Buying A House Vs Buying Land: Compare The Options
When it comes to buying property, prospective homeowners have two options. They can either buy land and build their dream homes on it or they can go for ready-built homes. Real estate companies such as LJ Hooker Macarthur offer both. The choice is not an easy one to make, and considering the stakes at hand, a lot of thought is needed before deciding which of the two options to pursue. In this article, find out how the two alternatives auger when examined under different factors.
Building or buying a home is the largest investment that most people will ever get to make. That said, cost is a critical issue where housing is concerned. As a prospective homeowner, you want the option that will allow you to save money while not compromising on quality. Ready-built homes are often more expensive as compared to owner-built homes because of profit margins. The developer has to include their markup and that may make the property slightly expensive as compared to a self-build. When you buy land and build, you get to control the purchasing, labour, and you also avoid the developer markup. That said, self-builds tend to be cheaper.
Time is another huge factor to consider when looking to get a house. If you buy a ready-built house from LJ Hooker Macarthur, you get the upper hand because you can move in immediately and start enjoying your new home. Time is not an issue here unless you want to carry out some personal modifications. On the other hand, if you buy land and build, you have to wait for the build process to drag out. Depending on availability of labour and planning approval, this will take months on average. If you’re in a hurry to own a home, therefore, buying a ready-built home is the better option.
Another critical factor that comes into play when evaluating how to attain your dream home is the design options. With a ready-built home, you get a property whose design has already been chosen for you. You get little or no say on how your house looks. This factor can make it a little harder to find a house that fits your ‘dream home’ status. However, when you buy land and then build, you can design your home exactly how you want it in terms of size, floor plans, and other factors. A self-build home therefore allows you more design flexibility.
The neighbourhood factor
When you a buy a ready-built house in a developed estate, such as those offered by LJ Hooker Macarthur, you fully know and understand what kind of neighbourhood you’re buying into. You therefore know the social-economic status of the area, the different amenities available, the security status of the area, and so on. However, when buying land in an undeveloped area, all these factors are unknown. You have no idea how the area will turn out to be in a few years or in a decade. It may turn out to be a high-end estate or the vice versa.
So which of the two is better? There is no clear answer. Both are good options and the ideal choice will depend on your housing needs.