Are you thinking about building a new home? Or maybe you’re considering buying an established older house? It can be difficult to decide what option is best. We take a look at the pros and cons for each so you can choose if building or buying is right for you.
Advantages of Building a New Home
There are many good reasons to build your own home rather than buy an existing property. When you build your own home, you can make every decision yourself – from the location of your land to the finish on your kitchen taps. There are no compromises when you’re building, and you can be involved in the project from start to finish. Or you may be in the position to stay in the same location and knockdown your old home and build new.
Building a home is the right choice if you’re someone with a definite idea about your dream house. You can work closely with the builder to customise a home for your requirements, adding extra bedrooms, bathrooms, leisure spaces and more.
Additionally, established homes come with hidden issues and old-school technology that you may not want. When you build, you can include the latest innovative solutions throughout. You can use the highest quality materials and build your house in a more sustainable and efficient way, saving you money in the long run.
Disadvantages of Building a New Home
Unfortunately, all this amazing customisation can take time. From the day you choose your site to the day you move in, you will be waiting at least 6 months for your new home to be built, and sometimes 1-2 years. While you do have more control over your build, there are some things you can’t change, like material shortages or approval processes. All of these can be very frustrating if you’re wanting to move in quickly.
Advantages of Buying an Older Home
The biggest advantage of buying an existing home is that it is all ready to go. If you’re keen to move into a new house quickly, you can buy a home and move in just a couple of months later.
Some people also find it easier to imagine themselves in a home when they can see and touch it. Walking through your new house helps you to visualise your life there, and it can feel more ‘real’ to people when they are investing a large sum of money.
Disadvantages of Buying an Older Home
Although buying an established home is quick and easier than building, you will need to compromise. Your perfect dream house probably hasn’t been built by someone else, so you will find small things you don’t like.
Existing homes, especially older ones, often come with problems like hidden wear and tear, structural damage, or old and clunky technology. If you were hoping to avoid the hassle of construction by buying a home, you may find that you need to get building work done anyway to replace old features or fix things that aren’t working well.
Finally, buying an established home often ends up being more expensive. You need to save up a large amount for a deposit and pay stamp duty on your new home. If you’re not a first home buyer, you’re unlikely to qualify for any government grants or assistance, making it a very costly exercise.