As we all know, housing prices have shot up like crazy in the last few years. It seems like the cost of labor & materials can't have gone up as fast. Is it cheaper to build a house than to buy a pre-existing one? Is it difficult to find unused and cheap lands around major cities? How much do architects/contractors/etc. cost? Does anybody know some good resources for learning about the process? Many are in the market to get their first home soon, and it seems like it would be great to get exactly the layout & features they want instead of hunting around for an overpriced place that's "almost good enough."

I've been following a lot of would-be home owner within the last two years and noticed a vast majority of the "owner builders" needed some advice on how to go about it. Houses are relatively expensive and it would cost over N5m for a decent home. Would it be sensible to purchase a land and build a new home instead of buying a pre-existing house?

I am looking for some pros and cons of going one way or the other.

Thank you in advance for all responses and advice.