Hi there!
Why buy land?
Why buy a house?
by land we mean a plot, which you could build residential house, free, of about 1000 square meters, near the city centre.
by house we mean an independent, detached house of at least 60 square meters on a plot of at least 300 square metres. (No duplexes, apartments, townhouses.)
How to evaluate?
In my city, the cost per square meter:
- Land 100 €/sqm
- House 2500 €/sqm
buy land or a house: which of the two, or neither of the two?
Re: buy land or a house: which of the two, or neither of the two?
One big aspect is money. First, with the money that you have, what options do you have? If you only have 200 euros to your name and a lower income and not a good credit standing, you cannot expect to start buying a plot and building a house on it. You don't have the money for it (yet). Second, compare all the options for their costs over the time that you intend to live there. Almost any option that guarantees a roof over your head costs money (rent, or the mortgage interest and other costs). In some cases you instead pay in time or in independence (you live somewhere in exchange for housekeeping, or you live with your parents for free but have to take their rules into account).
Another big aspect is time. How long do you expect to live in the house? How much time do you want to spend on maintaining the house?
Sometimes location is pretty important too: the house has to be near your workplace, or you want to stay within an hour of travel of your parents. You don't want to live in the city center, or on the contrary, you want to live close to or in the city center.
And then a final important thing is how happy or satisfied you will be living there. Maybe you want to own a particular house and you know it will cost more money and it will be a fifteen minute longer commute every work day, but you are willing to make those sacrifices for the happiness of living in that house.
Another big aspect is time. How long do you expect to live in the house? How much time do you want to spend on maintaining the house?
Sometimes location is pretty important too: the house has to be near your workplace, or you want to stay within an hour of travel of your parents. You don't want to live in the city center, or on the contrary, you want to live close to or in the city center.
And then a final important thing is how happy or satisfied you will be living there. Maybe you want to own a particular house and you know it will cost more money and it will be a fifteen minute longer commute every work day, but you are willing to make those sacrifices for the happiness of living in that house.