Building a house outside the city is one of the most popular dreams for the vast majority of us. However, many people often cross them out because they are too expensive, need to take out a loan or simply because they lack basic investment knowledge. Meanwhile, an escape from the hustle and bustle of the city does not have to be reserved exclusively for the wealthiest and can also be afforded by those who usually limit themselves to buying a flat. It is all a question of proper planning and wise budgeting.
Flat or house – what to choose?
Before deciding to build a house or buy a flat, it is worth becoming aware of the real costs of maintaining each one. Of course, a house also means a plot of land that has to be paid for, a larger area to be heated and lit, and unexpected expenses such as repairs to the farmyard, minor garden work or replacing appliances that naturally wear out and break down. What’s more, if you also look at the price of the property itself, let’s say, in developer condition, it turns out that the flat can be much cheaper, although this also depends on its size. In the end, however, the monthly maintenance cost can be comparable, and sometimes even slightly higher, than for a house. How does this happen? Well, rent tends to increase year on year, and at the same time the cost of living in the city is not getting any cheaper. So if you think about it in the long term, it may turn out that choosing a house in general will come out similarly priced or even – taking into account all its advantages – relatively “cheaper”.
Stages of investment implementation
In the case of a flat, the story ends with the purchase of the property, its eventual finishing or renovation and the repayment of the loan taken out. With a house there is, of course, a bit more work, but it goes without saying that the game is definitely worth the candle. As a rule, you should be prepared for three stages of investment: raw closed state, developer state and turnkey finishing. The first consists of pouring the foundations, erecting bare walls and completing them with doors, windows and a roof. The second stage involves insulating the building, laying plaster, concrete floor, and preparing all the necessary installations. The final step is to paint the walls, lay the floors and arrange the bathroom with the kitchen. The so-called turnkey finishing of houses prepares them for the move-in of the hosts, who are left to arrange the interior according to their own tastes. From here it is worth remembering that the individual stages should not be interrupted – you can take breaks in between them, but it is best to implement each of them as a whole to avoid problems.
Cost of finishing the house
Of course, the costs given here are averaged and depend mainly on the size and standard of finish of the house to be built. It should also be borne in mind that the individual stages of investment require slightly different financial outlays. As a rule, however, with a standard area (up to about 100 m2) and medium-high-end furnishings, the cost of finishing a house can be as low as 400,000 Polish zlotys. This price is similar to that of a small flat, but it should not be forgotten that building a house sometimes takes a few years, and this carries certain risks. Well, as the market value of building materials changes over time, a certain buffer of financial security needs to be planned for. It is estimated that budget plans could be overshot by as much as 15-20%, so it is necessary to take precautions. In general, it is far better to be left with unused money than to be forced to cut back on cheaper solutions.
So, as you can see, the dream of building your own home can be within your reach, as long as you approach it in the right way, with the right distance and as emotionless as possible. Importantly, this type of investment can also be spread over several stages, so that you don’t have to fall into borrowing straight away, but instead gradually, in small steps, work towards your goal. It is worth knowing these few details before you buy a flat that requires you to pay the full amount before you move in.