When it finally comes the time to invest in a new home, especially for first home buyers, there is always the big question of whether to build new or buy an existing home. This is a decision that shouldn’t be taken lightly as a home is usually the single most significant investment that a person makes in their lifetime. Every family has different needs and wants, and there are so many factors to be considered, this is why it’s crucial to consider them as early as possible in the home-buying process to make the right decision.
Because of the greater benefits that building new has over buying exiting, we want to give you the top 5 reasons of why you should build your new home.
Here is what you should consider:
1. COSTS 💲
Building a new home has several financial benefits that people usually don’t know. First home buyers tend to think that building a new home is more expensive than buying an existing one, truth is, with the current high prices on the property market, the cost of building a home in a new location can be lower in some states like NSW and VIC.
Builders usually offer excellent house and land packages with competitive prices and great value, especially for first home buyers. Finding a reputable builder that can construct a home on time, without compromising quality, is the key to making the best of your budget without being blindsided with hidden costs along the way.
The savings and concessions available in Australia for home buyers are another big reason to build new. The First Home Owner Grant offers $10.000 to all the Australians over 18 years old that are looking to get their first home. Additionally, when building a home from scratch, you won’t have to pay stamp duty on the house – only on the land, meaning that you can save money by buying off the plan (This also applies if you move into a newly-built home that has never been lived in before). It is worth mentioning that, when done right, building a new property allows you to create equity instantly. Plus, over the life of your mortgage, as your property value increases, and the mortgage value diminishes, you will get to build more equity every year.
It is also important to consider insurance, as it can definitely have an impact on the cost of owning a new home. Homeowners insurance on a brand new or newer home should be less expensive than with an older property. This is because a new home will be up to current standards and in better condition than an existing one (this, of course, depends on other factors such as location).
2. FLEXIBILITY/ CUSTOMISATION 👍
The most significant advantage of building a new home is probably the creative control that this allows for first home buyers. If you decide to build new, you’re more likely to get what you want and give priority to the aspects of your home that are more important to you and your family.
The flexibility of choosing a home floorplan design that suits your needs and requirements is priceless as it will have a long-lasting impact on your family lifestyle. Besides, it’s pretty awesome to live in a house that’s built exactly how you want it to be!
Buying an existing home can be a faster process, however, to base this choice just on the time factor can lead you to rush into buying a home and probably not loving its current floor map, nor getting what you really want in it. When purchasing a home, you can be pretty limited to the market offer and will have to adapt yourself to the kind of property that is available within your budget.
Being able to customise your home, choosing a floorplan that fulfils your needs, with state of the art appliances and fixtures, Makes it completely worth going through the construction process, because at the end you’ll be way more satisfied and proud of your new home. This factor alone is enough to choose to build over buying!
3. REPAIRS AND RENOVATIONS 🛠️
Another two essential factors to consider are the work and money you have to put into the maintenance of a home, regardless of this being new or existing. There is always more to the cost of a home than the sticker price!
For instance, there’s often hidden problems with existing properties that you should be aware of before buying a home. Even when you move in, there will always be flaws that you won’t notice until you’ve lived on it for some time.
When you build your home from scratch, everything is nice and new, so your home will unlikely need significant repairs for at least 7 years, and if for some reason something goes wrong, in most cases those repairs should be covered under warranty. Also, when you select every aspect of your home during the building process, and you choose a floorplan that not just meets your current needs, but anticipate your future ones, you won’t feel the need to make any renovations in the near future.
If you consider this, then building a new home can save you both time and money in the long run.
4. SUSTAINABILITY 😊
There is a latent need for sustainability in the construction industry, this is why builders have the responsibility to complete jobs to a higher standard and offer more eco-friendly solutions for new homes. From block orientation and open spaces that allow natural light and airflow to sustainable materials and appliances such as solar panels, there are multiple ways to make your new home friendlier with the environment, and healthier for the people who live in it.
One of the great advantages of building new is the opportunity to create an energy-efficient place that not just offers ongoing savings in utility bills but also is better for your family and the planet.
Older homes weren’t built to these sustainability standards, which means they are not likely to be energy efficient and can even still have toxic materials such as asbestos, lead paint, mould etc.
Money and features aside, a major benefit of building a new home has to be the satisfaction of owning a place is been exclusively created for you and your family. This holds an emotional connection that can’t be easily achieved when buying an existing home. Being part of the construction process of something that is uniquely yours is a remarkable experience!
You’ll be surprised at how owning a new home can improve your lifestyle, as you can easily find excellent blocks of land, or home and land packages being offered in great locations. New land estates include all the facilities you need at a short distance, as everything has been deliberately designed for the new community.
Every person has different needs and expectations when it comes to owning a home. In the end, it’s all reduced to needs and timelines. But what’s really important is to evaluate every aspect and make an informed decision to make sure you enjoy your new home for the years to come!
As we have mentioned before, there multiple benefits of building new. If you choose to go this path, the secret is to go through the building process with an experienced and reputable builder that can deliver your new home within the established timelines without compromising quality. This way, you will be able to get everything you want in your home based on your budget, and there won’t be any hidden costs along the way.
At Evolution Building Group, we offer multiple building services to suit your needs and requirements at any stage of life. If you’re a first home buyer, you can select from one of our stylish, functional and affordable homes with a number of carefully design floorplans, optional facades and internal and external colour schemes and upgrades to create the perfect home for you and your family. Our GO series has a home to suit your needs and budget!
We understand the significance of buying your first home and that the journey of building, if you have not experienced it before, can feel stressful. This is why we want to help you to get it right. If you have already purchased a block of land, we can recommend a home design to suit your lot, or we can offer a custom design service and a range of upgrades packages that can be included to ensure your home is entirely unique to you. But if you don’t know where to start, we can guide you through the process of building your new home to make sure it is a smooth experience.
To make your journey even easier, why not consider one of the house and land packages we currently have on offer? We have matched the best home designs to the best blocks to simply make it easier for you, check out our packages here:
If you want to start the building journey for your first new home, contact us today!