When it is time to own a property, you may be divided between buying your house or building it from scratch. It is a typical real estate riddle: should I buy or build? Which is cheaper?
In Cameroon, erecting a structure might seem the way to go, but thinking about the building issues might scare you away, but purchasing real estate also has cons. So what is the best option?
Pros or Advantages of building your own house in Cameroon
The house is new
Everything is new in a newly built home. Instead of getting an existing property that already has years of use by the previous owner, you get to start fresh with a new property as the first owner.
No worries about extensive repairs
With everything new, you won't have to worry about major repairs like roof leakages soon. An existing home can come with significant issues that need you to spend extra money fixing.
Design Control
You won't have to worry about remodeling the house if you build it, as housing is what you want from the start. You can do everything your way, from the carpet in the den to the cabinets in the kitchen and everything in between, both structurally and design-wise. You can customize the property's details to suit your lifestyle and tastes.
Cheaper Costs
Is it cheaper to buy land and build a house in Cameroon? Well, it depends on certain factors. Building a home might be more affordable as developers usually have a quota of properties to sell off the plan to meet their finances and begin construction.
This means you can find lower offer prices. Building a house afresh will cost you less if well managed, while buying one from a real estate agent will cost more because those who build also expect massive returns for their project.
Cons or Disadvantages of building a home
Building takes time
If you've asked anyone who has had a home built in Cameroon, you'll know it takes time to construct a home. The type of building and the season are factors that will determine how long it'll take for your home to be completed. House designs are typically more extensive and complex these days, affecting the timing.
Risks involved in House Construction
There are certain risks involved in the construction of a new project. Poor workmanship can ruin the structure of the building and cause it to collapse, especially if you can't inspect the building or get a professional to do it.
Some contractors use inferior materials, which will cause significant damage to the house in the long run. A home for sale that's already standing has gone through the scary construction phase and may stand throughout your house there.
Patience becomes a Virtue.
You need to be patient if you plan on constructing your house, as you can only move in for a while instead of buying one and moving in as soon as the deal is completed. You may have to find somewhere else to live for the primary time until your home is built, which might mean extra rent costs.
Stress
The stress and pressure of erecting a building in Cameroon can make you pull out your hair. If you are different from the type that can cope with the rigors of building projects, consider buying an already-built house. It relieves the stress of monitoring your building project for the entire period and developing high blood pressure.
No Fixed Costs
The price of building materials in Cameroon could be higher, affecting the construction cost.
Budgets only sometimes work in building a new home, as you will most likely exceed cost expectations. There is room for negotiations, like when you want to buy a house where you can negotiate the price.
Pros of buying an existing house
You are sure of the house you are getting.
When it comes to established homes, you know you are getting in three key ways:
First, the potential defects of an established home are often visible or show up in the pre-purchase build house inspection to warn you about what you'll face once you move in.
Also, buying an established home usually means buying into an established neighborhood.
Finally, established homes are said to have character, whereas new homes can have the "cookie cutter" feel, especially in new estates.
Closer to a city center
Buying an already-built home in Cameroon might mean living close to the city center. In cities like Douala and Yaounde, it is hard to find virgin land to build in significant parts as all the land is already occupied.
An established home in an area like that is more likely to be available as an option. Considering your commute time to get to and from work, schools, and job opportunities will make a living close to the central business districts a vital consideration.
Faster process
Buying an already-built home is your option if you want to move into your home as soon as possible. It is much faster to settle and move into an established home than to build a house from scratch. You can move into your dream house by signing the contract and completing the significant paperwork.
There is Room for negotiation over costs.
Buying a property leaves room for negotiation instead of building one, where you can't predict how much you will spend on construction as Cameroon's building market is unstable.
Cons of buying a house in Cameroon
Defects
The home you buy might be different from what you want, and you might have to deal with buyer's remorse and get used to the quirks in the house you didn't like before you bought it.
Decorating costs
Aside from paying closing costs and other upfront costs, you might have to invest time and money to bring the home up to current standards by removing wallpaper, changing paint colors, or updating the house's look.
Upgrade Costs
Moving into a home and making upgrades can be a significant time and money investment. Even the most straightforward home remodeling projects can cost a lot of money. You'll have to spend extra money to get the building to something you want to live in.
Conclusion
After analyzing the pros and cons of buying and building a home, the answer to a better option will be based on the owner's personal preference, individual requirements, and financial situation.
Regardless of the owner's option, a property should always be viewed as a long-term investment, and the necessary research should be done to make an informed decision.
Suggested: How to Buy a House or Landed Property in Cameroon?