Which one? Should you build a new home or just buy an existing home? It’s a very tricky question and I do get asked that often. Today I have a few points on both options which might help you decide…
Building a new home
- House and Land packages are aplenty in the market and if you’re not overly creative this gives you an option. You can see a package price but you still get the option to pick your colours and fixtures.
- New homes appeal to the modern market and trends therefore can become more of a benefit when it comes time to sell.
- Obviously everything is brand new.
- New homes are usually designed to be more ecofriendly therefore less energy bills.
- You will make money on a brand new home when you decide to sell.
- You may be eligible for a First Home Owners Grant.
- You’ll be living in a new suburb which is growing.
- Lower maintenance costs.
- Choice of lot sizes.
- You need to be able to make decisions confidently.
- Landscaping can cost more than you think, but it gives you the freedom to add your own flair.
Buying an existing home
- You can move straight in with no wait times.
- Older properties can be cheaper – especially if you’re prepared to do a little bit of work yourself.
- You can find properties with charming features that wouldn’t be able to build in a modern house.
- What you see is what you get.
- Older homes need maintenance and updates.
- There is room to negotiate a price.
- Established gardens.
- There will be Stamp Duty to pay on top of the property.
The decision to buy or to build is not an easy one. Each type of property comes with its own set of benefits and disadvantages. I have always been a big fan of building new homes. Financially it always seems to makes more sense long-term, but ultimately, it will depend on your budget and the property in question. Think about your personal financial situation and long term plans before you take the plunge, and weigh all options carefully.