Melton It’s the big question that divides couples and family’s looking at purchasing their own home, should we build a new home, or buy an already established home?
You should definitely do some investigating of the pros and cons in both building and buying. Below are listed the positives and negatives for each path and it may help you to decide what option is best for you!
Building Pros
– Upon building your new home you may be eligible for the First Home Owners Grant, which could be an amount of up to $10,000 in Victoria.
– You can chose the features that you want in your home. You have the ability to basically personalise your home. Leave out certain features that are of unimportance to yourself and include features that are considered ‘must haves’ to you. You basically have a blank slate to work with!
– Usually new homes are energy efficient due to new, high end appliances being installed in the property.
– Because of the new home having the features, colours and specifics to your liking, you don’t need to move into the property and worry about renovating, re painting or any of the sort. Once you move into your home you can relax and enjoy.
Building Cons
– Depending on where you build it may cost significantly more than if you were to buy an already established home.
– You may have higher monthly mortgage repayments
– Due to current land costs new homes tend to be built on smaller blocks which means a smaller back yard space for you as well as smaller rooms inside the home.
– Choosing of the colours, style, design and type of home can be extremely time consuming.
– Things can go wrong during the building process, which can be stressful and consume more time than you expect.
Buying Pros
– Most homes of a few years of age are in already established communities.
– You will more than likely have neighbours meaning you can feel a bit more secure
– When it comes to buying an already established home you have more power to negotiate
– You tend to have lower mortgage repayments
– Land is generally bigger, which means you will have generally bigger rooms and a bigger backyard – perfect if you are looking for space!
Buying Cons
– The home may not be as energy efficient if it is older
– You may need to renovate certain areas of the home
– There is a higher risk of major items incurring problems, like the central heating, plumbing and roofing
– Although rooms and backyards are bigger, garages and closets tend to be smaller
Building or buying at the end of the day, really is a personal choice. You need to consider your financial situation as well as budget and family situation. Take your time in deciding what is best for you and of course, make sure you speak to a financial advisor and do your research!
