Pros And Cons Of Buying And Building A House In Nigeria

May 7, 2024by MeritAbode0

Buying or Building a home in Nigeria is a topic that needs to be carefully considered. While both options require careful considerations and thorough planning, be aware that they also have each their advantages and drawbacks.

If you are feeling confused about whether you are to buy or build a house, here are some considerations to consider while weighing the options:

– Location

Regardless of whether you are building or buying a house, it is important to consider its location. Look at the proximity of the house to other locations like your workplace, schools, shopping centers, etc. These are factors that may influence your decision to buy or build a house in a particular location.

– Budget:

Buying and building a house both require a high amount of spending. However, each cost spent differs. While building a home requires spending money on construction and materials for the house, buying also requires spending on the overall property. Be sure that you can afford it before deciding on which to go for.

– Convenience:

Both options have their differences, consider the one that is most convenient and easy for specific circumstances.

The Pros and Cons of Buying and Building a House

 

Buying a house

 

Pros

 

1. Less Stressful

Buying a home involves skipping all processes, including construction which of course, comes with lots a stress. Its always such a hassle trying to oversee the building process which usually takes time. Buying a house would save you a lot of time and stress.

2. Immediate Ownership

After you make the purchase of the home you are interested in, the next thing for you to do is not move. This can happen within the shortest period. This is an advantage if you are seeking to find a place to move in quickly or you want to invest in housing to generate rental income.

3. Cost Predictability

When buying a home, you know the exact amount you are spending, which is usually paid for while making the purchase. You do not have to spend on unexpected materials or labour costs.

Cons

 

1. Expensive

In Nigeria, the cost of buying a complete home is usually is more expensive than building one. A major reason is usually because you are buying a home that is fully completed and also available on demand.

2. There Might be Defects

Defects like structural issues or foundational problems and other damages might occur. This is why is usually important to conduct thorough inspection or examination before buying.

 

3. House Might Not Be Built to Your Taste

The home might not exactly be what you want, which can be uncomfortable for you.

 

Building a House in Nigeria

 

Pros
1. Built To Your Taste

Getting a house that you built from scratch gives you the opportunity to customize the house based on your peference and style. Also, since you have complete control over the building process, the design and structure is done based.

 

2. Everything is Brand New

With everything in a newly built house being brand new, it gives the feeling that leaves you feeling pleased.

 

Cons

 

1. Construction Timeline

Building a house takes time. it usually takes a long period, unlike buying which doesn’t take time as long as payment has been made. Depending on the structure and complexity of the building, the timeline to build a house may vary, some of which involve the size of the house, availability of materials, and labor.

 

2. Unexpected Costs

In Nigeria, the costs of building a house are not always fixed and sometimes your budget might not be adequate due to unexpected costs that might come up. Sometimes there are the ‘omo onile’ that could cause discomfort for people with their costs which could sometimes come unexpectedly.

 

3. Stressful

The process of building a house can be extremely difficult. It is best to always consider the option of buying a property if you are sure you aren’t ready to go through the daunting process.

 

After weighing the option of buying or building a house, which do you think works better for you

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