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Should you build your home?

Building vs Buying: Building your new home is an exciting journey with ups and downs and everything in-between. But it is best to be aware of certain elements before you begin your journey.

The majority of families that purchase land within Watagan Park are first time builders and initially they are apprehensive about the new experience and new challenges that lay ahead. The thought of building a new home can be daunting for some and building your new home is quite different to purchasing an existing home. And let’s face it, you don’t do either every day.

To help you decide if building is for you we thought we’d compare the alternatives by explaining the pros and cons of both building your new home and buying an existing home.

Building your new home

PROS

  • The value of the completed property will almost always be higher than what it cost you, so you can take advantage of immediate capital gain from day one of moving in
  • In an estate you are surrounded by other new homes
  • Infrastructure like roads, parks, gas, water, electricity, NBN around land developments are all new
  • You’re there from the beginning so you can design the perfect home that fits your family’s needs
  • You only pay stamp duty on the land price component and not the price of building your home
  • Currently there are more government grants that are available for both first home buyers and non first home buyers

CONS

  • The time between purchasing your block of land and the time you move into you new home will be approximately 12 months
  • You need to consider where you’re going to live while you’re building your new home. This usually means renting while you are also paying contributions to your land loan or moving in with family (to save money)
  • New estates are traditionally located a little bit further out of metro areas
  • The buying land / building process can seem a little daunting and confusing at times

Buying an existing home

PROS

  • You can move into your home within a relatively quick period (2-3 months)
  • It is something that many people have done before so it is easy to ask for advice from family and friends
  • An older home could have period charm and character
  • You only need to move once

CONS

  • You always need to fix/renovate something with an existing home
  • The plumbing and electricals are dated and if they need replacing it can be an expensive exercise
  • The design and floor plan is fixed
  • No seven year home owner warranty
  • You need to pay stamp duty on the final price of your home
  • You could be buying into unknown faults and to rectify could be expensive
  • Any renovations you need to do are from your own cash

 

10 tips for buying land

10 tips when buying land

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