Build a house or buy a house in South Africa?
When it comes to having to choose between having to build or buy a house, the cheaper option is usually buying an already built home. Reasons for this include finding a premium property location in an already developed area, which will raise the price tremendously. Open plots in developed areas are becoming scarcer, and this enables the plot owners to push up the normal asking price.
The average cost of building a new home can be anywhere between R7000 and R15000 per square meter, depending on the layout and size of the property. There are a few advantages and disadvantages between both options, and we will be giving a few examples.
Building a new house
Options are unlimited with building a new home. You can plan out your dream home layout and add additions to it as your familie or dreams grow. You can choose your interior finishes as customisze your bathroom and kitchen as you prefer.
Advantages
- One of the main benefits of building a new home is that it will be more energy efficient.
- Costs are saved by eliminating transfer duty.
- Maintenance on a new home is much less.
- If you are registered with the NHBRC, you will have a 5 year warranty against major defects.
- You can customize the home according to your liking
- No need for renovations
Disadvantages
- The timeframe for building a home can stretch out if there are complications with the construction.
- You need to get the correct permits before you can start.
- Unforeseen charges that you did not plan ahead for might arise.
- Premium property is not as freely availible.
Buying a house
With so many options to choose from your can decide on the area and loans are easier to secure. The average timeframe after securing a loan, having the paper work done and inspections you should be able to move in within three months.
Advantages
- You will have more options for choosing a house in a more developed area.
- A pre-built home is ready to be moved into.
- No need to plan out a garden or even have a pool installed.With so many options available, you can find the right home that suits you.
- Purchasing is a quicker process when it comes to loans, and you might have a better chance of securing a loan for a pre-built home than building your own home.
- In comparison to the available plots on the market today, property sizes are typically larger.
Disadvantages
- Transfer duties apply when purchasing a home.
- A home might require a lot of maintenance.
- Upgrades will need to be made to make the home more energy efficient if it’s an older home.
- Renovations can be costly if you would like to make adjustments to the existing home.
Final thoughts
When choosing between building or buying a home, do your research on the neighborhood and find out if there are any future developments happening in the area, as this could affect your property value in the future.
Home Builders near me?
Leukes Builders services the whole of Cape Town and the Western Cape. We are based in Kuils River but have clients as far as Romansbaai, Hermanus, Malmesbury, and Langebaan.