Build or Buy? Which one suits me?
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The above question keeps resurfacing whenever individuals, couples, groups and even companies think of involving themselves in construction. Be it for personal home use or commercial office purposes, both of these options could be quite confusing, exhausting and challenging to decide on the best suit. This is due to both having pros and cons and totally depend on the concerned party or parties’ financial status, cash flow, purpose for the construction among other factors.
As of 2017, according to BMI Research Kenya, the projected growth of the local construction industry for the next decade was at least 6.2% annually. That is a projection that will see Kenya outperform all sub Saharan countries, if it comes to pass. They attribute this to the Government of Kenya’s huge expenditure on infrastructure that rapidly drives the economy as has been the case for the past five years. The Kenyan construction industry currently contributes 7% of the country’s Gross Domestic Product (GDP).
The following highlights will give you more insight on which option to take:
If the concerned party/parties wish to have a lot of say in the “look and feel” of the building, this would be the best option as the building would be customized to their requirements. Size, number of partitions, interior and exterior designs, not forgetting the landscaping, are all aspects that could be decided by the parties when using the building option. This option also offers a great deal of experience and information about building, construction and the key players in the sector like contractors, suppliers of building materials, local authorities as well as construction workers who do the actual work on site.
On the flip side, building could be disadvantageous since it could be stressful and time consuming as the parties would have to prospect on land to buy and building materials while also having to involve professionals in the sector like contractors and architects.
Buying is considered a hassle free and on-the-go solution to owning a building. The party/parties that wish to buy would only have to get a good property consultant or a willing seller who has already built and the transfer process begins upon agreement of terms. This could be concluded in as quick a time as a few days or weeks. This could be considered as “shopping” since the parties would be looking for the best building to suit their needs.
Buying, however, has a disadvantage of potentially not getting property with full specification of your requirements as the building is already complete. Guarantee of quality is also a potential risk in this option as the construction might have been substandard due to the “greed” of developers.
Be sure to assess both these options keenly to find your best suit. KenyaCompanies.com avails both the “builder” and “buyer” credible, reliable construction companies in Kenya and reputable, committed real estate agents in Kenya respectively to make your suitable option search quick and efficient.