BUY OR BUILD?

When the time comes, many first-time homeowners are faced with the question of whether to buy or build a house. 

There are pro's and con's to each but a few factors in 2022 make the home building landscape different from other years. 

Buy New Or Build?

Building your own home means either buying an off-the-plan home and land package that will be built while you wait, or designing and building your home with the help of an architect, builder and other contractors. 

- Benefits of building a new home 

BESPOKE: When you build your own home from scratch, you get to make all the decisions about the style, fixtures, layout and the rest. With an off-the-plan home, you may have choices about the layout and features e.g carpet vs floorboards or benchtop colours. 

BRAND NEW: A newly built home is ready to move into and should be in good condition because it has no previous owners. 

GOVERNMENT GRANTS: You may be able to access a first homeowners grant if you buy a newly built place, However, you should do your sums to check if you will actually be saving money. 

- Drawbacks of building a new home in 2022 & 2023

TIME: Building a home is a lengthy and complicated process. Building can mean you have to find other accommodation in the meantime. 

BUILDING INDUSTRY CHALLENGES: Pressures caused by COVID & Australia's low migrant numbers mean both materials and manpower are in short supply at the moment. There has also been a lot of delays caused by bad weather, many families are finding themselves stuck in limbo because the building process is taking far longer than expected. 

COST: You may feel like you can have everything you want when you build, but costs have a way of blowing out. 

UNPREDICTABLE: When you build a home, you can never be quite certain how it will turn out. Even the best-planned projects will encounter hiccups along the way and some unlucky people end up with a lot less than they paid for. If you do decide to build, always use a fully licenced builder and sign a contract so you are protected. Don't sign off and move in without an inspection from an independent contractor who can check the property has been completed to the right standard. 

Why Buy An Existing Property?

 An existing home is any property that is fully built and ready for you to move into 

- Benefits

YOU KNOW WHAT YOU ARE GETTING: Unlike building a home you can see and touch exactly what you are getting right from the start. 

MOVE IN RIGHT AWAY: Other than a few weeks for settlement, there is no waiting time for a pre-existing house. Once settlement is done, you can move straight in. 

HAVE A BUILDING INSPECTION: With a pre-existing home, you can have a building inspection so that you know if there are any issues like leaks and can get an estimate of costs. 

CHARACTER: Older homes often have a lot of style and charm that you wont find with a brand new home. 

- Drawbacks of buying an existing home

 NOT BESPOKE: When you buy an existing home, you have to settle for the existing layout and many of the existing features.

EXISTING ISSUES: A pre-existing house may have structural issues or other problems when you move in, but if you take the time to have a building inspection you should at least be aware of what they are and how much they will cost to fix. 

Given the challenges of  the building industry at this time, buying an existing home may be a safer bet. If you are unsure about what to do, contact us today to discuss what properties are available in your area.