Buying versus building a home – what’s right for you?
Thursday, 28 November 2024
It’s no secret that getting into the housing market can be difficult. We know that home buyers are searching for an affordable way to make their home ownership dreams come true.
When you feel ready to take the step into home ownership, one of the first decisions you need to make is whether to buy or build a home. Read on to discover some of the benefits and challenges of each option.
The benefits of buying an established home
Faster Move-In: Building a house takes time, often many months or over a year. When you buy an existing home, you can move in a lot sooner, sometimes within just weeks.
Simplicity: Buying an existing home means you won’t need to manage the complexities of working with builders or overseeing the construction. While there is plenty of paperwork involved in any home purchase, buying an existing home can be a more straightforward and hassle-free process compared to building from scratch.
Fewer Surprises: When you buy an existing home, you know exactly what you're getting. There are fewer unexpected surprises, both in terms of layout and property quality. You can inspect the home in person, assess its features, and conduct the necessary inspections to make an informed decision. With a clear picture of what to expect, you can move forward with confidence.
The challenges of buying an established home
Maintenance costs: When buying an established home, it is possible you will have additional maintenance costs. Older fixtures and fittings, such as heating, cooling or kitchen appliances could need replacement.
Renovation costs: If the home doesn’t already have everything you want, you might need to budget for renovation costs and the time to get them done. Consider whether the changes are practical and if they’re realistic for the property’s condition.
The benefits of building a home
More choice: Building a home gives you the freedom to design a space that suits your needs. From the layout to the colour scheme, you can personalise every detail.
If you are financing your build with HomeStart’s construction loan, you have the option to defer any loan repayments for up to twelve months or until construction is complete, whichever occurs first.
The challenges of building a home
A longer journey: Building your own home from scratch takes a lot of time and effort. Add to that the possibility of project delays, and it could be a while before you move into your home.
Complexity: Building a home involves greater involvement from you, making decisions like finding the right builder, choosing the layout and materials, and more. This can feel overwhelming and add to the stress for some home buyers.
Unexpected costs: You can run into unexpected costs when building a home such as weather delays, increased costs of materials, and other issues. It’s important have an allowance in your budget for unforeseen costs.
In conclusion, it’s not an easy decision, and there’s no one-size-fits-all answer. When deciding between buying or building a home, it’s important to weigh the benefits and challenges of each option carefully. Consider your budget, timeline, and long-term goals to make the best choice for your financial situation. Ultimately, the right decision is the one that aligns with your needs and helps you achieve your homeownership dreams.
This is general information only. You should consider your own personal and financial circumstances before making any commitments.
When you feel ready to take the step into home ownership, one of the first decisions you need to make is whether to buy or build a home. Read on to discover some of the benefits and challenges of each option.
The benefits of buying an established home
Faster Move-In: Building a house takes time, often many months or over a year. When you buy an existing home, you can move in a lot sooner, sometimes within just weeks.
Simplicity: Buying an existing home means you won’t need to manage the complexities of working with builders or overseeing the construction. While there is plenty of paperwork involved in any home purchase, buying an existing home can be a more straightforward and hassle-free process compared to building from scratch.
Fewer Surprises: When you buy an existing home, you know exactly what you're getting. There are fewer unexpected surprises, both in terms of layout and property quality. You can inspect the home in person, assess its features, and conduct the necessary inspections to make an informed decision. With a clear picture of what to expect, you can move forward with confidence.
The challenges of buying an established home
Maintenance costs: When buying an established home, it is possible you will have additional maintenance costs. Older fixtures and fittings, such as heating, cooling or kitchen appliances could need replacement.
Renovation costs: If the home doesn’t already have everything you want, you might need to budget for renovation costs and the time to get them done. Consider whether the changes are practical and if they’re realistic for the property’s condition.
The benefits of building a home
More choice: Building a home gives you the freedom to design a space that suits your needs. From the layout to the colour scheme, you can personalise every detail.
If you are financing your build with HomeStart’s construction loan, you have the option to defer any loan repayments for up to twelve months or until construction is complete, whichever occurs first.
The challenges of building a home
A longer journey: Building your own home from scratch takes a lot of time and effort. Add to that the possibility of project delays, and it could be a while before you move into your home.
Complexity: Building a home involves greater involvement from you, making decisions like finding the right builder, choosing the layout and materials, and more. This can feel overwhelming and add to the stress for some home buyers.
Unexpected costs: You can run into unexpected costs when building a home such as weather delays, increased costs of materials, and other issues. It’s important have an allowance in your budget for unforeseen costs.
In conclusion, it’s not an easy decision, and there’s no one-size-fits-all answer. When deciding between buying or building a home, it’s important to weigh the benefits and challenges of each option carefully. Consider your budget, timeline, and long-term goals to make the best choice for your financial situation. Ultimately, the right decision is the one that aligns with your needs and helps you achieve your homeownership dreams.
This is general information only. You should consider your own personal and financial circumstances before making any commitments.
