We all would like to own a place we call home. The pride and satisfaction that comes with owning a home have increased the demand for ready to move in houses. The shortage of time to build your own from scratch has made this situation more of a need than a desire. On the other hand, buying a unit in an apartment comes with lesser financial risks. Why should you buy an existing house or a unit? Read on.
No Hassles and Delays
Building a home from scratch requires your attention right from the time the construction team starts digging the foundation. As such, you are expected to spend a considerable amount of time before you get the green light to move. On the other hand, buying an apartment that still is under construction might take longer than expected especially when they are approval and handover delays. To avoid wasting time, get a unit that is complete and one that has met or legal requirements.
Easy to Get a Loan
Most people buy properties using a loan. However, the challenge often comes in when in the process of securing a loan. Getting a loan to build a house or buy one that is still under construction can tricky. Banks are willing to give loans when purchasing a complete home considering that there are fewer risks involved. Moreover, you also have higher chances of qualifying for lower rates when buying an already made house than some someone seeking funds for something that is still under construction.
If you want a home that will be used to generate some income soon, building your own could mean waiting for a considerable amount of time before you start getting some income. Contrary to this, buy a complete house means that you can always start using it the purchase agreement is signed. Renting it out means that you will start getting returns on your investment as soon as you buy the unit.
Buying an already built house requires you to meet the owner’s valuation. This is not the case with buying homes as some mishaps, or natural calamities can make the project more costly. Buying a readymade home takes care of such inconveniences and makes it easy for you sort your finances.
Ready-made houses are costlier than under construction units. The good thing about them is that you have an idea of what you are buying.