Buying Established vs Building your Own

Buying Established vs Building your Own

The most common uncertainty we see with our clients is the initial decision to either buy an established home or choose a house & land package to build your own home. It’s a tough call! Everybody has different situations and needs that have to be considered, so we thought there’s no better time than now to upload some tips on how to decide!

Buying Established

Pros

1. If you are time poor, you will be able to move in a lost faster than if you were going to build.
2. You will most likely be moving into a more established neighbourhood so you can get to know your neighbours.
3. You might have a bit of negotiating power with an established home, so you can potentially ‘negotiate yourself a deal’

Cons

1. Your home is older and has been lived in previously
2. You could be buying a money pit - there could be hidden problems that you might not initially see or think to ask about.
3. Maintenance costs for an established garden.(such as replacing plants that have not been cared for, etc)
4. Often people moving into established neighborhoods may find it hard to befriend their tight-knit neighbours.

Buying New

Pros

1. The potential to be eligible for a first home owners’ grant
2. Purchasing a new home gives you a brand new slate to work with - you can 100% make it your own!
3. No waiting for the existing owners to move out or worrying about them leaving the place in bad condition
4. You get to take full advantage of the new appliances, new materials and overall ‘new vibes’ of your brand new build
5. A brand new build comes with a warranty provided by the builder
6. Newer homes are packed FULL of new technologies and ways to make your household greener and more energy-efficient. This means lower utility bills, which means more money in your pocket!

Cons

1. If you are in a hurry (or a little impatient) waiting for your build to be completed can be tedious.
2. Brand new builds maximise the opportunity to add more square meterage to your floor plan which sometimes can reduce the size of your back/front yards. However the savings made on landscaping costs are more of a pro then a con!

So at first glance the decision to buy or build seems like it would not be an easy one, but once you weigh up the pros and the cons it’s clear that building often wins. Not just because of its warranty periods or brand new appliances, but mostly because it comes with the peace of mind that your house is going to be built exactly to your specifications to suit you and your family’s needs.

If you have decided to build, get in touch today or check out our great House and Land Packages.

Posted by First Home Buyers Direct on 22 August 2017 | 0 comments

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