If you are searching for that perfect property, you might decide that you don’t like anything that you find when you try to view some of the homes on the market. No matter how many you look at, there never seems to be anything that fits your precise needs. One might not have the right number of bedrooms, another too small a kitchen. At some point, it might be better to consider building over buying!
The Right Land
If you do decide to look into building over buying a property, you need to think carefully about the land that you are choosing to buy. It is important to do some research into the local area to find out how difficult it would be for you to build something to your liking. For example, you might find a great piece of tanah untuk dijual in a good part of Malaysia, only to discover that it only allows bungalow construction. This can result in some compromise on your part as you might not be able to bring your perfect property completely to life.
It is also important to think about access to the land. If you have purchased a lot in the middle of a city, or on a new housing development, it will be easy for your contractors to come and go. However, you could have also fallen in love with a remote location with peaceful surrounding and amazing views. How easy will it be to get materials and labour to this plot to construct your dream property? This needs to be something you think about critically – especially if you want to construct a very modern building.
A Good Amount of Time
Buildings do not go up overnight, and you need to be aware that it is going to take time for your property to be built. Even before the first foundation is laid, things are going to take time to bring to life. There will be many permits and building regulations that you need to apply for before construction can start. Bureaucracy can slow you down quite a bit, but you need to make sure that you have everything in place before you start building.
You also need to be aware that there will be certain parts of your property that need to be completed before work can start on another. If there is a delay in one area, it can affect construction on another part. Trying to balance your construction schedule can be difficult, but it is something that needs to be done.
The Contingency Fund
When you buy a property, you have the opportunity to grab one that you can move into right away. Though this comes with its own costs, it won’t be as much as if you bought one that needs heavy renovations. These costs are then built on again if you choose to buy.
Firstly, there comes the costs of the plot of land itself. You will also need to pay for an architect, and any surveying that might need to take place. Then comes the cost of materials and labour, plus you might have to pay for the expertise of a project manager if you do not want to take it on yourself. These all add up in cost, and you need to ensure that you are able to cover all of them.
You also need to be able to prepare for any issues that might halt your project. Even if no work takes place on your site, it could be accruing costs in some way. Once you have an estimate for the cost of the build, make sure you add a contingency fund to it so that you have some funds set aside for an emergency. With something as volatile and as unpredictable as a build project, you are probably going to need them at some point!
Are You Ready to Try Building?
You might think that building is the easy option, since you can’t find exactly what you want in a pre-existing property. However, choosing to build is never easy. If you have tried it before, you already know what you are in for. There is a saying that you have to build three homes to know how to make the perfect one, and you might have already undertaken a few projects before. Even if this will be the first project you try, you need to make sure that you understand what you will be getting yourself in for.
Choosing to build over buy means that you are going to hopefully end up with the property that you have envisioned, but you will have a long way to go before you get there. Take a look at what it will take for you to make your dreams a reality now!