Building a New Home vs Buying an Existing Home- Which one is cheaper?

You often face the dilemma of whether you should build an entire new home or buy an existing home. Specially in countries like Nepal where compliance to building code is poorly monitored, you will sometimes feel like you will build a new home. But building a new home also has many problems because most of the builders in Nepal are largely unprofessional.

We list here a few of the advantages and disadvantages and find out which one is cheaper. We think that you will get the best value for your money after reading this blog.

Advantages of Buying an existing home

Cheaper Option

You could get a cheaper option while buying an existing home. People are troubled due to mortgage and are often willing to sell at a cheaper price. And during economic crisis, there are many home available at a cheaper price.

At your desired Location

If you intend to buy an existing home, you can buy it at your intended location. If you have enough money, this will always be possible. Opportunities are concentrated at fixed cities and you will avail from more opportunities to come just by buying properties at fixed location.

Rental Income

You can know how much rental income will be coming to the house if you buy an existing home. If you decide to build a new home, you only have a forecast to the rental income and forecast will not have guarantee.

Disadvantages of Buying an existing home

No compliance to vastu

Vastu is an ancient science that has only recently been popular. But when you buy an existing home, you will get old homes built around the time when vastu was not popular.

Design

If you buy a new home, the design might not be as good as you are thinking. You either will have to renovate the house or you might just have to adjust with the existing design.

Material Used

The bought home might not have the material of your choice. If you don’t love asphalt shingle, but you got a home with asphalt shingle in cheap price, you will go for it. Though you will gain profit, you won’t have pleasing experience living in the home that you don’t like, if only for some time.

Advantages of Building a new home

There are numerous advantages to building a new home. We list you some of the advantages here.

Design

You can build a brand new home with your intended design. You can consult an architect and a structural engineer a lot of times. You can have options as to what to build and what not to build. Your design will fulfill your own purpose instead of you adjusting in other people’s home.

Material Selection

You will select material in your new built home but you won’t be able to do that in an existing home which you will buy. You won’t have to pay for dismantling like in existing home. The material selection will align as per your thoughts and needs.

Compliance to Vastu Principles

Homes are recently being built based on the concept of Vastu at the back of the mind. You can design a home that is well complaint with the vastu principles. It is believed that following the vastu principles will make you prosperous and maintain peace inside your family.

Disadvantages of Building a new home

Time

If you are constructing a new home, it will take you at least 6 months. You will have to supervise some aspects of the home even if you have hired a site engineer. You may not have 6 months of time to spend for a house.

Cost

The cost of building a new home depends on the future aspects. For example, there might be a price hike of construction material while your construction work is going on. You might have a tight budget and you won’t have more money to spend.