Your Next Home: To Buy Or Build?

Owning a home is still one of the biggest dreams for many Australians. Whether you’re an existing homeowner looking for something new or you are planning on buying your very first house, you might find yourself tossing up between buying an existing home or having a home built from scratch to your design and specifications. It can be a tough decision, so let’s take a look at some of the pros and cons of each in this guide. Both are good options but which is the right option for you?

How Much Time Do You Have?

If the goal is to move into your new home ASAP, then the best option would be to purchase a house that is already established, rather than buying one off the plan or having a new home built to your specs.

When you purchase an existing home, you can move in as soon as the property has settled. For a home purchased off a plan or for homes that you have built to your design, you have to wait months for the house to be constructed before you can move into it. If you have time on your hands, building is a good option but if you need somewhere to live sooner rather than later, then purchasing an established home might be the best way to go.

Build Your Home Exactly As You Want It To Be

Of course, one of the greatest advantages of building your own home (not off the plan) is that you can have your brand new home designed and built to your exact desires and specifications. How big your home is and what features it has will really only be limited by the imagination and your project budget.

Planning and building a new home is exciting and the process of working out the details can also be fun for some. If you want a nice big bathroom and kitchen, you can have those incorporated into the design. One storey or two? That’s up to you. There is so much you can do when you choose to build your home from scratch and hire the services of a quality building contractor who specialises in custom builds.

When your custom build is complete and you move in, everything will be exactly as you envisioned it to be, from the layout, the space, to even the tap fittings and benchtops in the kitchen.

This is something that you simply don’t get when you purchase an established home or a house and land package. Even with homes you buy off the plan, options for customisation are very limited.

If having everything you want and dream about in a new home is what appeals to you, then you can’t beat a custom built home.

Established Homes In Established Areas

If you opt to purchase an established home, one that is not brand new or a spec home, you’ll often find the home will be located in a more established area of town. An established home that has been lived in by others may not have the same feel as a new home or have all the features of a custom build, but being in an established location certainly has its advantages.

To begin with, rather than finding yourself situated somewhere on the outskirts of town, your home will likely be located closer to the town centre. The area around the home will also be more established, with local shops, schools, parks, bike tracks, public transport and more conveniences.

This is possibly one of the greatest advantages of purchasing an established home, being situated in a location that has experienced more development and is more conveniently located.

A Custom Build Is Modern and Brand New

Nothing quite matches the look, feel and smell of something that is brand new and the same goes for a brand new home. Many people never get to experience what it’s like to step into a home that has never been lived in before. It truly is something special.

Because the house has only newly been constructed, everything, from the home’s design, fittings and appliances, are going to be modern and contemporary. The house will be sparkling from floor to ceiling, indoors and outdoors.

If you have the time and the money for a custom build, then it’ll be worth it just to experience the decadent luxury of moving into a brand new home of your own design.

A new home is also likely to be more sustainable and energy efficient in its design as well, which is both good for the planet and your back pocket.

New Home Builds Can Cost More

Obviously, purchasing any home, new or established, requires a major monetary investment, so your budget may come into play when tossing up between purchasing an established home or having a new home custom built.

With established homes, you can shop around until you find a house you like that matches up with your proposed budget. Generally speaking, new home builds – especially custom builds – are going to cost more. There will also likely be unforeseen costs that crop up during the construction phase, elevating the total cost even higher.

If you have your heart set on a new home being built from scratch, you could possibly offset some of the cost by purchasing a cheaper parcel of land that’s further out of town.

Keep in mind that not all custom builds are going to be more expensive than purchasing an established home, as location and other factors come into play that will dictate prices.

The Takeaway

As you can see, there are arguments both for and against both new home builds and buying an existing home. Ultimately, the decision will come down to the budget you have to work with, how much time you have available, the location in which you want to live and whether or not having a home in an area that’s already well established is important.

At the end of the day, both are good options. The choice really depends on which option suits you best.