After considering the costs and benefits involved in investing in a flat or land, the option of investing in a land which is barren and is most suited for living in long term considering the locality, future value of appreciation etc. is any day better than similar looking apartments in a building. Once you have decided that you are going to invest in an empty land and then construct a house there, the next thing to worry about is whether to manage the construction yourself or hire a custom construction company. Let us look at the factors related to both the decision and then the trend that India seems to follow.
The decision is simply between whether to arrange for and manage construction yourself or hire a custom construction company for the job. The things that make this decision even more crucial are cost consideration, quality of material, freedom to change layouts and time etc. these things plus the changes in economic conditions affects the make or leave decision to a great extent. The factors that affect this decision are explained in some detail below:
- Project size
More the size of project, the more is the complexities. If your land area and the planned layout is more than 1 floor, appoint a construction company to get it made, as the intricacies will be better handled by them as compared by the workers who work at your command.
- Budget
It is any day more cost effective to manage the work yourself than hire a construction company with fixed rates of working.
- Remodeling
If you plan on remodeling when your project is at mid construction stage, it’s profitable to get construction done on your own to save the cost related to change in layouts. The freedom of changing your plans is higher when you do the work through your means.
- Electrical and carpentry work
It’s advisable to get the detailed work related to carpentry, electricity etc by hiring construction company, as they need proper work experience.
- Satisfaction
Many owners find satisfaction only when they are able to manage the construction, quality of materials used etc. right in front of their eyes.
- Security
There is always a chance that when you hire a construction company to build your house, they leave the construction mid stage. The chance of project coming to a stoppage suddenly reduces when you mange the work yourself. Also, in case you are facing a shortage of funds, it is in your hands to put the project on hold or delay something when you are responsible for building the project.
- Legal permits
The legal paperwork, taxes, codes etc. are managed by the construction company; you don’t need to worry about the nitty gritty of the formalities as it will be managed by the construction company.
- Time
Hiring a construction company to do your job consumes less time as compared to managing things yourself, in case of problems, remodeling also, Construction companies can do a much faster job.
The other option
If both managing the construction and hiring a company to build your dream home seems like a stressful task to you, you can always try the other option and that is to buy an independent villa of your choice.
Investing in independent villas has become the latest trend in India’s property market. There are many builders who expertise in delivering independent houses which suits the taste of today’s contemporary buyers. Out of all the metro cities the rise in demand for villas in Bangalore is much greater than any other city, only because of the single reason – the availability of options in the villa segment to meet the need of a diverse background of buyers, each with their special need.
Whether you manage the construction or you hire a company to do that for you, or also if you plan on buying pre made villas/ houses, are ultimately based on your choice and level of stress you can take. Irrespective of what decision you make, be sure that you weigh your cost as compared to the benefits.