In Nigeria, one of the biggest decisions for anyone looking to own a home is whether to build a house or buy a house. Deciding between these two options can be difficult, as each has its benefits and challenges. Building a house allows you to design everything to your taste, but it can take time, effort, and sometimes more money than expected. On the other hand, buying a house offers convenience and saves you from the stress of construction, but it can be expensive, depending on the location. Both options require careful consideration and thorough planning. In this article, we will explore the factors to consider when building or buying a house, as well as the pros and cons of each. By the end of this article, you’ll be better equipped to make an informed decision as to which route is best for you.
Factors to Consider When Building or Buying a House in Nigeria.
When deciding whether to build or buy a house in Nigeria, several important factors need to be considered. Factors like budget, location, real estate status, maintenance and customisation, etc. Here are some things to consider while weighing the options:
i. Location
Regardless of whether you are building or buying a house, the most important factor to consider is location. The location of your home can also play a significant role in whether you choose to buy or build. The location must be suitable for your needs and desired by you and your family. Location affects the comfort, safety, and environment surrounding the home and affects the value of the property and your investment in the future. Additionally, the availability of services and facilities near the right location is regarded as a very important thing when choosing a location. The availability of services such as schools, hospitals, malls, and public transportation provides convenience and ease for residents. Safety and security are also key factors when considering location. Lastly, infrastructure and communications are important factors in choosing the right location for a home. We must ensure the availability of appropriate infrastructure such as roads, sewage, electricity, and water. These are factors that may influence your decision to buy or build a house in a particular location.
ii. Budget
Another important factor you need to consider is budget. Both building and buying a house in Nigeria require a large sum of money. When you build a house, you will spend on things like construction, materials, labour, and land. These expenses can change depending on the size of the house and the type of materials you choose. In contrast, when you buy a house, you pay for the entire property. Houses in developed areas are more expensive and require a large sum of money. In both cases, you need a solid budget to cover all expenses, including any unexpected ones. Understanding the costs of each option will help you make the best decision.
iii. Maintenance
The next factor to consider when building or buying a house is maintenance. You will need to consider maintenance and upkeep costs when deciding whether to buy or build a house in Nigeria. Ongoing maintenance and upkeep can affect your overall budget. Older houses may require more frequent repairs like plumbing fixing, roof replacements, repainting, etc., while new houses may have more modern features that require less maintenance. However, you may find a new building that doesn’t require any immediate maintenance. So, it’s important to think about how much maintenance you’re willing to handle. Consider which option is most cost-effective in the long term based on your budget and lifestyle needs.
iv. Timing
If you need to move into your home immediately, buying an existing home can be a faster option. Building a new house can take longer. Depending on factors like weather conditions, the availability of materials, and construction schedules, this extended timeline may not be suitable for everyone who wants to move quickly. If you need to move quickly, buying might be the better choice.
v. Customisation
One of the main advantages of building a new home is that you can design and customise it according to your preferences, ensuring it meets your requirements and style. The building gives you the freedom to choose everything, From the size of rooms, type of materials used, interior and exterior designs, etc. Ensuring that your home is exactly how you envision it. An already-built house will be designed according to the contractor’s perspective, which may not fully align with your preferences. But you can still make some changes. This can add to your expenses and may require time and effort to complete. However, if you’re happy with an existing home and don’t want to go through the process of designing and building a new one, buying an existing property can be a great choice.
Pros and Cons of Building a House in Nigeria.
Pros:
Building a house in Nigeria can be challenging, but it also has advantages. Here are some pros and cons to consider when deciding whether to buy or build a house in Nigeria:
1. Customisation: When building a house, you can design your dream house according to your preferences and needs. You can choose the materials, layout, the size of the living spaces, and the interior and exterior designs. This means you can create a home that truly meets your needs and preferences.
2. High Quality Assurance: One of the advantages of building is that quality assurance is guaranteed. When you build, you can easily supervise every process, ensuring that only quality materials are used. This way, you’re sure your house is built to last.
3. Savings: Building a house in Nigeria can be cheaper, depending on the location and materials used. Additionally, building a house allows you to control costs and save money by using more affordable materials and design options.
4. Investment: Building a house in Nigeria can be a smart investment because property values often increase over time. if you build a house in a desirable location, it could increase in value significantly over the years.
Cons:
1. Unexpected cost: When building a house in Nigeria, it’s important to know that prices are not always stable. Even if you have a well-planned budget, unexpected expenses can arise during the construction process.
2. Construction Time: Building a house in Nigeria usually takes a long time; it could take several months or years to complete a house, depending on the type of building. Conditions like weather, funds, the availability of materials, and the efficiency of the workers can also affect the construction time.
3. Stress: Building a house requires a lot of time and patience. No matter how many plans you have made before starting your building, there will always be situations to settle in the process of construction.
Pros and Cons of Buying a House in Nigeria.
Pros:
1. Less Stress: Buying a home allows you to skip the construction process, which can often be stressful. Buying a house helps you bypass the stress a housebuilder goes through. All you need to do is find a property that is up for sale and confirm the ownership. Afterwards, begin the ownership transfer process, and the house becomes yours.
2. Distressed Sales: One of the advantages of buying a house is the opportunity to find a distressed sale. The seller may offer their property at a lower price. This can be an opportunity for buyers to get a good deal on a house that they might not have been able to afford otherwise.
3. Integrated Infrastructure: Most already built houses in Nigeria come with infrastructure before they are put up for sale. Buying a house would save you a lot of time and stress.
4. Negotiation: Buying a house in Nigeria allows for negotiation. You can easily negotiate with the seller because prices are not always fixed.
Cons:
1. Customisation: When buying a house in Nigeria, it might not be exactly what you want, which can be uncomfortable for you. The house might need additional decorations. However, you may have limited options to customise it to fit your preferences and needs.
2. Hidden Defects and Maintenance Issues: A house may have hidden defects or maintenance issues that may go unnoticed until after the purchase, leading to costly repairs. That’s why it’s important to conduct a thorough inspection before buying a property to avoid unexpected repairs in the future.
3. Limited Options: Getting the exact type of building you want might take time. Sometimes, even if the building is exactly what you wanted, the structure layout may not. It can be difficult to find a house that meets all your needs and desires.
4. Quality Assurance: When you buy a house in Nigeria, you cannot guarantee the quality of materials used because you’re not involved in the construction process. There might be issues with the construction that you may not notice immediately; it’s hard to guarantee that everything was done with high-quality materials when buying a house.
Conclusion.
It is not an easy decision to make between both options. However, with the advantages and disadvantages, deciding whether to buy or build a house in Nigeria depends on your unique circumstances and preferences. Buying a home provides the benefit of immediate ownership. On the other hand, building a house allows for customisation, control over the construction, and personal goals to make an informed decision that aligns with your vision of a dream home in Nigeria. However, I will still highly recommend building a house as the best option because of its benefits.
Finally, as a design and build company, Acumen Studeos got you covered. We have a reliable and experienced team that can help you build the house of your dreams, making the process smooth and professional.
