Which one is better in Lusaka to build or buy a house?

To buy a finished house or build […]

To buy a finished house or build from scratch? This is a common question among the buyers or would-be property owners. Particularly in Lusaka, where the property market is heavily booming amid demands stemming from the 1.5 million deficit of houses (countrywide).

 Commenting on the matter in an interview with the Zambian Business Times—ZBT, Real Estate Advisor Reuben Chongo observed building a house from scratch has been made easier by the availability of materials locally.

 “Easy” is the term, but not cheap, as some of the materials are imported. However, Chongo indicated that landowners can build at their own pace; commonly, they build a two-room house and finish off with a mansion after several years.

“If you have a plot, you can develop at your own pace, and you can easily have access to all the construction materials locally; the rates are competitive, and you can finance the construction as and when you have the money.”

 “If you flip the side, the expenses of material and labor, as well as the bureaucratic challenges of just accessing certificates, can be strenuous to a large competitive, and On the other hand, buying an actual house also has its own well, as the parties involved have certificates and contracts, which can be stringent if the buyer fails to meet obligations in the case of slow pay or pay-forward arrangements.

“Let’s say if you agree to buy a property for K1 million and you have K500,000, which means that you have to negotiate when to pay the difference, but if you have a plot and building from scratch, you can build month by month.”

 With the costly nature of houses in Lusaka, which go as far as K3 million, mainly, they are reserved for retirees and those in the diaspora.

 Due to limited financing, most of the people shun away from acquiring K500,000 or even loans to develop property due to the unfavorable conditions. Chongo revealed that buying a house in Lusaka, which is the scratch for most Zambians, means serving for some time.

“People have financing; buying entails that you have a lump sum that you have served up over time or sold one property to replace another or get a mortgage.

 The question of whether to buy or build a house from scratch is one that many encounter, and the response is dependent on the factors that are prevailing,” he said.

 However, in Preferences, the most common practice is the sale of properties and developing elsewhere. Ultimately, the question of whether to buy or build is dependent on the prevailing circumstances of the decider and the place, either prime or outside town areas, which speaks to the cost of either land or property.

Article by Samuel Mutale