Most relevant aspects to consider when investing in the purchase of land, construction of a home, or purchase an already built house/apartment
A house is a difficult financial decision to make mainly due to the large financial investment that this implies in the life of a person. In deciding which way to invest money the most, a question arises that we have all asked ourselves: what is better: buying or building a house? And the answer is that it is relative and that relativity depends on a great variety of elements that you must decide according to what you expect from your ideal home.
We consider that the factors that influence to make this decision are four: space, time, budget, and guarantee. We will analyze each of these factors, their advantages, and disadvantages, to obtain a thorough assessment guide and a broader idea as a starting point for making the final choice.
One of the most important points to consider before investing in a property or land is located. The context largely determines its value and directly influences the quality of life and amenities such as living near work, university, center commercial, or the main avenue.
If this aspect represents a primary requirement for the user, the search will be reduced to a specific area where those facilities are close. In the case of an urban area, the most predominant and easy-to-find options will be acquiring a built home, since the vast majority of lots available to build are located on the outskirts of the city.
The time it takes to build a property is relatively long. A slow process that varies between 6 to 24 months, since it involves the preparation of the project, definition, and approval of plans, procedures and permits in the municipality, the construction of the work itself, unforeseen and finished the house is finally habitable.
On the other hand, with a house already built, it is only necessary to choose between the houses for sale, take care of the sale procedures, and this can be inhabited as soon as the property is acquired. If the time factor is short, buying a house will be the best option because it will always involve a longer period.
If the decision is made to build the property, this involves getting involved not only in the design process but also in construction, attending to working relationships with both architects, teachers, suppliers, future neighbors, etc., until periodically supervising the progress of the work and solve problems that arise along the way. These tasks, although they have advantages such as economic savings, involve great waste of energy, and buying the house implies avoiding the construction process.
The price of a house already built and a new work vary significantly according to aspects such as its context, location, lot area / built area, age, current state, quality of materials, structure, finishes, search for profitability, among other elements that they can depreciate or increase in value.
In both cases, the price will be linked to multiple factors, both intrinsic and extrinsic. However, it can be said that by building a house, you save between approximately 10% and 20% compared to the market price of a property since the seller profit. Likewise, it should be noted that, although there are affordable homes, it is likely that these will eventually generate a greater investment for remodeling or repairs.
In either case, it is advisable to establish a budget beforehand and to have a clear idea of your needs to make a more accurate comparison of prices for both a quote for new work and to identify a home more quickly in the market that meets your expectations.