Whether it is better to buy a house or buy land in Chiang Mai and build a house is often a challenge to many who desire to have homes of their own. This should not be the case. A critical analysis of various factors should make it easy for anyone to make the informed decision on whether to buy land to build a house on or buy a ready-built house.
Cost should always be the most important consideration for anyone to take into account. It becomes necessary for one to analyze and compare the combined cost of buying land and constructing a house and the overall cost involved in buying a ready house. This requires consultation with different property experts who are in a better position to provide information relating to cost of land, cost of building materials, cost of labor, costs related to installation of amenities and cost of transfers in case of buying a ready house.
Location is the other very important consideration that one must take into account. One may not have any option but to buy a ready house in case he/she wishes to stay close to or within a city. This is simply because it is very rare to find open land near cities that have not been developed.
The time it takes to complete land purchase agreement and construct a house is the other factor that may force one to buy a ready house. This is unless one is not in a hurry and can wait for long as it takes to complete necessary transactions before constructing a house.
The need to have a customized house built according to preferred specifications may also force one to buy land in order to build a house. Indeed, it is easy to build a customized house than transform a ready house depending on applicable local authority legislation.
When one is deciding whether to keep their money in a bank or buy land (or do anything else involving money), there are several factors to be considered.
To make an informed decision, as far as these two options are concerned, one needs to know what they want.
This goes two ways. First, there is money security in the sense of a complete guarantee of zero losses on one’s investment. This is where the bank edges ahead. Banks are about as safe for one’s investment as it is possible to go.
Secondly, whenever market conditions are unpredictable, value on properties, stocks and other investments can plummet without notice. Security also has a psychological side to it; where one has near-complete control over their money. The bank system, while not totally unshakeable, is as stable an environment to earn interest off your money as possible.
How convertible are the assets to cash? The bank is far more effective at this than land. Land can take a dreadful amount of time to reacquire its value, once lost, and is notoriously difficult to sell if almost all the market conditions are not right.
For this, you have to pick land. Land value assessment, professional consultation, market understanding and a deep reserve of funds are necessary to capitalize on land value fluctuation at a moment’s notice and make very lucrative profits in a process called “flipping”. “Buy low, sell high” is the mantra to be held close to heart for this practice for this. In fact, if perfected, land flipping is among the top most enriching business practices on earth.
It is similar to security in that it represents the concern by investors to have profit continually, and for prolonged periods. As mentioned, investments placed in land can be lost in minutes but banks can grow and propagate one’s investment even after they are deceased.
Seasoned financial experts are equipped with the knowledge that is necessary for taking advantage of the real-estate markets and should definitely do so. Those that have very little savviness and technical understanding of real-estate are advised to stick to banking.
Having carefully assessed these factors and weighed them against what they themselves want, one is able to make the best decision as to what to do with their money. It is a highly subjective issue and has no straight answer.
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