Buying established vs Building a new home
So, you’ve decided to take the plunge and buy a new home. Are you going to build or buy established?
Ultimately your personal circumstances will help you decide because if you’re in a hurry to move in then you wouldn’t look at building. Whereas if you’re wanting to start from scratch and be involved in the design, and get your hands dirty with the finer details then building would be better for you.
If your personal circumstances aren’t pointing you in an obvious direction then read on and we can help you decide.
- You know what you’re getting. You can visit the home, get a feel for it and ask the real estate agent questions. You can find out any potential defects upfront as well as have a walk around the neighbourhood to see if it ticks all your boxes.
- Location, Location, Location! Buying an established home means you can usually get closer to the city centre. Have you ever heard of the saying ‘Buy the worst house on the best street?’. This is very true however also comes with the potential of renovations and maintenance so be sure to consider any long-term commitments that might evolve from that.
- Usually a faster process. Given that it generally takes around 30 weeks to build it’s safe to say that usually buying gets you in the door quicker. However, don’t forget that if there’s work to be done you might be looking at a long-term compromise in regards to comfort and lifestyle.
- Could be more expensive. Depending on location and the condition of the property weighed up with any work you might want to do to the property needs to be considered. If you’re on a tight budget and want to move into a home that’s ready for you then buying might not be the best option for you.
- First home owners grant. That’s right, if you’re a first home owner the government will give you money to buy and build your first home. In WA, eligible first home buyers can receive up to $10,000. Check out the criteria here.
- Reality permitting, you can build it how you like! If you’re not looking for a doer-upper then building is going to generally be best for you. You can choose your finishes, customise rooms and layouts and really get involved to give your home the personal touch it needs so people know it’s yours!
- Typically more energy-efficient and environmentally-friendly. New homes are made from new materials with new technology. The average Australian home produces between 5 and 10 tonnes of greenhouse gas emissions, depending on where they live. Plus with the option of adding things like solar panels to new homes you’re setting yourself up to eventually be putting money back in your pocket down the track.
- You’re in control. You don’t need to worry about removing trees that you don’t like or ripping up the old carpet the previous owners had. The home is all yours, made to your requirements for your needs.
- Building takes time. Have you ever heard, that things worth having are worth waiting for? It’s true, besides work where else do you go everyday? Home. It needs to be a place of comfort, where you unwind each day and make memories with your family. Of course buying an established home is faster but how do you put a time frame on renovating it or how long it will take for it to feel like your home and not the previous owners? Building is the only way to get your home, how you want it before you move in because it’s been built just for you and your family.
Thinking of building your dream home? Get in touch or find out if you qualify with our loan calculator.
Posted by First Home Buyers Direct on 12 April 2017 | 0 comments
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