The common misconception in investing in a home is that building a new one generates a relatively higher cost. It may take a lot of effort to start from scratch but the overall cost depends on the contractor and the materials you’re going to choose for the construction.
To lessen the cost, choose the right builder with the right contacts. Some builders know where to outsource the cheapest materials without the compromised quality. They may even give you a lot of options to choose from. Being in an industry, they already have various suppliers depending on the needs of their clients. All you have to do is know your options and ask 2-3 experts on the materials before diving into the construction.
There is no assurance as well that choosing a ready-made house would not incur more cost. For instance, in choosing a house that is for sale in the market, you do not simply pick it, fix the papers and move in. There are several adjustments you need to do to make it liveable. There is a need for repairs that, depending on the damage, may cost you more. You cannot also be sure that it is well-maintained that in a couple of year or so, it won’t need overhauling that would be more expensive than just building yourself a new one.
Renovations of the existing structure in choosing an old home requires tearing down of previously installed walls to make way to a room better suited to your needs. Since this requires double the job, the expenditure in this type of project is doubled.
Calculating above mentioned expenses, choosing an old real estate might mean that you may be just exhausting the same amount of money as you would be when choosing to build your own, if not more. Whether it is as fulfilling would remain to be seen. But at the end of the day, there is no better feeling than the sense of pride and ownership you gain when looking at something that is all yours –concept and otherwise.