One of the very first decisions every home-buyer needs to make is whether to buy an existing home or build a new one. Given our home is usually our single largest financial commitment it’s important to weigh up the pros and cons and determine which option best suits your needs. With this in mind, we’ve set out some key points to consider when deciding to buy or build a home…
1. Customisation
Perhaps the best perk of building a home is the creative control that comes hand-in-hand with the process. Altering the floorplan to suit your specifications is not only rewarding but gives you more bang for your buck. While buying may mean abandoning your dreams of open-plan living or compromising with only one bathroom, building allows you to create your home as you’ve always envisioned it. After all, a house is an expensive investment, you might as well get exactly what you want with your money!
2. Location
If you’re particularly interested in an established neighbourhood and unwilling to concede on proximity to the city or certain other conveniences, buying may be the easier option. While an existing home may cut down slightly on travel time to work or provide close access to nightlife, it’s important to remember that these features may come at the expense of other elements on your wish-list, be it creative control or your bank balance.
3. Costs
Government incentives and concessions, such as reduced stamp duty and First Home Owner Grants, are some of the key drawcards to building a new home. Although a smaller deposit may be required for an existing home, the long-term pay-offs with building new ultimately offset this advantage. Given a new home is more likely to have better energy efficiency and fewer maintenance issues than an established home, the potential for ongoing savings is greatly increased.
4. Time
If you’re after a faster process but prepared to compromise on costs and creative control, then buying is perhaps the preferable option. Moving into an existing house can take as little as 30 days, while the process of building requires an average wait of 7.5 months, according to the Australian Housing and Urban Research Institute.
5. Issues and Defects
The guarantee with when you build a home is that most issues and defects are generally covered under warranty. A fresh home with no previous owners, no wear and tear and no hidden surprises offers the complete peace of mind not present with buying an existing home.
THE BOTTOM LINE
While there are pros and cons to both options, it’s important to base your decision on what works best for your needs. Finding an existing property that matches your requirements and longings perfectly is a hard task and often comes at the expense of other items on your wish-list. If you’re not after a quick move-in date and have the time to customise your home exactly as you want it, then why not make the most of your money now and in the future and build a home?
Considering building new? iBuildNew has expert advisers to assist you in the decision-making process and guide you towards the right builders! Get in touch on 1800 184 284 or book a call our team!
Let us do the legwork for you.
- We’ll ask the right questions to better understand your needs
- We’ll create a recommended shortlist ideally matched to you
- We’ll answer specific questions or concerns related to home building, land purchasing or financing
1800 184 284
