to avoid the foreseen risk. Therefore when comparing building a house vs buying, keenly check the quality of the house vs the age and the contractor values in building the house.
Faster Way to be Swindled;
When real estate scammers want to scam and have easy money, they either choreograph a good house deal or an appealing plot for sale offer.
Therefore when you think you have enough money to buy your dream home, just do your due diligence on the many issues discussed. Some of these deals are exciting and attractive. Just a reminder, when the deal is too good, be on the watch.
Real estate being a booming cross-national business, there are chains of suppliers and sellers in the market. This brings in too much brokerage, commissions, and markups that can lead to over-rating a house on sale.
So don’t fall on the ax, do average research on house prices in Nairobi or in your focused area. If the price falls within the area’s acceptable price rate and within your budget, buy it without fear. Is building a house cheaper than buying in your own experience?
Probably you say it’s cheap because you got conned or came across an overrated house purchase experience. Building a house vs buying cost could vary based on what you know and what you have been exposed to.
Limited to options available;
When you are so specific on your dream house, sometimes it becomes hard to find an exact existing design and therefore makes you have a limited offer of house options in the market.
However, in the wake of real estate business innovation some companies are building houses according to customers’ requests and designs, ask us how and we will show and connect you. Shifters and Movers is a highly partnered and integrated team to see you through.
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