To build or not to build...that is the question!
There is a lot of debate in Zambia about whether you should buy ahouseorif it’s worth the effort tobuild one yourself.This is a very important decision and isn’t one that should be made lightly.This article will aim to highlight some pros and cons of each,so that you can makeaninformeddecision and do what’s best for you.
Buying a house
Prosof buying:
- Saves time - You will save a lot of time by buying an already existing house, as all the construction work has already been completed and it may just be a case of viewing the house to make sure everything is in check and to your liking.
- Availability- Once a property has been bought, it can immediately beput to use. If you would like to live in the property you can do soon after buying it or if you would like to rent it out to create another income, this can be done shortly after purchasing the property too.
- Location - Existing properties tend to be built inwell-establishedneighbourhoods.Therefore,it is unlikely that you will need to worry aboutthe property’s utilities such as water, power and sewage systems which may all be established already.The surrounding area may also have good roads and amenities such as restaurants, supermarkets, malls, shopsetc.if properties have been built and sold in this locality.
Consof buying:
- High cost - Buying a house can be very expensive, particularly if it’s abrand-newproperty.Certain properties on the marketmay be overpriced due to their locationand a high price may not necessarilyreflecton the quality of the house itself.
- Not personalised - When buying a house, you may not get the exact design you likeasitsbeen madeaccordingto someone else’s vision.This may not be an issue if the house is being purchased to rent to others but if this is being bought as along-termhome, this is very important to consider.Renovation may be possible to make the house more to yourlikingbut thiscould be expensive and isn’t always feasible depending on the property.
- Quality not guaranteed - As the property has been built by somebody else, the quality isn’talwaysguaranteed.Make sure to carefullyinspectthe house you’re planning to buy before committing to it, as some faults may be difficult to find at first.Likewise, some defects may not show until after living in the property for a while andnow thatthehouseis legally yours, it may be your responsibility to fix these issues rather than the previous owner.For example, the aesthetics of the house may be very appealing but if this isn’t built on a strong foundation, this will cause problems later down the line.
Building ahouse
Building a home also has its own benefits and drawbacks.Some of them havebeen reflected already in the pros and cons of buyinga housebut the following section will go into this area in a bit more detail:
Pros ofbuilding:
- Personal choice - When building a house, you can design it as exactly as you’d like. You candecide how large the rooms will be, where they’d be located, the materials used and even smaller things like door handles or window sizes.You will have the freedom to create your dream house.
- Quality - You can ensure that durablehigh-qualitymaterials are used in the building of your house, which at the foundation level is very important
- Cost - The overall cost of building a house may be cheaper thanbuying one.Thelabourcosts of individual tradespeoplein Zambiaarefairlylowand even if you hire a contractor or a construction companyrather than individuals, this can still work out cheaper overall than buying an existing house on the propertymarket.
- Financial flexibility- As building a house is along-termproject,you don’t need to have all the money available up front to get the project started. This allows for both affordability andflexibility.
Cons of building:
- Time - The length of time required to build a house from scratch can be a disadvantagefor some people. These projects can take years to completewhich may not be convenient for some. The length of time required also meansthata lot of planning isneededto get the building works underway and running smoothly.
- Quality control - If the house is being built by individual tradespeople, you will need to assemble a team of workers to enactyour vision. This includes a wide range of workers such asarchitects, civil engineers, electric engineers, plumbersand evenpainters towards the end of the building.Finding appropriate workers can be atime-consumingprocess and even after this, there may still be a risk of poorworkmanshiporpeoplenot showing up on time which can incur further costs and delays.You can always browse through Rivuuz to find vetted service providers for your building project
- Commitment - Building materials may have to be bought yourselfwhich may require a significant financial and time commitment. Material shortages may also occur over the course of the building process which can cause delays and additional financial stress.
- Inflation - Costs can rise over the course of the project due to inflation.
- Public utilities - As the house is being built from scratch, there may be a lack of utilities in the surrounding land such aswater, electricity and a functional sewage system.
Overall, like with anything both options havetheirpros and cons which need careful consideration before making a final decision. If you would like the freedom tohave ahouseto yourexacttaste and can afford to spend a few years to make this dream a reality, building a house may be the best option for you.If,however,you don’t have the time or commitment to oversee a construction projectand need a house readyin the near future, buying a homewould be the best option. Everyone has differentcirc*mstancesand theirdecisionswill therefore vary, but what ismost importantis that you choose the option that is best for you.
