There are so many things to consider when it comes to buying a home, and depending on your needs, wants, and budget, there are benefits to both building a new home or buying an established one.
As you might expect, we speak to many clients who are weighing up which option is best for them, and so the below is a summary of the advice we provide and the three main benefits to building a home as we see it to assist you in building your own pros and cons list.
1. Brand new means super low maintenance and no costly surprises
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. It means 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 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, means you are covered by a structural warranty, so you are protected from devastatingly large, unexpected costs when you are trying to enjoy your new piece of paradise!
2. Reduced mortgage repayments until your home is finished
The building loan is paid in what is called ‘progress payments, so you only pay for the percentage of the home that is built. There are usually three or four stages where the payment amount is reviewed as things progress, so it means 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 the total amount you have borrowed from the bank.
3. Design something you love, no compromises!
Buying an established home often means compromising on several aspects of the property that aren’t quite what you want because it ‘mostly’ works. You may find something with the large 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 or storage space. 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 don’t have to put one in straight away. 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!
Still, weighing up your options and torn being building new or buying established? Our friendly, professional staff are on hand to help guide you to the best possible solution for you and your budget – get in touch with us today!
