Should I build or buy my first home? As you could imagine, that’s a question that many first-timers have once they’ve worked hard to save and are finally ready to get their very first home!
Buying a first home is definitely life changing, but the decision to build or buy your first home is one that you should take some time to really think about. Building or buying really can affect your comfortability right now, but also what your home will hold for your family in the future. Both building your first home or buying an existing property come with pros and you might want to compare these before you make your ultimate decision. So, if you’re a first home buyer wanting to know is it better to build or buy a first home, we’ve done the homework to help you with making your decision.
I’m a First Time Home Buyer Should I Build or Buy?
Like with anything in life, there are plenty of things to consider when buying your first home.
We reckon the best way to answer the question of whether to build or buy a first home, comes down to simply understanding the advantages of each option.
The Pros of Building a New Home
- Customisation: You’ve got to love this one! With a new home you can tailor every detail - from the floor plans, right down to all the finishes and special touches that makes the home you’ve always dreamed of!
- Modern Features: Energy-efficiency, and sustainable and state-of-the-art technology is a big selling point for many of today’s home buyers, but as you can imagine, many older or lower priced homes simply don’t have it. For what it costs to add these into an existing home, you could incorporate it into the design of your brand new home for next to nothing!
- The Feeling of Brand New: Just the feeling of knowing that everything in your home is in perfect condition, ready for you and your family to create many new and exciting memories.
- Warranty Coverage: Just like a second-hand car can turn out to be a lemon, sometimes so can houses. When you build from the ground up, you’ll benefit from builder warranties that provide peace of mind and protection against potential issues.
- Optimal Layout: While the floor plans of old home designs do have their charm, the reality is that they weren’t designed and built for the needs of today’s families. By designing a brand new home, you’ll be creating a home that meets your family’s lifestyle, with the most efficient use of space and functionality in mind.
- Location Choice: The established areas where there are lots of older houses, generally don’t have the latest amenities, and the cost of these properties are still extremely high and out of reach for many people. Whereas a lot of the estates where beautiful new homes can be built are not only affordable, they have been master planned with young families in mind. Lots of money and resources have already been poured into these areas to make them the communities of the future, and they are continuing to grow everyday, making them ideal for building a first home.
Pros of Buying a Ready Built Home
- Immediate Move-In: Buying a ready built home can be a fantastic option if you’re eager to move into a place without the wait or complexity that can come with the construction.
- Established Neighbourhoods: With an existing property you get the benefit of a well-developed neighbourhood with long-standing community amenities like schools, shopping, healthcare facilities etc. Before you buy a home you can also ask local people in the area about it, and what they enjoy most about living there.
- Can Have Lower Upfront Costs: Depending on where you buy an existing home, it may be less expensive upfront compared to building a new one, but you still have to pay things like stamp duty, which you need to take into account when buying a property.
- Less Decision-Making: You can skip the overwhelming choices that can come with designing and building a home, and find a home that pretty much fits your needs. However, it may not be as simple as your ideal home already being on the market. Holding out for your perfect property could take some time.
- Historical Charm: If you enjoy some of the unique architectural details and character that come with older homes, or maybe you’re a DIYer who loves to restore old homes, then this is going to be the way you want to go!
- Negotiation Opportunities: With an existing property you can potentially negotiate on price and terms, especially if the home has been on the market for a while. This can be an affordable way to step into first homeownership!
It’s Easy to Build With Eden Brae Homes!!
While buying an existing home is the choice for families who want the convenience and to move into a home straight away. But, if you were to ask us is it better to build or buy a first home, we would say without a doubt the fact that building a new home gives you the opportunity to live in a home that has everything you could want, peace of mind, and so much more!
Plus, Eden Brae Homes has a few different ways you can get into a new home:
- You can take a look at our house and land packages
- You could buy a complete home,
- Or you can have some land ready to go and we can design and build a new home for you!
Also, here’s a great resource on why you should choose a house and land package!
Whether you’re still asking yourself, ‘should I build or buy my first home?’ or not, come and have a chat with us or head along to any one of our display homes, where you can see and get the feel of a brand new Eden Brae home!