To Buy or to Build A Home: What’s the Better Option?
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,...
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…
3. CostsGovernment 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. TimeIf 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.
3. CostsGovernment 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. TimeIf 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.
iBuildNew Editorial Team
As the specialist voice of Australia’s largest new home building resource, the iBuildNew Editorial Team delivers deep-dive coverage into the house and land sector. From analysing new estate launches to highlighting the country’s leading home designs, we track the building journey to provide clarity for every buyer.
