Choosing whether to buy a home comes with a multitude of questions. The first thing you need to consider is whether you’ll build a new home or buy an existing dwelling.
There’s truly no one-size-fits-all response to this question so it is important to consider the pros and cons for both in order to come to a decision.
The main pro of custom building a new home is that you can build it in exactly the way you want, in a style that suits your budget. You choose materials, appliances, colours etc. most important, you can choose the size and configuration of rooms.
However, this might not be for everyone. You have to make a lot of decisions in a short amount of time.
New houses are often more energy efficient, another pro for new home builders. “It will cost less to heat and cool. Repair bills are generally lower for new homes because things are relatively new,” says author and property lecturer Peter Koulizos.
Building a new home also comes with financial incentives like the First Home Owner Grant and reduced stamp duty.
However, location can be an issue. To build a new home, you usually have to go where there is land available. This often results in moving far away from city centres. There may not be the same facilities like hospitals, schools, shopping centres and public transport close by.
Overall, in terms of price, building a new home can be an amazing option. But you must first consider the location and decide whether it is right for you and your family’s needs. If location is important you can always consider a knock down rebuild.
One of the ultimate advantages of purchasing an existing dwelling is the process’ ease. You get to check out a finished product and decide whether it right for you or not. The process is quick, and if you like the property, you can soon move in after buying.
However, it is often difficult to find a property with the exact configurations you are looking for, especially if you are in the market for a large home with several rooms.
If you are looking to live in an established area near the city centre, a pre-existing home will most likely be the only available option, however remember you can always knock down and rebuild. You get location and customisation!
Despite saving money with the First Home Owner Grant and reduced stamp duty, it won’t necessarily mean building a brand new home will be a cheaper option. You need to estimate and compare the costs for both when deciding whether to buy or build a new home. Conversely, a pre-existing home might not provide the configurations and size you need for a family. It’s dependant on the buyer and their needs, and must be discerningly considered.