3 Benefits of Building over Buying Established
There are so many things to consider when it comes to buying your first (or any) home, one of which is whether to build it as opposed to buying an established property. Depending on your needs, wants, and budget, one can be much more suited to your circumstances than the other… but how do you decide?
As you might expect, we speak to many clients who are weighing up this very decision. The below is a summary of the advice we give them – whether they are considering building a Ross North Home specifically or otherwise. There are three main benefits to building a home as we see it, and to assist you in your pro’s and con’s list and help solve the debate happening with your partner or family, we have laid them out for you below.
Benefit One: Brand new = Low maintenance
One of the single biggest benefits to building a home is getting to live in it from scratch, to be the first to ever inhabit the house. What this really means, is that you get to enjoy the property whilst everything is under warranty, and better yet, far less likely to break down or need replacing anytime soon! You realise pretty quickly when you attend a few home opens that even the best presented home has things that could use repair or upgrade, especially when you have a tight budget. Having to settle for something a bit older means having to be prepared to pay for new HWS’s, or fix leaking showers, or worse, a leaking pool! Building a brand new home, particularly with Ross North Homes, means you are covered by a 25 year structural warranty so you are protected from devastatingly large unexpected costs when you are trying to enjoy your new piece of paradise!
Benefit 2 – You don’t pay your full mortgage repayments until your home is ready to live in
It is paid in what are called ‘progress payments’, so in essence you only pay for how much of the house is built, which is broken down into three or four stages as things progress. This way, you can still save for the big screen TV you have earmarked for your theatre room whilst you watch your home continue to take shape. This also allows you to potentially stay in your current residence (renting, with parents etc) and not be financially snowed under; it isn’t until the last step of the build is completed and you arrive with your moving truck that you commence the full repayments on what you have borrowed from the bank.
Benefit 3 – Pay for what you need now, and save over time for the rest
When you buy an established home, you often find yourself compromising on many aspects of the property when finally deciding on the right one. You may find something with the front patio you want, but it has a 1970’s kitchen that will need replacing almost straight away. You see one with a great outdoor area and pool, but the bedrooms are tiny with no walk-in robes to speak of. When you build however, so long as you think about the long term feel of your home and how you ideally want to live, you can ensure that the structure is such that you have room to make improvements cost effectively while you enjoy the home as is. You keep space for a pool, but you do not have to put one in just yet. You want to add a second storey in 5 years, so you can make sure your single storey design will work for a second level being added (and your Ross North Home Consultant can assist with all of this!). Building a home means you do not have to put up with things you hate for years on end while you save for what you want or need, which makes life a little less stressful to say the least!
If you are still weighing up your options and thinking about building, our friendly, professional staff are on hand to help guide you to the best possible solution for you and your budget.
Get in touch and find out why after 40 years, we still have a reputation built on excellence.