Buying established vs Building a new home
![Buying established vs Building a new home]()
So you’ve decided to take the plunge and buy your first home.
Congratulations! 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 process then building would be better for you. If you’re looking for affordability, then you can’t go past house and land packages.
However, if your personal circumstances aren’t pointing you in an obvious direction then read on and we can help you decide.
Buying Established
Pros
- 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 it may 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 buying usually 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 (and hefty bill) in regards to comfort and lifestyle.
Cons
- Could be more expensive. Depending on location and the condition of the property,any additional 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 immediately, then buying might not be the best option for you.
Building
Pros
- 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.
- 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. There’s also the option of adding other features, such as solar panels, to your new home,s meaning you’ll be setting yourself up to keep your money 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. This home is all yours, made to your requirements and designed for your needs.
Cons
- Building takes time. Have you ever heard, that all good things take time? Of course buying an established home is faster, but how do you put a time - frame on renovating it to make if feel like your home and not the previous owners’? Building is the only way to get your home just how you want it because it’s been custom-built just for you.
Thinking of building your dream home? Get in touch or check out our house & land packages today.
Posted by First Home Buyers Direct on 12 April 2017 | 0 comments
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