The days of building a home rather than purchasing one already built are long gone. As urban regions where most people prefer to live become increasingly populated, it is getting harder to obtain property and construct residential homes from the ground up.

The cost of building materials and labour has increased, which is just one of several factors contributing to the structure's increased cost. Additionally, because construction takes longer, it is more susceptible to inflation. In the Nigerian city of Lagos, there are reportedly more finished buildings waiting to be acquired than there are grounds available for sale to potential builders, according to The Guardian newspaper.

Additionally, research indicates that in the United States in 2021, the cost of new homes will be higher than the cost of existing homes.

Not yet persuaded? Here are some further reasons for why buying a home is preferable to building one.

Inflation
Building costs increase as a result of the increased cost of construction supplies. The average construction period is 7 to 8 months, which is sufficient time for prices to soar. Therefore, it is more cost-effective to purchase a property that has already been constructed at a lower price when you take the prospect of price growth into account.

Land Availability
The few available plots of land in a metropolis like Lagos are typically only affordable to affluent investors who buy in bulk to construct buildings for businesses. The cost of constructing on such land is more expensive when compared to the alternative of purchasing a pre-built home or, for instance, a condominium. So it makes more sense to buy than to build.

Time Issue
You also avoid the drawn-out process of building a house by purchasing a home. Since it takes about 7 to 8 months to build a house, those in need of a home quickly can save time by buying one of the houses already on the market. It is therefore advised to focus on purchasing rather than construction.

Location
The majority of Lagos's desirable locations are dominated by finished but unoccupied properties that are available for purchase. These areas are desirable due to the social attractions nearby as well as the proximity to offices where people like working. For example, Lagos Island is a hub of commerce where many residents work, and it is dotted with empty homes that have yet to be occupied by potential purchasers. Therefore, you would need to aim toward purchasing rather than building a home if you wanted to gain from residing in such places.

I hope the information above makes it apparent why purchasing a home is preferable to building one. Save your money instead, and aim toward purchasing a home if you can!