If you’ve spent the last year working towards your savings while daydreaming about floorplans and kitchen designs, the New Year might be a good time to start thinking about a new home.
If you’re ready for this major life upgrade, you may be undecided as to whether you’d like to build a new house or buy an established home. This is a huge decision to make, and it’s important that you weigh up the pros and cons of each option. At the end of the day, it all comes down to clarifying what your needs are and if your budget can buy you a property that ticks all the boxes. Here are some of the advantages to building a new home.
1. Creative control over your home
Buying a house and land package or building your own home means greater control of your space, allowing you to create a home that caters to your current and future needs. Buying an established home often means working around features that are less than ideal, such as awkward floorplan layouts, lack of storage space, inefficient design, or poor natural light.
2. You may be eligible for government concessions
There are many government-supported benefits and concessions that apply to new homes. These include the $10,000 First Home Buyers Assistance Scheme and stamp duty concessions, both of which mean more money in your pocket to put towards creating your dream home. Furthermore, stamp duty is only applicable on the land component and not on the construction costs of the home, which saves you further.
3. New homes are more energy efficient
Newer homes are generally more environmentally friendly than established homes, meaning ongoing savings on your utility bills. Most are designed to make the best use of natural ventilation and solar energy and use efficient insulation material - all of which help minimise your carbon footprint, which translates into lower energy bills.
4. Save on maintenance costs
By choosing to work with a reputable builder who demonstrates superior quality workmanship, you can be confident that no immediate maintenance issues will arise. If any issues are detected early on, you’ll be covered under the warranty, so there’s no need to worry. You can simply relax and enjoy settling into your new home.
The benefits of building aren’t always restricted to dollars. Sometimes it’s the intangible benefits that will lead you to decide to build your own home. Whilst it’s true that it can be time consuming when compared to buying an established property, it’s hard to put a price on the satisfaction that comes from creating a brand new home that’s exactly right for you and your family.