Ready to chase your dream of owning a home, but not sure whether to build or buy?
If you’re itching to settle down in an address to call your very own, chances are you’re trying to decide whether to buy some land and start from scratch or put an offer in on an established property.
Both choices have their pros and cons, so we’ve laid them out to make it easier for you to weigh up your options and choose what’s best for you. Because we’re courteous like that.
Pros of Building a Home
We’ve all fantasised about building our dream home before. Whether yours included a slide into a pool filled with strawberry milk or not is none of our business. But the best thing about building your own home is that you could include a slide into a pool filled with strawberry milk if you were so inclined (well, maybe, don’t quote us on this).
Other pros include:
- You can customise the entire design and layout to suit your preferences
- You can enjoy all new fittings and fixtures
- You won’t have to deal with maintenance issues such as old plumbing or leaky roofs
- New homes are generally more energy-efficient, saving you money on your power bill
- New homes are usually easier to sell as they’re more appealing to potential buyers.
Cons of Building a Home
While building a house may be a common dream, it’s not always made a reality.
Here are some of the disadvantages to building a home that can scare some first-home buyers away from the idea:
- It takes a lot of time, energy, and stress to build a home
- Your budget may limit the style of home you can build
- You may not be able to live where you’d like to as land may not be available there
- Unforeseen costs are common with building new homes and can quickly add up.
The Bottom Line
If having a brand new home with shiny fittings and no sneaky structural issues is a priority for you, building might be your best option. Just be ready to wait several months for your home to be built, and don’t be shocked by any setbacks.
Pros of Buying a Home
Warm, welcoming and filled with character, established homes are generally the easier option. Some advantages include:
- You’ll most likely experience less stress than if you were building
- You’ll usually pay less per square metre than if you were building
- You can plan your upgrades/renovations and budget for them over time
- You have the opportunity to flip your home for a profit after making upgrades
- There is usually little to no wait time to move into your new home.
Cons of Buying a Home
Some people simply don’t like the idea of their first home being someone else’s previous home. Other disadvantages of buying an established home include:
- It’s tricky to change the layout of an established home if it doesn’t suit you
- If you’re renovating, costs can quickly add up
- You can experience unexpected structural issues, leaks, or faulty wiring down the track
- Older homes are generally less energy-efficient, leading to higher power bills
- Older homes can be harder to sell down the track.
The Bottom Line
If you’d like to make your first-home-buying experience as stress-free and quick as possible, buying an established home will have you settled in your new place sooner. Be sure to put some savings aside for any unexpected issues though.
If you do end up buying a home, you don’t have to live with the ugly carpet or floral tiles the previous owners had. And you also don’t have to spend a fortune on renovations, thanks to our renovating hacks.