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Build A New House Vs Buy A New House - Properties - Nairaland

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Poll: If your budget is 20 million naira, which would you prefer

build a new house: 76% (93 votes)
buy a new house: 18% (22 votes)
live in a hotel: 1% (2 votes)
renovate an old house: 3% (4 votes)
rent a house and use the balance to buy a car: 0% (1 vote)
This poll has ended

Buying A House Vs Building A House / How Much Will It Cost To Build A 3 Bedroom Flat. / Buying A House Vs Building A House Which Is Cheaper (2) (3) (4)

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Build A New House Vs Buy A New House by spyder880(m): 12:00am On Jan 09, 2012
What is your take on this, considering the following

1. Your taste and style
2. Time or lack of it
3. knowledge
4. Saving your money
5. Distance
Re: Build A New House Vs Buy A New House by Fhemmmy: 3:24am On Jan 09, 2012
For sure building a New House for so many reasons:

1. Have no clue what kinda voodoo has been buried into the foundation of the house that is to be SOLD
2. The house for sure wont be 100% to my taste and that of my family
3. It is a house that i wanna sleep in and own for a long time, so i rather spend time to do it my way
4. Buying a home take away the fun of going to the site and just spend time with the builder while i see the process of making it happen and with some pictures.

1 Like

Re: Build A New House Vs Buy A New House by olubuffett: 3:43am On Jan 09, 2012
Fhemmmy:

For sure buying a New House for so many reasons:

1. Have no clue what kinda voodoo has been buried into the foundation of the house that is to be SOLD
2. The house for sure wont be 100% to my taste and that of my family
3. It is a house that i wanna sleep in and own for a long time, so i rather spend time to do it my way
4. Buying a home take away the fun of going to the site and just spend time with the builder while i see the process of making it happen and with some pictures.


Am sure you meant building from the above list.

Spyder,
Building; except if the developer carries me along with the propose new build, and to my specification.
Re: Build A New House Vs Buy A New House by dasparrow: 6:28am On Jan 09, 2012
Oga Spyder,

Happy new year sir. I prefer to build if you ask me. This is because I know what materials are going into the building of the house. I can also decide the design and layout and how big I want the rooms to be. The paint on the wall both inside and outside the house is important to me. In addition, it will be fun watching the house built from scratch to finish. I enjoy building projects and will embark on some in the not-so-distant future just like both of my parents did.
Re: Build A New House Vs Buy A New House by rastaman20(m): 9:09am On Jan 09, 2012
Building to my pocket will the best option if it happens to be the house that I want to live with my family, but for comercial purpose, I will like to buy one already build

1 Like

Re: Build A New House Vs Buy A New House by hustla242: 11:42am On Jan 09, 2012
I'm looking to buy at 70% completion and finish it to my taste. What do you think about that?
Re: Build A New House Vs Buy A New House by Fhemmmy: 2:48pm On Jan 09, 2012
olubuffett:

Am sure you meant building from the above list.

You are very right . . .
Re: Build A New House Vs Buy A New House by olubuffett: 6:02pm On Jan 09, 2012
hustla242:

I'm looking to buy at 70% completion and finish it to my taste. What do you think about that?

It's a good idea, you get to buy finishing materials that you want not want someone think is best and also reduce the burden and hassle of building.
Re: Build A New House Vs Buy A New House by blank(f): 6:55pm On Jan 09, 2012
Would love to build but a good location is d issue.
Re: Build A New House Vs Buy A New House by spyder880(m): 6:59pm On Jan 09, 2012
Supposing the location of the built house for sale is better than the location you found land to build?
Re: Build A New House Vs Buy A New House by blank(f): 7:07pm On Jan 09, 2012
I will buy and plan to upgrade in future.
Re: Build A New House Vs Buy A New House by Fhemmmy: 8:20pm On Jan 09, 2012
spyder880:

Supposing the location of the built house for sale is better than the location you found land to build?

I still will not buy . . . Too much mischievous things in Nigeria, i love the nation but gotta be careful still
Re: Build A New House Vs Buy A New House by jerryben12: 11:40pm On Jan 09, 2012
Buying a completed house will be ideal for me if I have the $$. No builders headache.
Re: Build A New House Vs Buy A New House by spyder880(m): 3:12am On Jan 10, 2012
hustla242:

I'm looking to buy at 70% completion and finish it to my taste. What do you think about that?

When I will eventually start building houses for sale, I will only be roofing the house, all other fittings will be suggested by the buyer and fitted in his presence. That way I keep all options open for the changing face of building materials.
Re: Build A New House Vs Buy A New House by spyder880(m): 3:18am On Jan 10, 2012
jerryben12:

Buying a completed house will be ideal for me if I have the $$. No builders headache.

We dey give wahala? grin grin
Re: Build A New House Vs Buy A New House by megastu(m): 7:43am On Jan 10, 2012
@Fhemmy, to the pure, all things are pure. How can you say that you wont buy a house because you are not sure what is buried in the ground.

You even mentioned it more than once. Please purge you mind of this notion. Nigeria has moved from what you might have perceived in the past. Moreover, if you are a true child of God that doesnt practice those things, they wont mean anything to you.

