Is it better to build or buy a house, buying vs building a house? When looking to buy a home, one question buyers face is whether to purchase an established property, or to buy land and build a home from scratch. While both methods offer significant financial and social benefits, ultimately, the “better” method depends on the priorities of the buyer.
00:00 Is it better to Build or Buy a House [Buying Vs Building] 00:55 1. Advantages Of Building a new home 01:51 2. Disadvantages Of Building a house 03:53 3. Advantages Of Buying a property 05:03 4. Disadvantage Of Buying a home
What to know: Established home Buying an established home offers several key benefit that appeal to buyers.
Generally, an established property will be located closer to a city centre than a new home (as vacant blocks are rare in inner-city areas), and therefore be nearer to facilities and infrastructure such as schools, employment opportunities and public transport.
Not only is this location usually considered preferable, but the parcel of land the home sits on will generally be bigger than what’s offered for new builds.
Buying an established home is a quicker process than building a new house. Once the initial house hunting is done and the deposit has been paid, buyers can often move in and start their new life in as little as 30 days.
New homes, on the other hand, require months to build and have the potential extra burden of delays and complications. Because of this, many buyers will need to continue renting another property while their new home is being built.
At a glance…
Closer to the CBD and established infrastructure Better investment potential Larger land parcel Comes with established landscaping Can move in quickly
What to know: New home Buying land and building a new home from scratch offers several unique benefits not offered when purchasing an established property.
Many first home buyers are drawn to this option due to the savings and concessions available, such as reduced stamp duty and the First Home Owner Grant.
At a glance…
Can be built to your exact specifications Lower ongoing costs in terms of maintenance and energy Significant buyer incentives such as the First Home Owner Grant Less competition to buy land Issues and defects covered under warranty
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