Dream House – Buy or Build?
Owning
a house is more of an emotional thing than an investment for most people
especially in the Philippines. A house is often associated to security and most
often a “status symbol.” People having their own home are often assumed to be
well established and having a stable life; aside from the feeling that you now
have a place that you can call your own.
You
made strides in your career or business and now feel that it’s time to have
your own house and made that “dream home” a reality. You are faced with two
options, buying an existing house in your desired area or building your own
house from scratch. Either way buying or building can get you your own house,
but these two different paths pose also different matters that would require
you attention.
The
process of owning a house is an exciting time for many people. You might
consider buying or building but without first weighing out each of the pros and
cons of each option, you might be surprise of want you can get when you compare
the two. Let this be a bit of your guide in doing such.
One
important consideration would be the cost. As you might know, housing prices
have shoot up in the last few years. Cost of labor and materials had also gone
up as fast. Housing prices differs based on the style/design, size and all
other factors. But for the sake of discussion, let’s consider the same
style/design and size to include same cost for the lot for both buying and
building options. That way, well have an “apple to apple” comparison instead of
an “apple to orange” comparison which can be misleading.