@POSTER,

I prefer to build beacuse of the non availability of mortgage payment, and for some of us who live only on monthly salaries, we can plan the building in stages according to our pockets. grin
Re: Build A New House Vs Buy A New House by diordaves(m): 7:48am On Jan 10, 2012
spyder880:

We dey give wahala? grin grin

"An old woman is normally not at ease when dry bones are mentioned in a proverb" (C. Achebe) LOL grin

1 Like

Re: Build A New House Vs Buy A New House by spyder880(m): 7:50am On Jan 10, 2012
^^^ hehehehe, I remember that quote.
Re: Build A New House Vs Buy A New House by niharikami: 9:08am On Jan 10, 2012
Building of a new house is more better option.But if you are going to buy a new house then you must take advice from a lawyer beacause there are many legal issues which are related to property dealing.
Re: Build A New House Vs Buy A New House by hustla242: 9:29am On Jan 10, 2012
spyder880:

When I will eventually start building houses for sale, I will only be roofing the house, all other fittings will be suggested by the buyer and fitted in his presence. That way I keep all options open for the changing face of building materials.

That's all well and good but is it cost effective in comparison to building it from scratch?
Also, what legal issues should I be looking out for, for instance I'm negotiating two flats in a block of 6, they are at 70% completion. What papers should I have, I'm working with a lawyer but I just need to know if I'm missing anything.
Re: Build A New House Vs Buy A New House by spyder880(m): 9:34am On Jan 10, 2012
To be candid with you, buying flats contained in blocks is the only business I have not done in real estate. But I think the estate planners will have good deeds for sub division. Lawyers need to add more views to this.
Re: Build A New House Vs Buy A New House by Fhemmmy: 3:21pm On Jan 10, 2012
megastu:

@Fhemmy, to the pure, all things are pure. How can you say that you wont buy a house because you are not sure what is buried in the ground.
You even mentioned it more than once. Please purge you mind of this notion. Nigeria has moved from what you might have perceived in the past. Moreover, if you are a true child of God that doesnt practice those things, they wont mean anything to you.

Maybe i need to stop watching the Nigerian hollywood movies and i will be able to purge my mind . . . tongue but even without that, i will still not buy, cos it will be cheaper for me to build going by Chief Spyder's lectures . . after being in his class for so long.
Re: Build A New House Vs Buy A New House by zogo(m): 6:27pm On Jan 10, 2012
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Re: Build A New House Vs Buy A New House by zogo(m): 6:34pm On Jan 10, 2012
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Re: Build A New House Vs Buy A New House by lastpage: 11:02am On Jan 15, 2012
I'll buy an OLD HOUSE (cheap) in a GOOD LOCATION, Pull it down and BUILD to my taste.

That way, l enjoy the benefits of both worlds! wink wink

Lastpage
Re: Build A New House Vs Buy A New House by Nobody: 11:04am On Jan 15, 2012
@Question: If your budget is 20 million naira, which would you prefer

20 million cant even buy a land here. But to just answer the question; its best to build your house  so you can manager your space.
Re: Build A New House Vs Buy A New House by jamngr84(m): 11:44am On Jan 15, 2012
For me buying is less stressful than buying once you have the capital.the reason i say so is if u have the capital and decide to build believe me after having an estimate by the time you start you would notice the cost of the materials would keep rising and by the time you are almost finished you have spent more than what you have budgeted.
My friend and i decided to invest in a house 4 years ago i bought mine and he wanted to build.After he started and got half way he found out that he had used all the capital and the house plan didn't go as he wanted and he hadnt finished it.Now he is still staying in a rented house regretting is action.
i think he finally sold the uncompleted building at a loss.

2 Likes

Re: Build A New House Vs Buy A New House by OtunbaGm: 12:03pm On Jan 15, 2012
If am in ur shoe, I will buy cos of some reasons

1. Location
2. Time for supervising the project cos u sound as if not in d country
3. Omo onile and family wahala. Many start a house but never witness its completion
4. Goverment palaver,I.e Town planning etc

Talking about what is buried in d foundation, not every house is such a thing is done.

So people to do bury some stuff on landed properties too

1 Like

Re: Build A New House Vs Buy A New House by Sholaf(f): 12:10pm On Jan 15, 2012
Location Location Location! Of course 20 Million Naira goes a long way in building your dream home in Cotonou.
I bought 2 plots of land for 8 Million Naira in Fidjrosse with un-interrupted sea view.
Re: Build A New House Vs Buy A New House by Korrection(m): 12:13pm On Jan 15, 2012
it all depends on the price and the type, buy or build, all depends on prices, cos youll also own the land, now tell me , buying costs 2 million and building costs 1.4million and vice versa, which one would you chose ??
Re: Build A New House Vs Buy A New House by LEXYLOV: 12:47pm On Jan 15, 2012
Its all depends on individual how you got the money, or your capability of managing money. For instance, some people are spender they can get rid of a million naira per month without any reasonable thing, such type of people when you get that money in bulk just buy the house at once and forget about it. But if you are the type that can spend economically either working for the money on daily basis or hit the money at once, you can keep in bank and buy your land and build your taste. lipsrsealed
Re: Build A New House Vs Buy A New House by Nobody: 12:54pm On Jan 15, 2012
Insert Quote
I'll buy an OLD HOUSE (cheap) in a GOOD LOCATION, Pull it down and BUILD to my taste.

That way, l enjoy the benefits of both worlds!

@lastpage
now that's what I'm talking about grin

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